The Securities and Exchange Commission (SEC), says capital market participants will be given unique identifiers to check fraud-related issues in the market, and also reduce the high incidence of unclaimed dividends.
The Director-General, SEC, Lamido Yuguda, said this at a meeting with the management of Nigeria Data Protection Bureau (NDPB), according to a statement in Abuja.
Yuguda was quoted as saying that the move was in efforts by the Commission to manage identities of participants in the capital market.
He also mentioned that the identity management project in the capital market would ensure that market transactions be secured and done on a ‘Straight Through Processing’ basis.
Yuguda further said the project would ensure that little human intervention in the processing of data, adding that the Commission is currently engaging stakeholders to harmonise various databases of investors and facilitate data accuracy in the market.
“As far as the Commission is concerned, we have an information technology 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,” said Yuguda.
The National Commissioner, NDPB, Vincent Olatunji, commended SEC for its robust data policy, and expressed the readiness of the bureau to collaborate with the commission. (NAN)
The Securities and Exchange Commission (SEC), says capital market participants will be given unique identifiers to check fraud-related issues in the market, and also reduce the high incidence of unclaimed dividends.
The Director-General, SEC, Lamido Yuguda, said this at a meeting with the management of Nigeria Data Protection Bureau (NDPB), according to a statement in Abuja.
Yuguda was quoted as saying that the move was in efforts by the Commission to manage identities of participants in the capital market.
He also mentioned that the identity management project in the capital market would ensure that market transactions be secured and done on a ‘Straight Through Processing’ basis.
Yuguda further said the project would ensure that little human intervention in the processing of data, adding that the Commission is currently engaging stakeholders to harmonise various databases of investors and facilitate data accuracy in the market.
“As far as the Commission is concerned, we have an information technology 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,” said Yuguda.
The National Commissioner, NDPB, Vincent Olatunji, commended SEC for its robust data policy, and expressed the readiness of the bureau to collaborate with the commission. (NAN)
