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SEC develops investors’ data, consent form to check identity theft, money laundering



 Securities and Exchange Commission (SEC)

has developed a standardised investors’ data and consent form

to check identity theft and money laundering in the capital market.

Mrs Efe Ebelo, Head, Corporate Communication of SEC, in a statement,  said Ms Mary Uduk,  the Acting Director-General of the commission unfolded the initiative

in Abuja on Wednesday.

Uduk said the form would assist Capital Market Operators (CMOs) to

collect and update investors’ data and enable them obtain investors’ consent for implementing capital market initiatives targeted at improving participation.

”We need to identify our investors, we need to know who is putting money in our market and who is not.

”That will also help us to take care of money laundering and other vices and people we do not want in our market.

”That form is out there and we expect every stakeholder to look at it and make comments and other capital market operators so that we can use it to get information from investors.

”That information will be stored in a data base protected under the law and used to ensure that we have unique identifier investors,” she said.

The acting director-general expressed the commitment of the commission to identify investors properly so as to guard against flow of illicit funds into the capital market.

Uduk however warned that SEC would no longer tolerate investors buying stocks with fake names, terming it as illegal.

She added that many opportunities were still open for such investors to regularise their accounts at no penalty.

Edited By: Chioma Ugboma/Sadiya Hamza

Ginika Okoye: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]