The Securities and Exchange Commission (SEC) has embarked on an identity management project with capital market participants to be given unique identifiers to strengthen data protection and curb issues of fraud in the market.
This was made known in a statement by SEC’s Director-General, Mr Lamido Yuguda, at a meeting with the management of the Nigeria Data Protection Bureau (NDPB).
According to Yuguda, the move was part of SEC’s efforts to reduce human intervention in the processing of data and manage identities of participants in the capital market; the unique identifiers will reduce high number of unclaimed dividends, as well as, ensure that market transactions are secured and done by a ‘Straight-Through Processing’ basis.
While according to Yuguda, the commission is currently engaging stakeholders to harmonise various database of investors and facilitate data accuracy in the market, the National Commissioner of the NDPB, Dr Vincent Olatunji, commended SEC for their robust data policy and expressed the readiness of the Bureau to collaborate with the Commission.
