Welcome to the latest compliance news update! In this edition, we bring you the latest developments and updates from the Nigeria Data Protection Commission.
NDPC Unveils New Code of Conduct to Empower Data Protection Compliance Organizations.
The Nigeria Data Protection Commission (NDPC) has taken a giant leap to foster professionalism among firms licensed to provide compliance services. In a recent meeting with data protection compliance organisations (DPCOs), the commission issued a new code of conduct to empower DPCOs to take up their roles more responsibly and efficiently.
At the meeting, the National Commissioner, Dr Vincent Olatunji, emphasised the significance of the DPCOs’ role in implementing the Nigeria Data Protection Act (NDPA) 2023, urging them to consider their responsibilities as a public trust that requires the highest level of responsibility. He highlighted the opportunities presented by the NDPA, such as the lawful use of data and job creation in the data processing value chain.
Under section 33 of the NDPA 2023, the commission has the authority to license individuals with the necessary expertise to monitor, audit, and report on compliance by data controllers and data processors. This unique public-private-partnership model aims to enhance trust and confidence in Nigeria’s digital economy, which heavily relies on data processing.
The newly issued code of conduct outlines various compliance services that DPCOs may offer, including awareness and capacity building, registration of data controllers or processors with the commission, development and implementation of compliance schedules, NDPA compliance audits, data privacy impact assessments and vetting data privacy agreements. Firms must obtain a license from the commission and have a certified data protection officer to operate as a DPCO and provide compliance services. As of November 2023, the commission has licensed 163 DPCOs.
The commission’s head of legal, enforcement and regulations, Babatunde Bamigboye, Esq, highlighted the target objectives and principles of the code of conduct, focusing on privacy consciousness, capacity-building, accountability, data ethics and corporate social responsibility. DPCOs are expected to adhere to the NDPA, the code of conduct and any future regulatory instruments issued by the commission.
This move signals the commission’s commitment to promoting responsible data protection practices and ensuring compliance among organisations entrusted with handling sensitive data.
FRC Set to Enforce New Compliance Monitoring Act from January 2024: A Game-Changer for Nigeria’s Economy.
The Financial Reporting Council (FRC) has announced the commencement of “effective and comprehensive” compliance monitoring with its new Act from January 1, 2024. The council’s 2023 Act, which replaces its 2011 Act, has become operational, marking a significant milestone in the efforts to promote transparency, accountability, and good governance in Nigeria’s economy.
The FRC identified several critical changes to regulations and standards governing financial reporting in Nigeria, which it says have been bottlenecks to global best practices. With these changes, the amendment is expected to enhance the quality and reliability of financial reporting, improve corporate disclosures, boost investor confidence, and foster sustainable development, among others.
The amended act clarifies observed ambiguities, especially regarding the definition of public interest entities, mandates the council to maintain a national repository for financial statements by public interest entities, streamlines the membership of the governing board to eliminate conflicts of interest, strengthens the council’s regulatory responsibilities on financial reporting and corporate governance in Nigeria, and reinforces the council’s enforcement powers to ensure compliance with reporting requirements.
The FRC’s commitment to enforcing the new act signals a game-changer for Nigeria’s economy, as it will help promote responsible financial reporting practices and ensure compliance among organisations entrusted with handling financial data.
SEC Takes Swift Action Against Fraud: Tingo Mobile Founder and Three Companies Charged and Emergency Relief Secured.
SEC Freezes Assets of CEO Dozy Mmobuosi and Three Entities in Alleged Multi-Year Scheme
The Securities and Exchange Commission (SEC) has obtained a temporary asset freeze, restraining order, and other emergency relief against CEO Dozy Mmobuosi and three affiliated U.S. based entities in connection with an alleged multi-year scheme to defraud investors worldwide. The SEC’s complaint alleges that Mmobuosi spearheaded a scheme to fabricate financial statements and other documents of the three entities, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc. and their Nigerian operating subsidiaries, Tingo Mobile Limited and Tingo Foods PLC, to make them appear highly profitable. The complaint further alleges that Mmobuosi made and caused the entities to make material misrepresentations about their business operations and financial success in press releases, periodic SEC filings, and other public statements. The SEC’s ongoing investigation is being led by SEC’s New York Regional Office, and the litigation is also being conducted by the same office.
In conclusion, the recent developments and updates from the Nigeria Data Protection Commission, Financial Reporting Council, and Securities and Exchange Commission demonstrate the government’s commitment to promoting responsible practices and ensuring compliance among organisations entrusted with handling sensitive data and financial information. These regulatory changes and initiatives are aimed at enhancing transparency, accountability, and good governance, thereby fostering sustainable development and boosting investor confidence in Nigeria’s economy. It is crucial for businesses to stay informed and up-to-date on the latest compliance news and regulatory changes to ensure they remain compliant and avoid any penalties or legal consequences.
Stay tuned for more compliance updates by visiting our website, and remember to stay compliant!
Last modified: March 26, 2024
