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Lack of PIS Law, Threat to SIM Registration – Experts
Lack of appropriate national legislature on personal information security (PIS) to back up on-going nationwide telecom SIM card registration may spell doom for the entire programme, experts in the records and information management sector have warned, Nigeria CommunicationsWeek can report. Oyewale Oyedokun, president of records and information management awareness foundation, (RIMA Foundation) said during the first 2012 quarterly RFK Foundation training workshop in Lagos that it was wrong for the government to embark on information gathering from the citizenry without adequate structure in the form of personal information security law in place. Oyedokun noted that without the relevant legislative backing, it becomes a matter of legal conjecture. He opined that it was apparent a number of Nigerians were wary of registering their mobile SIM card because of the fear of the security of their personal data. “I wouldn’t blame whoever is skeptical about their data being collected, if you don’t have a framework or infrastructure in place and you are telling me to wholeheartedly submit my data, how sure am I that the data I release will be managed for the purpose it was collected. “Secondly, in terms of law and regulations, we do not have any law presently in Nigeria that addresses personal information management or security. In fact, it was wrong for the government to have started asking for information from the masses without first of all putting necessary infrastructure in place, because you cannot build a house in the air. There ought to have been structure in place to guarantee safety of the persons you are collecting information from,” said Oyedokun. Mrs. Yemisi Oyebo, head, document management and IT business improvement, First Bank of Nigeria plc, said such national legislature will not only go to assure the citizenry of the security of their data security and protection, it would also work in tandem with the recently signed freedom of information (FoI) law. She said that “A legislation on records and information management geared towards securing personal information will have a huge effect on the manner we manage information in its entirety, particularly within the confines of Nigeria.The import is evident on the grounds that policy is like a framework on which we can build. The policy will produce its own procedures for implementation. Although, information management is an evolving profession in Nigeria, but an adage says, a land without a law is without sin. “So, if there is no law on how we manage personal information declared in public sphere; a law that will protect the personality from unforeseen harm, people will continue to dump government and some of its programmes, especially when it has to do with data capturing. It will be an added advantage to the FoI law, hence principles don’t change. So, it will give us the proper template for records management. Because of the unavailability of the policy that ought to guarantee information security, people are skeptical on giving data, sometimes, they give wrong data for self protection,” Oyebo enthused. Folarin Fambegbe, director, Golden Scepter, a leading firm on records management in Nigeria, decried that concept of information management among Nigerians, saying “it is at its lowest ebb.” He stated that it was wrong for the Nigeria Communications Commission (NCC) to be collecting personal data of individuals without the necessary legislative framework, and for also not involving other relevant sectors of the economy the records management. “NCC was collecting those data for a purpose; they are in their own sector and needs to keep records of the people, but personal information cannot be shared without the request and that is where the legislation comes in,” said Fambegbe. Beady Nnanna, a television presenter regretted that despite NCC collecting citizens’ personal data for more than a year now, it was yet to inform Nigerians what the information would be used for. “Some people might have knowledge of what might become of the process, but the lay man in the street does not understand. But with an appropriate law backing up the exercise would assuage people’s fears and anxiety. “People are still afraid of what may become of them after they had registered twice at the ongoing SIM registration. And the security situation in the country coupled with the jungle manner law enforcement agents handle issues in the country demand for a speedy promulgation of this law,” said Nnanna.
FBN Holdings Plc has announced the sale of its 100 per cent equity stake in FBNQuest Merchant Bank Limited to EverQuest Acquisition LLP.
A statement filed with the Nigeria Exchange Limited by the Acting Company Secretary for FBN Holdings, Adeware Arogundade on Friday stated that the move comes after a competitive bidding process, with EverQuest Acquisition LLP a consortium comprising Custodian Investments Plc, Aion Investments, and Evercorp Industries emerging as the preferred bidder.
FBNQuest is the unified brand identity for the merchant banking and asset management businesses of FBN Holdings.
EverQuest Acquisition LLP is a consortium of three companies, including Custodian Investments PLC, Aion Investments Limited, and Evercorp Industries, founded in June 2024.
“By the Nigerian Exchange Limited Rulebook, we at this moment notify the Nigerian Exchange Limited and the investing public that FBN Holdings Plc has entered into a Share Sale and Purchase Agreement to divest its 100 per cent equity stake in its wholly owned subsidiary, FBNQuest Merchant Bank Limited. This sale aligns with the company’s strategy to optimise its portfolio within the group.
“Following a competitive bid process, EverQuest Acquisition LLP (comprising Custodian Investments PLC, Aion Investments and Evercorp Industries) was selected as the preferred bidder. The completion of the sale is subject to approvals from the relevant regulatory authorities,” the holding firm added.
The company disclosed the development through a share sale and purchase agreement, highlighting that the transaction was subject to approval by the relevant regulatory authorities.
FBN Holdings emphasised that the divestment aligned with its broader strategy to streamline its portfolio for enhanced growth and focus across the group.
FBNQuest Merchant Bank’s gross earnings for 2023 rose by 43.1 per cent year-on-year to N35.5bn.
Human Rights Writers Association of Nigeria (HURIWA) has tackled the federal government over the plan to increase the Value Added Tax (VAT) from 7.5 per cent to 10 per cent and demanded that the increase be reversed immediately.
The body accused the FG of imposing additional financial strain on Nigerians, stating that its policies were driving the population into deeper poverty.
Describing the FG’s fiscal policies as suffocating, HURIWA warned that the actions, allegedly being influenced by the International Monetary Fund (IMF), the World Bank and individuals like Bill Gates, could ignite widespread unrest.
In a statement signed by Emmanuel Onwubiko, national coordinator, HURIWA called for an immediate reversal of the VAT hike and other “suffocating” fiscal measures that were compounding the economic suffering of the populace.
The group warned that Nigerians might not endure further deterioration of their economic conditions which could lead to civil disobedience.
“The VAT increment is just one in a series of damaging financial measures. Since the removal of fuel subsidies, petrol prices have surged by over 200 per cent, with ripple effects on transportation, food, and other essential commodities. The average Nigerian, especially in low-income groups, is struggling to afford basic necessities,” the statement reads in part.
The rights group further lamented the effect of inflation on the housing sector, as rising costs had forced landlords to increase rent, pushing many citizens to the edge of homelessness.
“The Nigerian government is making choices that benefit these institutions but leave the Nigerian people worse off. The well-being of citizens is being sacrificed for economic targets dictated by foreign entities,” HURIWA stated.
Mutual Benefits Assurance Plc has decried the low insurance penetration in the country, calling for policy changes to increase insurance uptake by Nigerians.
Mr. Femi Asenuga, Managing Director/Chief Executive Officer of Mutual Benefits, who made the call at a workshop for insurance journalists, advocated for media support in ensuring policy changes, shaping public understanding of insurance and deepening insurance penetration in Nigeria.
While emphasizing the important role of the media in educating the insuring public on how insurance contributes to economic resilience, he said the ability of insurance journalists to communicate the complexities of insurance in a relatable and impactful way is vital in building public trust and confidence in the industry as well as encouraging more people to embrace insurance.
Asenuga said: “We are far from where we are supposed to be as a country. Nigeria with a population of over 200 million and as the giant of Africa should not only be in theory. As the press, you have a major role to play in changing the narrative of insurance penetration in the country.
The change is not only expected at the consumer level but also at policy making because that is where everything starts from.”
In her presentation “The Role of Insurance in National Development,” Head, Technical Department, Mutual Benefits Assurance Plc., Mrs. Titilayo Akinsiku, highlighted some of the roles insurance plays in national development.
They include, according to her, Risk Mitigation and Financial Stability; Business Continuity and Resilience; Social Welfare and Inclusivity; Risk Management and Sustainable Development as well as Investment and Capital Formation.
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