Friday, 9th December 2022
<To guardian.ng
Search
Breaking News:

SEC harmonises investors’ database to tackle rising unclaimed dividends

By Helen Oji
26 May 2022   |   2:02 am
The Securities and Exchange Commission (SEC) has assured that it is currently engaging stakeholders to harmonise various investor databases and facilitate data accuracy in the market in order to tackle problems associated with identity management and forestall rising unclaimed dividends. Identity theft is the deliberate use of someone else’s identity, usually as a method to…

Director-General of the SEC, Lamido Yuguda

The Securities and Exchange Commission (SEC) has assured that it is currently engaging stakeholders to harmonise various investor databases and facilitate data accuracy in the market in order to tackle problems associated with identity management and forestall rising unclaimed dividends.

Identity theft is the deliberate use of someone else’s identity, usually as a method to gain financial advantage or obtain credit and other benefits in the other person’s name, and perhaps to the other person’s disadvantage or loss.

Director-General of SEC, Lamido Yuguda, while receiving members of the Committee on Identity Management for the Capital Market in Abuja, said identification management challenges encountered in the market would soon be over, noting that the commission was resolute on addressing the problem head on.

He expressed hope 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.

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.

The SEC DG, who expressed satisfaction with the work done by the committee so far, added that stakeholder engagements would commence in earnest to ensure success of the project.

While thanking the members of the committee for lending their support and resources to the project, the SEC DG also expressed confidence in the success of the project that it would build a greater Nigeria and impact unborn generations.

In his remarks, the chairman of the committee, Aigboje Aig-Imoukhuede, commended the commission on the recent release of rules on issuance, offering platforms and custody of digital assets saying that it was a step in the right direction.

Aig-Imoukhuede said the committee’s work had exposed the need for standardisation of systems within the Nigerian capital market that would support open finance, which the SEC can drive, adding that the SEC could leverage the committee to develop the framework for the Nigerian capital market.

“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 it would cause a revolution in the Nigerian capital market, thereby making our market attractive to the tech savvy and younger generation”.

Recall that the Nigerian capital market has been on a journey of innovation to drive an efficient capital market that would greatly impact the Nigerian economy.

The SEC had stated that lack of a proper identity management system for the market would deter its strive towards attaining efficiency and reducing the lingering issues surrounding identity management such as unclaimed dividends and cumbersome customer journeys.