In order to contain capital market fraud issues and keep the amount of unclaimed dividends to an absolute minimum, capital market participants should be provided with unique identifiers.
This is part of the Securities and Exchange Commission’s efforts to manage the identities of capital market participants.
SEC Chief Executive Officer Mr. Lamido Yuguda said so during a meeting with the management of the Nigerian Data Protection Office over the weekend in Abuja.
Yuguda said that the identity management project already underway in the capital market aims to ensure that each participant in the capital market has a unique identifier assigned to them so that all transactions in the capital markets are secure and performed on a direct processing basis. , leaving very little human intervention in data processing.
The chief executive said the commission decided to engage relevant stakeholders with the aim of resolving identity management issues to tackle the problem of unclaimed dividends.
Therefore, he said, the commission was currently engaging stakeholders to harmonize various investor databases and facilitate market data accuracy, as well as increase investor education to stem the trend.
He said: “This is an institution that will be a strong partner to your office in carrying out your duties, to ensure data integrity, data security and that all agencies and operators of financial markets are NDPR compliant and to the extent that as far as the Commission is concerned, we currently have an IT transformation project underway which aims to strengthen our data protection within the commission, the capital market, as well as of our entire IT environment so that it is at the forefront of modernity, efficiency and protection of the database of the commission and the capital market.
“The office and the commission can work together to ensure that the institutions under my supervision comply with the NDPR because we have a lot of influence over the institutions that work in the capital market, so we can put more emphasis on compliance in our interaction.
There is a huge gap and capacity for the agency and the agency will need more people and resources. The world is moving towards an online world, which means that data is going to be given away and stored somewhere and it can be compromised. This is the main objective of your agency, to ensure that data is used correctly for the benefit of Nigeria and Nigerians, and I think it is an important task.
In his response, the National Commissioner of the Data Protection Office (DPO), Dr. Vincent Olatunji, commended the SEC for its strong data policy and expressed the Office’s willingness to work with the Commission.
Olatunji said that due to the fact that the data issue is a global issue like almost everything online, there is a need to ensure that our personal data that we give out is backed up and properly protected and handled within regulations. adequate in the country and internationally.
He said. “The whole world is a global village and we constantly interact on various issues. The sector had the highest contribution to our GDP last year and that says a lot. Over 104 million Nigerians connect to the internet daily and now we are planning to digitize everything.