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Governance risk and compliance

ATCON Tasks Members On Nigeria Data Protection Implementation

The President, Mr. Olusola Teniola Association of Telecom Companies of Nigeria (ATCON) has called on its members to implement the Nigeria Data Protection Regulation, being championed by the National Information Technology Development Agency (NITDA).

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ATCON Tasks Members Nigeria Data Protection Implementation, SiliconNigeria

BY LINDA JACOBS, Lagos

The President, Mr. Olusola Teniola Association of Telecom Companies of Nigeria (ATCON) has called on its members to implement the Nigeria Data Protection Regulation, being championed by the National Information Technology Development Agency (NITDA).

ATCON’s president spoke making his welcome address at a virtual meeting on Nigeria Data Protection Regulation 2019: Benefits and Compliance Process, which held at the weekend.

The virtual meeting was put together by ATCON in conjunction with NetHost Nigeria Limited to create awareness and encourage our members to implement the Nigeria Data Protection Regulation.

He said ATCON partnered with NetHost in order to prevent its members from running against the Nigeria Data Protection Regulation 2019. “As we all know the Regulation aims at protecting and guarantying the safety of all users of web from the unscrupulous people who use their knowledge to defraud and cheat people who are genuinely transacting business over different websites (public and private).

“It should also be emphasized that data is now the new gold and it must be treated accordingly, ATCON embarked on the awareness and implementation of the data protection regulation because of its strategic importance to our members businesses and to reduce or prevent cybercrimes by ensuring the safety and protection of Nigerians digital details on the world wide web as the failure to give adequate protection to data could be very devastating and costly to individuals and businesses. 

“As members of ATCON, an umbrella body of all telecom professionals in Nigeria, it is our duty to implement the Data Protection Regulation. As we all know the Regulation is aimed at protecting and guarantying the safety of all users of web from the unscrupulous people who use their knowledge to defraud and cheat people who are genuinely transacting business over different websites (public and private),” he said.

The ATCON boss commended the Director General/CEO, National Information Technology Development Agency (NITDA), Mr. Inuwa Kashifu Abdullahi for putting the document together for the benefits of Nigerians who have moved their physical transactions online.

In a related development, the director-general of SEC, Mr. Lamido Yuguda stated his Commission’s preparedness to collaborate with NITDA in a bid to foster safe conduct of transactions and usage of personal data in the Nigerian capital market.

He said this during a webinar on Nigerian Data Protection Regulation and how it affects the Capital Market. The event had as its theme:  Nigeria Data Protection Regulation (NDPR): Implications on the Nigerian Capital Market.

Yuguda stated that the Commission is very serious on the issue of data protection in the capital market assuring that going forward, the SEC would continue to create necessary awareness.

“By this regulation therefore, all private and public organisations that collect, process, store, archive and destroy data of natural persons in Nigeria or of Nigerians resident abroad are required to comply with the provisions of the Regulation.

“Since the Commission and indeed all Capital Market Operators perform these activities on data as covered by the NITDA NDPR, we are also subject to the new regulation, in one way or the other. That explains the reason behind organising today’s webinar to enlighten the capital market community on the provisions of the NDPR.”

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Governance risk and compliance

FSB Develops Cyber Response Toolkit For Banks, Regulators

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FSB Develops Cyber Response Toolkit For Banks Regulators, SiliconNigeria

The Financial Stability Board is urging banks and regulators to use a newly-launched toolkit to help contain the damage inflicted by a major cyber incident.

The global standards setting body believes a significant cyber attack could seriously disrupt the financial system, including critical financial infrastructure, leading to broader financial stability implications.

The toolkit includes 49 practices for effective cyber incident response and recovery across seven components: (i) governance, (ii) planning and preparation, (iii) analysis, (iv) mitigation, (v) restoration and recovery, (vi) coordination and communication, and (vii) improvement.

The final toolkit draws on the feedback from a public consultation process, including four virtual outreach meetings with national authorities worldwide. The report was delivered to G20 Finance Ministers and Central Bank Governors for their October meeting.

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Governance risk and compliance

EU to Review Fintechs Regulation Over Wirecard Scandal

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EU to Review Fintechs Regulation Over Wirecard Scandal, SiliconNigeria

European Union officials have suggested that there will be changes in the supervision of fintech firms in the wake of the £1.8 billion accounting scandal at German payments firm Wirecard.

Earlier this month, the European Commission’s (EC’s) executive vice president Valdis Dombrovskis announced that the European Securities and Markets Authority (ESMA), the EU’s financial services regulator would conduct a review into the regulation of the sector.

According to Mobile World Live, of particular concern is a potential grey area in regulation for those firms, such as Wirecard, that start life as non-bank startups but then acquire banking licences and services.

Wirecard began as a company processing electronic payments before acquiring a bank and adopting a hybrid structure. “We will assess how to improve the relevant EU rules so these kind of cases can be detected,” Dombrovskis said in comments reported by Reuters. 

The ESMA review, which will look at both the regulations governing banks and fintechs as well as the supervision and enforcement of these rules by regulators, is set to be completed in October said Dombrovskis.

“High quality financial reporting is core to investor trust in capital markets and Wirecard’s collapse has undermined this trust,” ESMA said in a statement. “Therefore, it is necessary to assess these events to help in restoring investor confidence.”

Possible changes may involve transparency requirements for listed firms as well as accounting rules and market abuse standards. However, as Dombrovskis said, Wirecard appears to have submitted unreliable financial statements to the market, which as put the performance of Germany’s financial watchdog BaFin and the accounting standards body Financial Reporting Enforcement Panel in the spotlight. 

Prior to the collapse of Wirecard, the EC had called for public feedback on its digital finance strategy which was designed to explore how best to supervise the rise of non-bank electronic payment processing firms, including the idea that banks and non-banks, also known as ‘critical third-party providers’, should be subject to the same rules and requirements. 

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Africa Region

IHS Towers Appoints Ursula Burns to its Board of Directors

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IHS Towers Appoints Ursula Burns to its Board of Directors, SiliconNigeria

IHS Holding Limited (IHS), one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world, has announced the appointment of Ursula Burns to its Board of Directors, effective July 2020. 

Ms Burns, most recently Chief Executive Officer of VEON until March this year and Chair until 1 June this year, will join the IHS Board of Directors as a Non-Executive Independent Director from 1 July 2020. Ms Burns serves as a member of the Board of Directors of Exxon Mobil, Uber and Nestlé.

In addition, she is a senior advisor to Teneo and provides leadership counsel to several community, educational and non-profit organizations including the Ford Foundation, the Massachusetts Institute of Technology (MIT) Corporation, the New York City Ballet and the Mayo Clinic among others.

She served as Chair of the President’s Export Council from 2015 to 2016 after holding the position of Vice Chair from 2010 to 2015. 

During a prestigious career with Xerox, spanning over 35 years, Ms Burns joined the organization as a mechanical engineer before moving into management, taking on a number of strategic roles across the company. Ms Burns served as Xerox CEO from 2009 to 2016 and as Chair from 2010 to 2017. 

Sam Darwish, IHS Chairman and Group Chief Executive Officer, said: “We are delighted to welcome Ursula to the IHS Board. We look forward to the wealth of expertise, experience and insight that she will bring to IHS.

“Her advice and counsel will prove invaluable as we seek to pursue our strategic goals and firmly establish our position as one of the largest independent telecommunications infrastructure owners in the world. The Board and I would like to extend our warmest welcome to Ursula.”  

Ms Burns said of her appointment: “In what is a transformative period for the telecommunications industry, as we witness an unprecedented acceleration in the digitization of economies, I am excited to be joining IHS’s Board.

“ I am looking forward to working with Sam, the Board and the management team as the organization seeks to expand its global footprint, bring increased connectivity to emerging markets, support mobile network operators with creative and robust infrastructure solutions, and help deliver the transition to new technologies.”

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