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In a bid to contain issues of fraud in the capital market and reduce to the barest minimum, the quantum of unclaimed dividends, capital market participants are to be given unique identifiers.
This is part of efforts by the Securities and Exchange Commission (SEC) to manage identities of participants in the capital market.
Director General, SEC, Lamido Yuguda, stated this during a meeting with the Management of Nigeria Data Protection Bureau in Abuja recently.
Yuguda said the identity management project already on-going in the capital market is to ensure that every participant within the capital market has a unique identifier that will be given to them so all capital market transactions will be secured and done on a Straight Through Processing basis (STB), leaving very little human intervention in the processing of data.
The DG said the commission decided to engage relevant stakeholders in a bid to resolve issues of identity management to tackle the problem of unclaimed dividends.
He said the Commission was currently engaging stakeholders to harmonise various databases of investors and facilitate data accuracy in the market as well as increasing investors’ education to stem the trend.
