Partner, Lagos based finance law firm, Duale, Ovia & Alex-Adedipe (DOA), Ms. Soibi Ovia has lamented the absence of data privacy law in Nigeria.
Ovia, said data privacy is an area of the emerging Telecommunication, Media and Technology (TMT) sector that has no regulation so far.
She made the statement at the DOA inaugural Business Series held in Lagos last week.
She said: "Data privacy is an area of TMT that has no regulation. For the bank, you have CBN, but for TMT, there is none. NCC is there, as an area specific regulator, and not for TMT as a whole. That is a major challenge. As a country, we do not have the laws to have the sector going. Legislative houses should get up and do something about it because it is a new area that is evolving.
Themed, "Investment in Nigeria's Telecommunication, Media and Technology Market (TMT)", the event focused on topical issues in the Financial Technology (Fintech) space.
Panelists, which includes Partner, Synergy Capital Managers, Dr. Akintoye Akindele, CEO, Terragon Group, Elo Umeh, Partner, Bluechip Technologies Ltd/Leadpath, Olumide Soyombo, managing director, Wakanow, Obinna Okezie COO, Netplus, Adekumbi Ademiluyi and Country COO, Barclays Nigeria, Sadiq Abu discussed "TMT investment in Nigeria - Developing opportunities and challenges.
Managing partner, EchoVc, Eghosa Omoigui, Co-founder, Interswitch, Idris Saliu, director, Lagos Business School, Mrs Olayinka David-West, MD, FNB Quest Funds, Ijeoma Agboti and Lloyd Onaghinon discussed "investment in mobile payment/Fintech in Nigeria - a digital revolution."
DOA partner, Adeleke Alex-Adedipe stated that there are opportunities for lawyers in TMT and that the opportunities are endless.
His words: "For every investment, there is some legal work that is attached to it. If TMT continues the way it is today, we will not have real investment without proper legal advice, whether it is in due diligence, pure legal advice or setting up entities or advising the banks or the big players in respect of funding.
It is a growing business. As we grow and advance, the reality of the matter is that there would be more opportunities and as opportunities open up, there will be work for lawyers."
DOA is a new generation law firm that provides a wide range of expert legal services to highly diversified clients both locally and internationally operating in various sectors of the economy. The Firm has specialist skills in areas including TMT, Banking and Finance, Company Secretarial, Capital Market, Energy and Natural Resources, Litigation and Dispute Resolution, Taxation, Real Estate and Construction.