This week, we have some significant events have unfolded in the compliance landscape, and as always, are dedicated to keeping you thoroughly updated on the latest happenings.
NDPC Raises Alarm Over Low Data Compliance in Public Sector, Urges Stakeholders to Take Action.
The National Commissioner of the Nigeria Data Protection Commission, Vincent Olatunji, has expressed concern about low compliance with data privacy laws in the public sector. In a recent capacity building workshop, Olatunji stressed the importance of data compliance and revealed that the level of compliance by the public sector currently stands at just nine percent.
The NDPC boss also highlighted the need for increased awareness and education on data compliance, as well as a standardized framework to ensure clarity and consistency in implementation. Olatunji emphasized the importance of data protection legislation and level of data compliance as standard requirements for investments by global bodies and international investors.
The commission is committed to promoting a culture of data privacy and data protection in Nigeria, and will not hesitate to penalize any organization that fails to comply with data laws in the country. The Chairman of the Senate Committee on ICT and Cybersecurity, Senator Shuaibu Salisu, also pledged the support of the National Assembly in legislation, awareness, and partnership to improve data compliance in the public sector.”
CBN Waives Processing Fees on Large Cash Deposits to Boost Financial Inclusion.
The Central Bank of Nigeria (CBN) has taken a significant step towards promoting financial inclusion by suspending the processing fees on large cash deposits. The decision came after the CBN noticed that levying bank customers making cash deposits and withdrawals was limiting cash transactions in Nigeria. The suspension of processing fees will remain in effect until April 30, 2024, allowing bank customers to deposit cash without any charges and ultimately promoting the country’s financial inclusion. The CBN’s latest move is a positive step towards achieving its goal of increasing access to financial services and reducing the use of cash in Nigeria.
Ghana Takes Stand Against Illegal Starlink Gear Purchases, Urges Public to Comply with Regulations.
The National Communications Authority (NCA) of Ghana has issued a warning to the sellers of Starlink equipment in the country. The NCA has not granted any license to Starlink to operate in Ghana, and hence, the use of its equipment is also unauthorized. The NCA has emphasized that anyone providing electronic communications services without a license is in clear violation of the Electronic Communications Act 2008, Act 775.
In its statement, the NCA did not specify any punishment for those caught selling or buying Starlink equipment. Instead, it urged the general public to “desist from patronizing any equipment or service purported to be from Starlink.” The NCA also directed all persons engaged in the sale or operations of the service to cease and desist immediately.
Starlink, owned by Elon Musk, has been expanding its services in developing markets over the past year. However, the NCA’s warning indicates that the company has yet to obtain a license to operate in Ghana. Kazakhstan is the latest country to experiment with Starlink services, with the government working on changing legislation to permit the use of the technology after conducting successful trials in schools.
Senate Weighs the Fate of AMCON Amidst Poor Financial Performance Concerns.
The Asset Management Corporation of Nigeria (AMCON) is under fire from the Senate Committee on Banking, Insurance, and Other Financial Institutions. The agency has been criticized for its poor financial performance and failure to recover N5 trillion in liabilities, leading to calls for its dissolution.
During the budget defence for the 2024 fiscal year, the Managing Director of AMCON, Ahmed Kuru, revealed that only a meagre sum had been recovered out of the total liabilities as of September 20, 2023. This revelation raised concerns among members of the Senate panel about the agency’s performance throughout the year.
The Chairman of the Senate Committee on Finance, Sani Musa, expressed dissatisfaction, pointing out issues with loans owed by individual companies and the subsequent repurchase of assets. Musa questioned whether it was prudent to maintain AMCON or consider its dissolution given its perceived deviation from its statutory mandate.
Jimoh Ibrahim (APC, Ondo South), and Adamu Aliero (PDP, Kebbi Central) among other committee members, echoed the call for AMCON’s dissolution, citing financial losses and discrepancies in its balance sheet.
Tokunbo Abiru, Chairman of the Senate Committee on Banking, attempted to defend his colleagues during the deliberations. However, Abiru called for a closed-door session to address the issues as tensions escalated.
In conclusion, Abiru acknowledged the importance of a strong financial system and emphasized the role of AMCON in addressing past challenges. He emphasized the need to ensure its success while working towards winding down its obligations in the shortest possible time. Despite the criticisms, the existence of AMCON remains essential for financial stability, and the committee is working towards ensuring that all obligations hanging on the throat of AMCON are redeemed.
Thank you for reading this week’s edition of Latest Compliance Updates Across Africa. We hope you found the latest compliance developments informative and useful. We are committed to providing you with the most relevant news, and we encourage you to stay tuned to stay informed about the latest updates and developments in compliance.
Stay tuned for more compliance updates by visiting our website, and remember to stay compliant!
Last modified: March 26, 2024
