The Director-General of Securities and Exchange Commission (SEC), Lamido Yuguda has said that the Commission is planning to provide capital market participants with unique identifiers in order to reduce fraud and the quantum of unclaimed dividends.
Yuguda disclosed that the identity management project already ongoing in the capital market was meant to ensure that every participant within the capital market had a unique identifier that would be given to them so that all capital market transactions would be secured and done on a Straight Through Processing basis, leaving very little human intervention in the processing of data.
The SEC boss said the commission decided to engage relevant stakeholders in a bid to resolve issues of identity management to tackle the problem of unclaimed dividends.