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Sir Demola Aladekomo, the founder of Chams Plc and executive chairman of SmartCity Plc, has called on capital market operators to partner with the Nigeria Inter-Bank Settlement System (NIBSS) and the Nigeria Communications Commission (NCC) to tackle identity challenges facing Nigeria’s capital market.
Aladekomo made the call during the 11th annual conference of the Institute of Capital Market Registrars (ICMR) in Lagos, where he spoke about improving the sustainability of the Nigerian Stock Market. He emphasized that identity management should no longer be a concern in the sector, highlighting the success of the Bank Verification Number (BVN) and National Identification Number (NIN) systems in addressing identity issues.
“Identity should be the least of our worries. BVN and NIN have already solved identity-related problems. Let’s work with NIBSS and NIMC,” Aladekomo said, reminding the audience that Chams has been involved in major national identity projects such as BVN, SIM registration, and voter registration.
Aladekomo pointed out that the key to restoring public confidence in the capital market lies in fully implementing BVN and NIN, raising awareness among stakeholders, and attracting investments from pension funds and foreign investors. He also called on regulators to act quickly and cooperatively, ensuring a positive reputation for the market and tackling fraud.
By embracing these technologies, Aladekomo believes the capital market can overcome identity challenges, foster growth, and build investor confidence.
