Capital Market Operators Urged to Work with NIBSS, NCC to Tackle Identity Challenges

Emma Okonji

Founder of Chams Plc and Executive Chairman of SmartCity Plc, Demola Aladekomo, has called on the capital market operators to work with the Nigeria Inter-Bank Settlement System (NIBSS) and Nigeria Communication Commission (NCC), in order to tackle identity challenges currently being faced in the Nigeria capital market.

He made the call during the 11th Annual Conference of the Institute of Capital Market Registrars (ICMR), which held in Lagos recently, with the theme: ‘Sustainability of the Nigerian Stock Market as a Catalyst for Economic Growth and Prosperity’.

Aladekomo who spoke on how best to tackle the identity management issues in the Nigerian Capital Market, informed the audience, made mostly of stakeholders in the sector, that identity should be the least of their worries.

“Identity seems to be the least of our worries. BVN and NIN already solved Identity based issues. Let us work with NIBSS and NCC,” Aladekomo said.

He went further to inform the audience that Chams has been directly involved in most of the successful national identity projects in Nigeria. He listed some of them to include: the Bank Verification Number (BVN), Chamscity Guinness World Record, NCC SIM registration, and INEC’s Voters Registration. He also reminded the participants that Chams is the first ICT Company to be quoted on the Nigerian Exchange Group (NGX), the stock exchange.

On the capital market identity issues, Aladekomo posited that public confidence needed to be restored in the capital market. He proposed that operators fully implement the use of BVN and NIN, create more awareness for stakeholders, explore and try to attract more investments from pension funds and foreign investments into the market, as well as creation of more exciting products and services by NGX. In addition, Aladekomo said regulators should ensure speed, firmness, and improve cooperation with stakeholders, and then positively invest and manage Nigeria’s image and reputation against fraud and scams.