The Securities and Exchange Commission (SEC) announced it would provide unique identifiers to capital market operators with the view of curbing issues related to fraud in the capital market. This was disclosed by Director General (DG), SEC, Lamido Yuguda during a meeting with the management of the Nigeria Data Protection Bureau (NDPB).
He also said that the move was part of the Commission’s efforts to manage the identities of participants in the capital market.
He said, “As far as the Commission is concerned, we have an Information Technology (IT) transformation project underway that seeks to strengthen our data protection within the Commission and the capital market”.
According to him, the unique identifiers would also address the issue of the high number of unclaimed dividends and would ensure that capital market transactions are done on a ‘Straight-Through Processing’ basis; which reduces human intervention, thereby providing more security for the capital market.
