from EMEKA OKONKWO in Abuja, Nigeria
Nigeria Bureau
ABUJA, (CAJ News) – THE Nigeria Data Protection Commission (NDPC) and the Nigeria Commodity Exchange (NCX) have partnered to strengthen data protection compliance and enhance trust within the country’s commodity exchange ecosystem.
The partnership follows a courtesy visit by an NDPC delegation, led by National Commissioner Vincent Olatunji, to Anthony Atuche, Managing Director of the NCX, on Wednesday.
The two organisations have established a joint working group to develop actionable plans to enhance data protection compliance.
Olatunji highlighted the importance of the visit, citing the strategic role of the NCX in driving Nigeria’s economic growth.
“As commodity exchanges increasingly rely on personal data to facilitate transactions and build market confidence, robust data protection has become indispensable for fostering trust, attracting investment and safeguarding organisations against evolving cyber threats,” he said.
Olatunji noted that investors globally were more confident in jurisdictions where personal data was adequately protected.
He reaffirmed the government’s vision of creating a seamless and investor-friendly business environment in Nigeria.
The meeting focused on the importance of compliance with the Nigeria Data Protection Act (NDPA), 2023, and provided guidance on practical steps towards achieving compliance.
To support the NCX, the NDPC offered free induction training and Virtual Privacy Academy vouchers for staff members to deepen their understanding of data protection and privacy best practices.
Atuche committed to strengthening data protection within the NCX.
The exchange handles sensitive personal information, including Bank Verification Numbers, National Identification Numbers and Corporate Affairs Commission-related data, as part of its operations and ongoing innovation initiatives.
The NCX is one of the country’s two principal commodity exchanges.
The NDPC, established under the Nigeria Data Protection Act 2023, safeguards data privacy, enforces regulations and promotes responsible data handling.
– CAJ News