Privacy Policy

This Privacy & Data Protection Policy ("Policy") applies to all users of Nexovico ("we", "us", "our"). This Policy explains how we collect, use, store, protect, and share personal data in connection with the Platform and forms part of the legally binding Terms governing use of the Platform.

1.1 The purpose of this Policy is to ensure:

• Transparency in data collection and usage
• Protection of user privacy rights
• Compliance with applicable data protection laws
• Secure handling of personal and financial data
• Trust and accountability in digital transactions

1.2 By using the Platform, users consent to the practices described in this Policy.

This Policy applies to:

• All registered bidders and sellers
• Visitors and users of the Platform
• All transactions and communications
• All personal, financial, and device-related data collected

3.1 The Data Controller is Nexovico.

3.2 We determine the purposes and means of processing personal data collected through the Platform.

We may collect the following categories of information:

4.1 Personal Identification Data

• Full name
• Date of birth
• Government-issued ID
• Passport or national identification
• Driver's license

4.2 Contact Information

• Email address
• Phone number
• Residential or business address

4.3 Financial Information

• Bank account details
• Payment verification data
• Transaction history
• Bidding deposit records

4.4 Account & Platform Data

• Username and login credentials
• Bid history and activity logs
• Saved searches and preferences

4.5 Technical Data

• IP address
• Device type and identifiers
• Browser type
• Operating system
• Location data (where permitted)
• Cookies and tracking data

4.6 Communication Data

• Customer support messages
• Emails and chat interactions
• Dispute correspondence

We use collected data for the following purposes:

• User registration and account management
• Identity verification (KYC/AML compliance)
• Processing bids and transactions
• Fraud detection and prevention
• Legal and regulatory compliance
• Customer support and dispute resolution
• Platform improvement and analytics
• Security monitoring and risk management
• Communication of auction updates and notifications

We process personal data based on:

• User consent
• Contractual necessity (auction participation)
• Legal obligations (AML/KYC and regulatory requirements)
• Legitimate business interests (fraud prevention, platform security)

We may share personal data with:

• Regulatory and law enforcement authorities
• Financial institutions and payment processors
• Identity verification and KYC service providers
• Legal advisors and auditors
• Logistics and shipping partners (for vehicle release)

We do not sell personal data to third parties.

8.1 User data may be transferred across borders where necessary for:

• Cross-border transactions
• International bidders and sellers
• Cloud storage and hosting services

8.2 We ensure appropriate safeguards are in place for such transfers in accordance with applicable laws (including NDPA and GDPR where applicable).

9.1 We retain personal data only as long as necessary for:

• Legal compliance (typically 5–10 years)
• Transaction history and dispute resolution
• Regulatory and AML requirements

9.2 After retention periods expire, data will be securely deleted or anonymized.

We implement robust security measures including:

• Encryption of sensitive data
• Secure socket layer (SSL) technology
• Access control and authentication systems
• Firewalls and intrusion detection systems
• Regular security audits and monitoring
• Role-based access restrictions

Despite safeguards, no system is 100% secure, and users acknowledge inherent risks.

11.1 The Platform uses cookies and similar technologies to:

• Improve user experience
• Track platform performance
• Analyze user behavior
• Maintain login sessions

11.2 Users may disable cookies in browser settings, but this may affect functionality.

Depending on applicable laws, users may have the right to:

• Access their personal data
• Request correction of inaccurate data
• Request deletion of data (subject to legal obligations)
• Object to certain data processing
• Request data portability
• Withdraw consent where applicable

Requests may be subject to verification.

Users are responsible for ensuring that:

• All provided data is accurate and up to date
• Changes in personal or business details are promptly updated
• False or misleading information is not submitted

The Platform may contain links to third-party websites. We are not responsible for the privacy practices or content of external sites.

15.1 In the event of a data breach that poses a risk to users, we will:

• Investigate and contain the breach
• Notify affected users where required by law
• Notify relevant regulators where applicable
• Implement corrective measures

The Platform is strictly for users aged 21 and above. We do not knowingly collect data from minors.

17.1 The Platform may use automated systems for:

• Fraud detection
• Risk scoring
• AML monitoring
• Bid validation checks

17.2 Users may be subject to automated flagging or restrictions based on risk assessment.

To the maximum extent permitted by law:

• We are not liable for unauthorized access beyond reasonable control
• We are not liable for third-party misuse of data
• Users accept inherent risks of digital data transmission

19.1 This Policy may be updated periodically.

19.2 Updates become effective upon publication on the Platform.

19.3 Continued use of the Platform constitutes acceptance of changes.

This Policy shall be governed by the laws of the Federal Republic of Nigeria and applicable international data protection standards where relevant.