By Gloria
Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), has outlined how improvements in identity management could significantly benefit the capital market by reducing the number of unclaimed dividends.
Speaking at a workshop on Identity Management for the Capital Market in Lagos, Dr. Agama highlighted that addressing these identity issues would lower entry barriers to the market and attract more youth participation, which is currently limited.
The workshop aimed to unite stakeholders and industry experts to tackle persistent identity management problems that have contributed to the accumulation of unclaimed dividends and negatively impacted market appeal and competitiveness.
Dr. Agama detailed that the SEC’s efforts to address these issues began in 2018. The Commission established an in-house committee in January 2019 to examine identity management problems, engage with stakeholders, and propose solutions. The committee’s findings led to the formation of a larger, market-wide committee in 2021, chaired by Mr. Aigboje Aig-Imoukhuede, to conduct a comprehensive study and develop actionable solutions.
The ongoing work, which includes consulting with Ernst and Young (EY), aims to evaluate the current state of identity management in the Nigerian capital market, compare it with other jurisdictions, and propose improvements.
News Editor 
Hyelsinta Hassan