Aladekomo To Capital Market Operators: Work With NIBSS, NCC To Tackle Identity Challenges

The founder of Chams Plc and executive chairman of SmartCity Plc, Sir 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 ongoing identity challenges currently being faced in the Nigeria capital market.

He made this call during the 11th annual conference of the Institute of Capital Market Registrars (ICMR) held in Lagos recently with the theme on: Sustainability of the Nigerian Stock Market as a Catalyst for Economic Growth and Prosperity.

Aladekomo who spoke on ‘Tackling 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 NIMC” said Aladekomo. He further informed his audience that Chams has been directly involved in most of the successful national identity projects in Nigeria.

Some of these are: the Bank Verification Number (BVN), Chamscity Guinness World Record, NCC SIM registration, and INEC’s Voters Registration.

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minded the participants that Chams is the first ICT company to be quoted in the Nigerian Stock Exchange (NGX).

On the capital market identity issues, Aladekomo posited that public confidence needs to be restored in the capital market, proposing 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, 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, etc.