SEC introduces unique identifiers for capital market participants, to strengthen data protection

The Securities and Exchange Commission (SEC) has embarked on an identity management project with capital market participants to be given unique identifiers to curb issues of fraud in the market. SEC also said that the unique identifiers will reduce high number of unclaimed dividends as well as noting that the identity management project in the capital market would ensure that market transactions be secured and done on a ‘Straight Through Processing’ basis.

According to a statement from SEC, this was made known by its Director-General, Mr Lamido Yuguda, at a meeting with the management of the Nigeria Data Protection Bureau (NDPB). Yuguda said the move was part of efforts by the SEC to manage identities of participants in the capital market. The SEC boss pointed out that part of the objective of the project is to reduce human intervention in the processing of data.