May 24, 2022/SEC Nigeria

The Securities and Exchange Commission, has stated 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.  

This was stated by the Director General of the SEC, Mr. Lamido Yuguda when he received members of the Committee on Identity Management for the Capital Market in Abuja weekend. 

Yuguda described identity theft as a fraudulent practice of using another person’s name and personal information to obtain shares, credit and loans, among others adding that the Commission decided to engage relevant stakeholders in a bid to resolve issues of identity management to tackle the problem of unclaimed dividends.

According to him, 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.