SEC Ramps Up Efforts to Tackle Identity Theft in the Captial Market

The Securities and Exchange Commission (SEC) has noted that the Identity Management System will double up its efforts to tackle identity thefts in the capital market.

The Identity Management System (IMS), developed by the capital market, will tackle the persisting issue of identity thefts while allowing some way for scalability as per the advancement of technology, as stated by Mr Lamido Yuguda the Director General of the Securities and Exchange Commission (SEC). 

While showing satisfaction towards the work of the Commission so far, Yuguda said the Commission is currently engaging with relevant stakeholders to resolve the identity theft issues to tackle the problem of dividends. It will begin in earnest to ensure the success of the project. 

The SEC DG thanked the members of the Committee for providing their support to the project. He further showed assurance that the success of the project will help in building a great Nigeria and impact unborn generations.

The Chairman of the Committee, Mr Aigboje Aig-Imoukhuede, comments that the Committee’s work had unveiled the need for uniformity in the Nigerian Capital Market. He further added that the SEC could support the Committee to formulate the framework for the Nigerian Capital Market. 

Mr Aig-Imoukhuede released a statement, “The Committee had clearly defined the task ahead in a Road Map and also identified that the Project would be carried out in stages supported by a consultant with recourse to the SEC on a regular basis. The Committee is committed to ensuring that the customer journey for investors is such that would cause a revolution in the Nigerian capital market, thereby making our market attractive to the tech-savvy and younger generation”.

The Committee of the Identity Management for Captial Market was commenced by the SEC on June 30, 2021. According to this, enhanced participation from both domestic and foreign investors is needed to fix the prolonged issue of unclaimed dividends. 

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