The Securities and Exchange Commission (SEC), says capital market participants are to be given unique identifiers to curb issues of fraud in the market. According to SEC, the unique identifiers will also reduce the high number of unclaimed dividends.
The Commission said in a statement in Abuja that its Director-General, Mr. Lamido Yuguda, said this at a meeting with the management of the Nigeria Data Protection Bureau (NDPB).
Yuguda said the move was part of efforts by the SEC to manage the identities of participants in the capital market. He said the identity management project in the capital market would ensure that market transactions be secured and done on a ‘Straight Through Processing’ basis,
Yuguda said the project would ensure that very little human intervention was in the processing of data. The director-general said that the commission was currently engaging stakeholders to harmonize various databases of investors and facilitate data accuracy in the market.
“As far as the Commission is concerned, we have an Information Technology (IT) transformation project underway that seeks to strengthen our data protection within the commission and the capital market.
“It will be up to speed in terms of modernity, efficiency and protection of the database of the commission and the capital market,’’ Yuguda said.
The National Commissioner of the NDPB, Dr. Vincent Olatunji, commended SEC for its robust data policy and expressed the readiness of the Bureau to collaborate with the Commission.