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Pantami Extols Legislations as Crucial for Citizen’s Identity Protection
Prof. Isa Ali Ibrahim Pantami FNCS FBCS FIIM, the Honorable Minister of Communications and Digital Economy, has said that it has become imperative to implement legislations that will ensure the protection and confidentiality of citizens data as part of the government’s responsibility to protect the lives and property of Nigerians.
Prof. Pantami made his assertion when he flagged off the “National Validation on Data Protection Bill” workshop organised by the Nigeria Data Protection Bureau (NDPB) in collaboration with the Nigeria Digital Identification for Development (ID4D) at the Nigeria Air Force (NAF) Conference Centre, Abuja.
In his keynote address, Pantami said that as part of efforts to sustain the country’s digital economy growth, it was crucial to have legislation that would ensure data protection considering the amount of data being generated in the country daily.
He said, “We know the data generated today is mind-boggling and we must therefore have regulations in place to ensure confidentiality and privacy of data being generated”.
Speaking enthusiastically about the journey so far on the implementation of the data protection bill, the Honorable Minister disclosed that the process began when he was the Director General of the National Information Technology Development Agency (NITDA) and the subsidiary legislation, Nigeria Data Protection Regulation (NDPR) was enacted on 29th January 2019 based on the provision of NITDA Act 2007.
While speaking with an utmost sense of modesty, Pantami revealed that unprecedented achievements have been made with the NDPR in the areas of creating awareness, job creation, and revenue generation for the government amongst many others.
He however noted that despite all the exploits made through the NDPR, it was necessary to have principal legislation to fully institutionalise data protection in the country, an initiative which birthed the establishment of the Nigeria Data Protection Bureau on the 4th of February 2022.
“In order to ensure privacy and confidentiality of our citizen’s data, the administration of His excellency and my principal, President Muhammadu Buhari approved the establishment of NDPB”, he mentioned.
Emphasising on the importance of data in any economy globally, Pantami stated that; big data analytics, datafication, internet of things just to mention a few of the innovations that come with the emergence of the fourth Industrial revolution are all dependent on data.
He hinted that the reason for developing and implementing the NDPR was to ensure that there was no vacuum while in the process of enacting the principal legislation of Nigeria’s data protection law.
“In the past three years in Nigeria, we discovered that the quantity of data being generated increased by 202%, so it is necessary that there are legislations in place to ensure that these data are secured, confidential and private”, he noted.
Speaking on the well-established statutory foundation of data protection in the country, Pantami made references to Section 37 of the 1999 Nigerian Constitution, Section 6 Article A of the NITDA Act, Sections 26 and 29 of the National Identity Management (NIMC) Act 2007, Section 3 of the Child Rights Act 2013 and Section 13 of the Freedom of Information (FOI) Act all who mentioned data protection within the provisions of their laws.
The Honourable Minister then thanked the legislative arm of government, development partners, Federal Ministry of Justice and all stakeholders for their support to the Bureau and the Ministry thus far in the process of actualising the enactment of the principal data protection legislation.
“It is necessary to organise this national discussion where we brought together the legislative arm of government, private sectors among others to review all we have been doing critically and if we agree based on what is recommended to me, it will be transmitted to the Federal Executive Council and thereafter if approved, transmitted to Mr. President and the National Assembly so that we can kick-start the process”, he concluded.
Present at the event for the presentation of the Data Protection Bill for review were the Chairman, Senate Committee on ICT and Cybercrime, Senator Oseni Yakubu; Senator Ibrahim Hadejia; House Committee Chairman on ICT, Hon. Abubakar Lado Suleja; other distinguished members of the National Assembly, NITDA Director General, Kashifu Inuwa CCIE who was represented by the Agency’s Director for Information Technology Infrastructure Solutions (ITIS), Dr. Usman Gambo Abdullahi, NIMC DG, Engr. Aliyu Aziz, the Country Director, World Bank Nigeria, Dr. Shubham Chaudhuri, the Country Director, French Development Agency, Mr. Xavier Muron, the hosts of the event; the National Commissioner and Chief Executive Officer (NC/C.E.O) of NDPB, Dr. Vincent Olatunji, the Coordinator, Nigeria ID4D Project, Mr. Solomon Musa Odole and other relevant stakeholders.
News
FBNQuest Asset Management Wins Asset Management Award at BusinessDay Banks & Other Financial Institutions Awards
FBNQuest Asset Management, an investment management firm in Nigeria and a subsidiary of FBN Holdings Plc., is proud to announce that it has been honoured with the prestigious Excellence in Asset Management Award at the recent BusinessDay Banks and Other Financial Institutions Awards.
This recognition highlights FBNQuest Asset Management’s unwavering commitment to delivering exceptional investment solutions and fostering financial growth for its clients.
The award ceremony, celebrated the outstanding achievements of financial institutions across Nigeria, highlighting those that have demonstrated innovation, excellence, and unwavering commitment to quality service.
“We are immensely proud to receive this award, which reflects our dedication to excellence and our focus on creating value for our clients,” stated Ike Onyia, Managing Director, FBNQuest Asset Management. “This achievement is a testament to the hard work and expertise of our team, as well as the trust our clients place in us. We will continue to strive for excellence in all that we do.”
FBNQuest Asset Management offers a range of investment solutions, including mutual funds, discretionary portfolio management, and alternative investments, tailored to meet the diverse needs of its clients.
The firm remains committed to maintaining the highest standards of integrity and professionalism in the asset management industry.
The BusinessDay Banks and Other Financial Institutions Awards are recognized as one of the most prestigious accolades in the financial sector, honouring organisations that excel in performance, innovation, and customer service.
Federal government has unveiled a new policy for Nigerians to deposit dollar bills held outside the formal banking system without scrutiny.
Nigerians have nine-month deadline to do this according to Wale Edun, minister of Finance and coordinating minister of the Economy.
Edun who spoke after the Thursday’s National Economic Council (NEC) meeting in Abuja, said that “there will be no penalty; there will be no taxes, and there will be no questions.”
“There is going to be a release today, details by the federal government through the Ministry of Finance, in conjunction with the Central Bank, a programme, starting today, 31st of October, and lasting nine months, that will allow people to bring in cash that is outside the banking system.
“So therefore it is unsafe, it is unsecure and it is outside of legal limits. They will allowed forbearance to bring dollars cash. Let me emphasize once again, it is to bring dollars that they are holding outside the system to be able to bring them in and credit it to their bank accounts, as long as it is not proceeds of crime, illicit money.
“They just meet the normal ‘Know Your Customer’ criteria of banks and they have an opportunity to bring in those funds, make them safe, make them secure, and make them available through normal, economic activity.”
The minister also stated that 25 million Nigerians have benefitted from federal social protection initiatives, including digital outreach, microenterprise loans, and sector-specific support for power, agriculture, manufacturing, health, and compressed natural gas initiatives.
The National Insurance Commission, (NAICOM), on Wednesday, sacked the board of African Alliance Insurance Plc with effect from October 30, 2024.
The Commissioner for Insurance, Mr. Segun Omosehin, disclosed this during a press conference in its Lagos office, that an interim board and management have be appointed.
The new interim board are: Dr Haruna Mustafar, a former director at Central Bank of Nigeria; Anthony Achebe – Non-Executive and Haj. Halimatu M. Khabeeb – Non-Executive Director.
The management team is led by former Managing Director of International Energy Insurance and Cornerstone Insurance Plc, Jacob Erabor, as Managing Director/ CEO; Wasiu Amao – Executive Director, Technical and Ms. Oremeyi Longe – Executive Director, Finance.
He noted that the interim management has up to one year to turn around the company.
He said the decision follows an extensive monitoring and review of the company’s financial condition, governance, and operational practices, which revealed significant concerns regarding its ability to continue operating in a safe and sound manner which has for some time now generated a lot of uncertainty over claims settlement and payment to annuitants under the company.
The Interim Management Board, according to him will oversee the company’s operations, ensure compliance with regulatory requirements, and implement necessary reforms.
While noting that the Commission will work closely with all stakeholders, including annuitants, policyholders, employees, and investors, to minimise disruption and ensure continuity.
”The objective of this takeover is to protect the interests of African Alliance Insurance Plc’s annuitants, policyholders, other stakeholders, and the broader insurance industry while ensuring the company’s return to stability and compliance.
“The Commission is committed to maintaining the stability and integrity of the Nigerian insurance industry. Our actions today demonstrate our resolve to address concerns and protect the annuitants, policyholders and public interest.”
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