By PETER EGWUATU

The Securities and Exchange Commission (SEC) has disclosed plans to partner with the Central Bank of Nigeria (CBN) and National Identity Management Commission (NIMC) on biometric data capturing in the capital market.

Director General of the commission, Ms. Arunma Oteh, who disclosed this to newsmen while answering question on the need for the commission to regulate registrars appropriately, said, “We would see how we can partner with NIMC and CBN on biometric capture. The project is really capital intensive but we believe that identity issue is critical to the development of capital market.

It will really eliminate theft or forgery of someone identify. So, we are on top of the issue, even we have set up a small committee which is chaired by the  CEO of Central Securities Clearing System (CSCS ) Plc , Mr. Kyari Bukar to look into the issue of electronic transfer of shares, dividend etc  and ensure it is made possible without hitches. There is a no of initiatives which CSCS is leading to enhance the market.”

Meanwhile, in its effort to strengthen the nation’s capital market, the SEC also inaugurated three committees for a 10-year capital market master plan.

The committees inaugurated by SEC are capital market master plan committee chaired by Mr. Adedotun Sulaima, Non-interest capital market products master plan committee chair by Mrs. Hajara Fola Adeola and capital market literacy master plan committe chair by Mr. Ariyo Olushekun.

According to capital market master plan sponsor, Mr. Mounir Gwarzo, the terms of reference for the committee is to review the implementation progress of “Nigeria’s capital market: making world class potential a reality” and outline milestones yet unachieved.