The Securities and Exchange Commission, SEC, has explained that the Identity Management System being developed by the capital market would tackle the lingering identity management issues while allowing room for scalability as technology evolves.
A statement by the Commission in Abuja yesterday said its Director General, Mr. Lamido Yuguda, who gave the explanation when the Committee on Identity Management for the Capital Market visited him, described identity theft as a fraudulent practice of using another person’s name and personal information to obtain shares, credit and loans, among others.
Yuguda added that the commission decided to engage relevant stakeholders in a bid to resolve issues of identity management to tackle the problem of unclaimed dividends.
He noted that the problem of unclaimed dividends had to do with identity management, “hence the commission is currently engaging stakeholders to harmonize various databases of investors and facilitate data accuracy in the market as well as increasing investors’ education to stem the trend”.
While expressing satisfaction with the work of the Committee so far, Yuguda added that stakeholder engagements would commence in earnest to ensure success of the project.
In his remarks, the Chairman of the Committee, Mr. Aigboje Aig-Imoukhuede commended the Commission on the recent release of Rules on Issuance, Offering Platforms and Custody of Digital Assets saying that it was a step in the right direction.
Mr. Aig-Imoukhuede said the Committee’s work had exposed the need for standardization of systems within the Nigerian Capital Market that would support Open Finance which the SEC can drive, adding that the SEC could leverage on the Committee to develop the framework for the Nigerian capital market.
