The Securities and Exchange Commission (SEC) has launched a nationwide investor enlightenment campaign aimed at helping Nigerians recover unclaimed dividends and other funds arising from capital market transactions.
The campaign commenced on Thursday with a town hall meeting in Lagos, where the Commission sensitised investors on the existence of unclaimed monies, the role of the National Investor Protection Fund (NIPF), and the procedures for verifying and recovering legitimate claims.
Speaking at the event, the Director-General of the SEC, Emomotimi Agama, represented by the Director of Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the initiative was designed to ensure that investors’ funds are returned to their rightful owners.
Agama explained that unclaimed monies administered by the NIPF include refunds from public offers, scheme considerations from mergers, acquisitions and corporate restructuring transactions, as well as other funds belonging to investors that have remained unclaimed.
He described the growing volume of unclaimed funds as unacceptable, noting that many investors and their families were either unaware of the existence of such monies or lacked knowledge of the procedures for recovering them.
“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.
According to him, the SEC Board approved the nationwide public enlightenment campaign to educate Nigerians on unclaimed monies, the role of the NIPF and the process for filing legitimate claims.
He said the Lagos event marked the beginning of the outreach, which would subsequently cover the six geopolitical zones and the Federal Capital Territory.
Agama added that the Commission would also leverage electronic and social media platforms, its official website and other communication channels to reach more Nigerians, while continuing to publish and periodically update the list of companies whose corporate actions have resulted in unclaimed monies.
The SEC boss noted that the campaign would also address the transmission of securities following the death of investors, observing that many families are unaware that their deceased relatives owned shares or other capital market investments.
He said that even where beneficiaries are aware of such investments, many lack adequate knowledge of the legal and administrative procedures required to obtain probate or letters of administration needed to transfer the investments to rightful beneficiaries.
“As a result, valuable investments and returns on investments sometimes remain inaccessible for many years, thereby denying beneficiaries the financial benefits intended for them,” he said.
Agama said the Lagos programme featured an expert session on probate administration and the transmission of securities to simplify the process and provide practical guidance to investors and their families.
He urged investors to maintain proper records of their investments and encouraged families to take deliberate steps to preserve inherited wealth.
The SEC Director-General also warned Nigerians against Ponzi schemes and other fraudulent investment arrangements, saying fraudsters continue to exploit economic hardship and digital platforms by enticing unsuspecting members of the public with promises of guaranteed and unusually high returns.
He advised investors to be wary of investment opportunities promising risk-free returns, stressing that investor education and vigilance remain critical in combating financial fraud.
Speaking on behalf of the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro (SAN), the Deputy Director in the Ministry of Justice, Olujoke Ogunojemite, commended the SEC for bringing the campaign to Lagos and recognising the role of legal institutions in resolving issues relating to unclaimed dividends and other assets.
She said the challenge has significant implications for beneficiaries who are often unable to access assets left behind by deceased relatives.
Ogunojemite assured that the ministry remained committed to ensuring that legal processes do not become obstacles for beneficiaries seeking to recover legitimate assets.
“We will continue to partner with relevant stakeholders to help citizens resolve such issues,” she said.
She described the SEC’s nationwide outreach as a commendable initiative that would help restore assets to their rightful owners, adding that the Lagos State Government remains committed to collaborating with the Commission and other stakeholders to deepen investor education and promote financial inclusion.
