THE Securities and Exchange Commission (SEC) has announced that capital market participants would be issued unique identities in order to combat market fraud. The unique identities, according to the SEC, will also help to lower the high number of unclaimed payouts.
The Commission’s Director-General, Lamido Yuguda, revealed this in a meeting with the Nigeria Data Protection Bureau’s management (NDPB), at Abuja.
According to Yuguda, the measure is part of the SEC’s attempts to manage the identities of capital market players. He said that the capital market’s identity management project would ensure that market transactions were secure and completed in a ‘Straight Through Processing’ manner.
“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.
“It will be up to speed in terms of modernity, efficiency and protection of the database of the commission and the capital market,’’ Yuguda said.
Dr. Vincent Olatunji, the NDPB’s National Commissioner, applauded the SEC’s rigorous data policy and reaffirmed the Bureau’s willingness to work with the Commission.
