The Nigeria’s Securities and Exchange Commission (SEC), who happens to be the main regulator of the Nigerian capital market has made a move to tackle and fight identification theft in the Nigeria Capital Market.

One of the problems and challenges inherent in the Nigeria’s business sector is identity theft and as the regulator of the capital market in Nigeria, the Securities and Exchange Commission (SEC) is set out to tackle and combat these problems and challenges so as to create an avenue for more investment, business participation and economic activity in the Nigerian capital market.

The objective of the Securities and Exchange Commission (SEC) is to collaborate and partner with the major stakeholders in the capital market in order to set up a committee which will look into the problems associated with identity theft in the Nigerian capital market and proffer possible solutions to it.

The Nigeria’s Securities and Exchange Commission (SEC) has hinted that the challenges and problems associated with identification theft in the Nigerian capital market needs to be tackled so as to encourage and increase the participation of investors and entrepreneurs in the Nigerian capital market. If problems like this such as the identification theft in the Nigeria Capital market are tackled and combated, it will make the capital market in Nigeria to thrive and flourish.

After a 2-day Capital Market Committee (CMC) meeting held in the Lagos state of Nigeria, the Acting Director-General of the Securities and Exchange Commission of Nigeria (SEC), Ms. Mary Uduk has assured that the identification management challenges and problems which are encountered in the Nigerian capital market would soon come to an end

Ms Mary Utuk reaffirmed the Commission’s commitment to tackle the identification problem in the Nigerian capital market.

The Capital Market Commitee (CMC) meeting of stakeholders in the Nigerian capital market who come together and have gatherings periodically to discuss the issues and matters related in the Nigerian capital market.

As part of its efforts to curb and eliminate the underhand dealings in the capital market, the Commission is set to

take up enforcement actions against any persons who is engaged in any trading activity in the shares of public unlisted companies which is outside any recognized securities exchange as provided by the rules of the Nigerian capital market.

The SEC has listed December 31, 2018 as the deadline for the regularization of multiple accounts.

The Acting Director-General of the Securities and Exchange Commission of Nigeria (SEC), Ms. Mary Uduk also added that the Securities and Exchange Commission of Nigeria (SEC), would engage the Nigeria Inter-Bank Settlement System (NIBSS), on the behalf of the Nigerian capital market community in order to facilitate, enhance and improve the identity and account validation in a sole effort to enhance the capital market processes.

Ms. Mary Uduk also stressed and emphasized on the need for more investors to get engaged and participate more in the e-dividend exercise so as to mitigate, curtail and reduce the huge unclaimed dividend portfolio in the Nigerian capital market.

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