Director General of the Securities and Exchange Commission, Lamido Yuguda, has said the commission is set to tackle identity management issues in the capital market.
Committee on Identity Management for the Capital Market recently developed Identity Management System to lingering identity management issues
Yuguda described identity theft as a fraudulent practice of using another person’s name and personal information to obtain shares, credit and loans, among others, noting that the Commission decided to engage relevant stakeholders in a bid to resolve issues of identity management to tackle the problem of unclaimed dividends.
According to him, the problem of unclaimed dividends had to do with identity management, hence the Commission was engaging stakeholders to harmonise various databases of investors and facilitate data accuracy in the market as well as increasing investors’ education to stem the trend.