The Securities and Exchange Commission (SEC) has said that efforts are underway to resolve the issue of identity management in the Nigerian capital market.
This was disclosed by the Director-General of the SEC, Lamido Yuguda, at the second post-Capital Market Committee (CMC) conference held virtually.
He said that individuals provide false details when buying shares, using that guise to buy multiple subscriptions that make it almost impossible to track down the original buyer.
Yuguda stated that the commission had set up a “high-powered” committee to address the issue, according to the News Agency of Nigeria (NAN).
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He said, “We have problems with identity management in the Nigerian capital market and this is really one of the things the commission is trying to resolve.
“We have set up a high-powered committee to look at the issue, people bought shares under false names and multiple subscriptions.
“There is a problem with the process but there is a problem with us too as people because if you are buying securities using your own wealth; why will you use another persons name, why will you use a name that will not be traceable to you?
“This became an issue after the introduction of BVN because BVN is tied to only one name.
“The committee is chaired by Mr Aigboje Aig-Imoukhuede and is expected to harmonise various databases of investors, and facilitate data accuracy in the market.
“We are optimistic that the outcome of this committee’s assignment would address the challenges of identity management and help resolve some of the issues we face in the areas of unclaimed dividend, direct cash settlement and multiple subscription.”
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