Data Privacy & Protection Policy


As part of our operations, Verod Capital Management Limited (referred to in this document as “Verod” or “the Company”) collects and processes certain types of information (such as name, telephone numbers, address etc.) of individuals that makes them easily identifiable. These individuals include current, past and prospective employees, investors, suppliers/vendors, distributors, customers and other individuals whom Verod communicates or deals with, jointly and/or severally (“Data Subjects”).

Maintaining the Data Subject’s trust and confidence requires that Data Subjects do not suffer negative consequences/effects as a result of providing Verod with their Personal Data. To this end, Verod is firmly committed to complying with applicable data protection laws, regulations, rules and principles to ensure security of Personal Data handled by the company. This Data Privacy & Protection Policy (“Policy”) describes the minimum standards that must be strictly adhered to regarding the collection, use and disclosure of Personal Data and indicates that Verod is dedicated to processing the Personal Data it receives or processes with absolute confidentiality and security.

This Policy applies to all forms of systems, operations and processes within the Verod environment that involve the collection, storage, use, transmission and disposal of Personal Data.

Failure to comply with the data protection rules and guiding principles set out in the Nigeria Data Protection Regulation, 2019 (NDPR) as well as those set out in this Policy is a material violation of Verod’s Policies and may result in disciplinary action as required.


This Policy applies to all employees of Verod, as well as to any external business partners (such as administrators, suppliers, contractors, vendors and other service providers) who receive, send, collect, access, or process Personal Data in any way on behalf of Verod, including processing wholly or partly by automated means. This Policy also applies to third party Data Processors who process Personal Data received from Verod.


Verod is committed to maintaining the principles in the NDPR regarding the processing of Personal Data.

To demonstrate this commitment as well as our aim of creating a positive privacy culture within Verod, Verod adheres to the following basic principles relating to the processing of Personal Data:

3.1 Lawfulness, Fairness and Transparency
Personal Data must be processed lawfully, fairly and in a transparent manner at all times.

This implies that Personal Data collected and processed by or on behalf of Verod must be in accordance with the specific, legitimate and lawful purpose consented to by the Data Subject, save where the processing is otherwise allowed by law or within other legal grounds recognised in the NDPR.

  1. 3.2  Data Accuracy

    Personal Data must be accurate and kept up-to-date. In this regard, Verod:

    1. a)  shall ensure that any data it collects and/or processes is accurate and not misleading in a way that could be harmful to the Data Subject;

    2. b)  make efforts to keep Personal Data updated where reasonable and applicable; and

    3. c)  make timely efforts to correct or erase Personal Data when inaccuracies are discovered.

  2. 3.3  Purpose Limitation
    Verod collects Personal Data only for the purposes identified in the appropriate Verod

    Privacy Notice provided to the Data Subject and for which Consent has been obtained.

  3. 3.4  Data Minimisation

    1. 3.4.1  Verod

    2. 3.4.2  Verod will evaluate whether and to what extent the processing of personal data is necessary and where the purpose allows, anonymised data must be used.

  4. 3.5  Integrity and Confidentiality

3.5.1 Verod shall establish adequate controls in order to protect the integrity and confidentiality of Personal Data, both in digital and physical format and to prevent personal data from being accidentally or deliberately compromised.


  1. 3.5.3  Any Personal Data processing undertaken by an employee who has not been authorised to carry such out as part of their legitimate duties is un-authorised.

  2. 3.5.4  Employees may have access to Personal Data only as is appropriate for the type and scope of the task in question and are forbidden to use Personal Data for their own private or commercial purposes or to disclose them to unauthorised

Such Personal Data cannot be reused for another purpose that is incompatible with the

original purpose, except a new Consent is obtained.


limits Personal Data collection and usage to data that is relevant,

adequate, and necessary for carrying out the purpose for which the data is

Personal data of Data Subjects must be protected from unauthorised viewing or access and from unauthorised changes to ensure that it is reliable and correct. persons, or to make them available in any other way.

3.5.5 Human Resources Department must inform employees at the start of the employment relationship about the obligation to maintain personal data privacy. This obligation shall remain in force even after employment has ended.

  1. 3.6  Personal Data Retention

    1. 3.6.1  All personal information shall be retained, stored and destroyed by Verod in line with legislative and regulatory guidelines. For all Personal Data and records obtained, used and stored within the Company, Verod shall perform periodical reviews of the data retained to confirm the accuracy, purpose, validity and requirement to retain.

    2. 3.6.2  To the extent permitted by applicable laws and without prejudice to Verod’s Data Retention Policy, the length of storage of Personal Data shall, amongst other things, be determined by:

      1. (a)  the contract terms agreed between Verod and the Data Subject or as long as it is needed for the purpose for which it was obtained; or

      2. (b)  whether the transaction or relationship has statutory implication or a required retention period; or

      3. (c)  whether there is an express request for deletion of Personal Data by the Data Subject, provided that such request will only be treated where the Data Subject is not under any investigation which may require Verod to retain such Personal Data or there is no subsisting contractual arrangement with the Data Subject that would require the processing of the Personal Data; or

      4. (d)  whether Verod has another lawful basis for retaining that information beyond the period for which it is necessary to serve the original purpose.

      Notwithstanding the foregoing and pursuant to the NDPR, Verod shall be entitled to retain and process Personal Data for archiving, research or statistical purposes for public interest.

    3. 3.6.3  Verod would forthwith delete Personal Data in Verod’s possession where such Personal Data is no longer required by the Company or in line with Verod’s Data Retention Policy, provided no law or regulation being in force requires Verod to retain such Personal Data.

  2. 3.7  Accountability

  1. 3.7.1  Verod demonstrates accountability in line with the NDPR obligations by monitoring and continuously improving data privacy practices within Verod.

  2. 3.7.2  Any individual or employee who breaches this Policy may be subject to internal disciplinary action (up to and including termination of their employment); and may also face civil or criminal liability if their action violates the law.


    1. 4.1  Verod considers Personal Data as confidential and as such must be adequately protected from unauthorised use and/or disclosure. Verod will ensure that the Data Subjects are provided with adequate information regarding the use of their Personal Data as well as acquire their respective Consent, where necessary.

    2. 4.2  Verod shall display a simple and conspicuous notice (Privacy Notice) on any medium through which Personal Data is being collected or processed. The following information must be considered for inclusion in the Privacy Notice, as appropriate in distinct circumstances in order to ensure fair and transparent processing:

      1. a)  Description of collectible Personal Data;

      2. b)  Purposes for which Personal Data is collected, used and disclosed;

      3. c)  What constitutes Data Subject’s Consent;

      4. d)  Purpose for the collection of Personal Data;

      5. e)  The technical methods used to collect and store the information;

      6. f)  Available remedies in the event of violation of the Policy and the timeframe for

        remedy; and

      7. g)  Adequate information in order to initiate the process of exercising their privacy

        rights, such as access to, rectification and deletion of Personal Data.

    3. 4.3  Verod’s Privacy Notice is available on Verod website.


    In line with the provisions of the NDPR, processing of Personal Data by Verod shall be lawful if at least one of the following applies:

    a) the Data Subject has given Consent to the processing of his/her Personal Data for one or more specific purposes;

    b) the processing is necessary for the performance of a contract to which the Data Subject is party or in order to take steps at the request of the Data Subject prior to entering into a contract;

    c) processing is necessary for compliance with a legal obligation to which Verod is subject;
    d) processing is necessary in order to protect the vital interests of the Data Subject or of another 6

natural person; and

e) processing is necessary for the performance of a task carried out in the public interest or in exercise of official public mandate vested in Verod.


Where processing of Personal Data is based on consent, Verod shall obtain the requisite consent of Data Subjects at the time of collection of Personal Data. In this regard, Verod will ensure:

  1. a)  that the specific purpose of collection is made known to the Data Subject and the Consent is requested in a clear and plain language;

  2. b)  that the Consent is freely given by the Data Subject and obtained without fraud, coercion or undue influence;

  3. c)  that the Consent is sufficiently distinct from other matters to which the Data Subject has agreed;

  4. d)  that the Consent is explicitly provided in an affirmative manner;

  5. e)  that Consent is obtained for each purpose of Personal Data collection and processing; and

  6. f)  that it is clearly communicated to and understood by Data Subjects that they can update, manage or withdraw their Consent at any time.

  1. 6.1  Valid Consent

    1. 6.1.1  For Consent to be valid, it must be given voluntarily by an appropriately informed Data Subject. In line with regulatory requirements, Consent cannot be implied. Silence, pre-ticked boxes or inactivity does not constitute Consent under the NDPR.

    2. 6.1.2  Consent in respect of Sensitive Personal Data must be explicit.

  2. 6.2  Consent of Minors

    The Consent of minors (under the age of 18) will always be protected and obtained from minor’s representatives in accordance with applicable regulatory requirements.


7.1 All individuals who are the subject of Personal Data held by Verod are entitled to the following rights:

  1. a)  Right to request for and access their Personal Data collected and stored. Where data is held electronically in a structured form, such as in a Database, the Data Subject has a right to receive that data in a common electronic format;

  2. b)  Right to information on their personal data collected and stored;

  3. c)  Right to objection or request for restriction;

  4. d)  Right to object to automated decision making;

e) Right to request rectification and modification of their data which Verod keeps;
f) Right to request for deletion of their data, except as restricted by law or Verod’s

statutory obligations;
g) Right to request the movement of data from Verod to a Third Party; this is the right

to the portability of data; and
h) Right to object to, and to request that Verod restricts the processing of their information except as required by law or Verod’s statutory obligations.


  1. 8.1  Third Party Processor within Nigeria

    Verod may engage the services of third parties in order to process the Personal Data of Data Subjects collected by the Company. The processing by such third parties shall be governed by a written contract with Verod Capital to ensure adequate protection and security measures are put in place by the third party for the protection of Personal Data in accordance with the terms of this Policy and the NDPR.

  2. 8.2  Transfer of Personal Data to Foreign Country

    1. 8.2.1  Where Personal Data is to be transferred to a country outside Nigeria, shall put adequate measures in place to ensure the security of such Personal Data. In particular, Verod shall, among other things, conduct a detailed assessment of whether the said country is on the National Information Technology Development Agency (NITDA) Whitelist of Countries with adequate data protection laws.

    2. 8.2.2  Transfer of Personal Data out of Nigeria would be in accordance with the provisions of the NDPR. Verod will therefore only transfer Personal Data out of Nigeria on one of the following conditions:

      1. The consent of the Data Subject has been obtained;

      2. The transfer is necessary for the performance of a contract between Verod Capital and the Data Subject or implementation of pre-contractual measures taken at the Data Subject’s request;

      3. The transfer is necessary to conclude a contract between Verod and a third party in the interest of the Data Subject;

      4. The transfer is necessary for reason of public interest;

      5. The transfer is for the establishment, exercise or defense of legal claims;

      6. The transfer is necessary in order to protect the vital interests of the Data Subjects or other persons, where the Data Subject is physically or legally incapable of giving consent.

Provided, in all circumstances, that the Data Subject has been manifestly made to understand through clear warnings of the specific principle(s) of data protection that are likely to be violated in the event of transfer to a third country, this provision shall not apply to any instance where the Data Subject is answerable in duly established legal action for any civil or criminal claim in a third country.

Verod will take all necessary steps to ensure that the Personal Data is transmitted in a safe and secure manner. Details of the protection given to your information when it is transferred outside Nigeria shall be provided to you upon request.

8.2.3 Where the recipient country is not on the Whitelist and none of the conditions stipulated in Section 8.2.2 of this Policy is met, Verod will engage with NITDA and the Office of the Honourable Attorney General of the Federation (HAGF) for approval with respect to such transfer.


  1. 9.1  A data breach procedure is established and maintained in order to deal with incidents concerning Personal Data or privacy practices leading to the accidental or unlawful destruction, loss, alteration, unauthorised disclosure of, or access to, Personal Data transmitted, stored or otherwise processed.

  2. 9.2  All employees must inform their designated line manager or the DPO of Verod immediately about cases of violations of this Policy or other regulations on the protection of Personal Data, in accordance with Verod’s Personal Data Breach Management Procedure in respect of any:

    1. a)  improper transmission of Personal Data across borders;

    2. b)  loss or theft of data or equipment on which data is stored;

    3. c)  accidental sharing of data with someone who does not have a right to know

      this information;

    4. d)  inappropriate access controls allowing unauthorised use;

    5. e)  equipment failure which results in a security breach;

    6. f)  human error resulting in data being shared with someone who does not have a right

      to know; and

    7. g)  hacking attack.

  3. 9.3  A data protection breach notification must be made immediately after any data breach to ensure that:

    1. a)  immediate remedial steps can be taken in respect of the breach;

    2. b)  any reporting duties to NITDA or any other regulatory authority can be complied with;

    3. c)  any affected Data Subject can be informed and

    4. d)  any stakeholder communication can be managed.

  4. 9.4  When a potential breach has occurred, Verod will investigate to determine if an actual breach has occurred and the actions required to manage and investigate the breach as follows:

  1. a)  Validate the Personal Data breach.

  2. b)  Ensure proper and impartial investigation (including digital forensics if necessary) is initiated, conducted, documented, and concluded.

  3. c)  Identify remediation requirements and track resolution.

  4. d)  Report findings to the top management.

  5. e)  Coordinate with appropriate authorities as needed.

  6. f)  Coordinate internal and external communications.

  7. g)  Ensure that impacted Data Subjects are properly notified, if necessary.

9.5 You can read more about the foregoing in Verod’s Personal Data Breach Management Procedure.


Verod shall carry out a Data Protection Impact Assessment (DPIA) in respect of any new project or IT system involving the processing of Personal Data to determine whenever a type of processing is likely to result in any risk to the rights and freedoms of the Data Subject.

Verod shall carry out the DPIA in line with the procedures laid down in the Verod Data Protection Impact Assessment Policy.


  1. 11.1  All Personal Data must be kept securely and should not be stored longer than necessary. Verod will ensure that appropriate measures are employed against unauthorised access, accidental loss, damage and destruction to data. This includes the use of password encrypted databases for digital storage and locked cabinets for those using paper form.

  2. 11.2  To ensure security of Personal Data, Verod will, among other things, implement the following appropriate technical controls:

    1. a)  Industry-accepted hardening standards, for workstations, servers, and databases.

    2. b)  Full disk software encryption on all corporate workstation/laptops operating systems drives storing Personal and Personal/Sensitive Data.

    3. c)  Encryption at rest including key management of key databases.

    4. d)  Enable Security Audit Logging across all systems managing Personal Data.

    5. e)  Restrict the use of removable media such as USB flash disk drives.

    6. f)  Anonymisation techniques on testing environments.

    7. g)  Physical access control where Personal Data are stored in hardcopy.


Verod shall appoint a Data Protection Officer (DPO) responsible for overseeing the Company’s data protection strategy and its implementation to ensure compliance with the NDPR requirements. The DPO shall be a knowledgeable person on data privacy and protection principles and shall be familiar with the provisions of the NDPR.

The main tasks of the DPO include:

a) administering data protection policies and practices of Verod;

 b) monitoring compliance with the NDPR and other data protection laws, data protection policies, awareness-raising, training, and audits;

c) advice the business, management, employees and third parties who carry on processing activities of their obligations under the NDPR;

d) acts as a contact point for Verod;

e) monitor and update the implementation of the data protection policies and practices of Verod and ensure compliance amongst all employees of Verod;

f) ensure that Verod undertakes a Data Impact Assessment and curb potential risk in Verod data processing operations; and

g) maintain a database of all Verod data collection and processing operations of Verod.


Verod shall ensure that employees who collect, access and process Personal Data receive adequate data privacy and protection training


This Policy shall be read in conjunction with the following policies and procedures of Verod:

  • Personal Data Breach Management Policy

  • IT Security Policy

  • Data Retention Policy

  • Cookies Policy

  • Privacy Notice

  • Data Protection Impact Assessment Procedure


    Verod reserves the right to change, amend or alter this Policy at any point in time. If we amend this Policy, we will provide you with the updated version.

    16. GLOSSARY



“Data Processor


“Data Subject”

“NDPR” “Personal Data”

means any freely given, specific, informed and unambiguous indication of the Data Subject’s wishes by which he or she, through a statement or a clear affirmative action, signifies agreement to the processing of Personal Data relating to him or her.

means a collection of data organised in a manner that allows access, retrieval, deletion and processing of that data; it includes but not limited to structured, unstructured, cached and file system type Databases.

means a person or organisation that processes Personal Data on behalf and on instructions of Verod Capital.

means an organisation registered by NITDA to provide data protection audit, compliance and training services to public and private organisations who process Personal Data in Nigeria.

means any person, who can be identified, directly or indirectly, by reference to an identification number or to one or more factors specific to his physical, physiological, mental, economic, cultural or social identity.

means the Nigeria Data Protection Regulation, 2019.

means any information relating to an identified or identifiable natural person (‘Data Subject’); an identifiable natural person is one who can be identified, directly or indirectly, in particular by reference to an identifier such as a name, an identification number, location data, an online identifier or to one or more factors specific to the physical, physiological, genetic, mental, economic, cultural or social identity of that natural person; It can be anything from a name, address, a photo, an email address, bank details, posts on social networking websites, medical information, and other unique identifier such as but not limited to MAC address, IP address, IMEI number, IMSI number, SIM, Personal Identifiable Information (PII) and others.

means data relating to religious or other beliefs, sexual orientation, health, race, ethnicity, political views, trades union membership, criminal records or any other sensitive personal information.

“Sensitive Personal Data”


  1. General Information

    Issuing Department

    Approver Effective Date Version

  2. Version Control

Data Privacy and Protection Policy Mandatory
Human Resources

Management of Verod Capital Management Limited. March 2022