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The National Insurance Commission (NAICOM) has commended the National Data Protection Commission (NDPC) for its proactive measures in raising awareness and building capacity ahead of the full enforcement of Nigeria’s data privacy law.
This recognition came from Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and Chief Executive Officer of NAICOM, during a recent visit by Mr. Vincent O. Olatunji, National Commissioner and CEO of the NDPC, to NAICOM’s Abuja office.
Omosehin praised the NDPC’s approach, noting that their focus on awareness and capacity building demonstrates a commitment to preparing stakeholders thoroughly before the data protection law’s full implementation. He emphasized that this approach is crucial for fostering a culture of compliance and understanding among entities regulated by NAICOM.
“The NDPC’s strategy of first educating and equipping stakeholders with the necessary knowledge and skills for compliance before moving to enforcement is highly commendable,” Omosehin remarked.
He assured the NDPC team of NAICOM’s readiness to collaborate closely with them to achieve the objectives of both agencies. “We are prepared to work together to ensure that data protection goals are met within our sector. Safeguarding data privacy aligns with our mandate to protect policyholders’ interests and uphold the integrity of the insurance industry,” he added.
In response, Olatunji expressed appreciation for Omosehin’s warm reception and positive feedback on the NDPC’s initiatives. He emphasized that as a newly established agency, the NDPC is focused on raising awareness about data protection laws across various sectors.
Olatunji explained that the visit to NAICOM is part of a broader effort to engage key stakeholders and foster cooperation in embedding robust data protection policies. “We are here to promote the importance of data protection and to seek NAICOM’s support and collaboration. Our aim is to ensure that data protection principles are effectively integrated into the practices of all entities regulated by NAICOM,” Olatunji stated. He highlighted that collaboration between the two commissions is essential for the successful implementation of data privacy standards nationwide.
As data privacy becomes increasingly vital in today’s economy, the partnership between NAICOM and the NDPC is expected to be instrumental in enhancing compliance with data protection regulations within Nigeria’s insurance sector, thereby contributing to the broader development of the country’s financial system.
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