The Securities and Exchange Commission (SEC) has launched a nationwide public enlightenment campaign to assist Nigerians in recovering 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, Dr. Emomotimi Agama, represented by the Director of Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the initiative was designed to ensure that funds belonging to investors were returned to their rightful owners.
Agama explained that the unclaimed monies administered by the NIPF include refunds from public offers, scheme consideration from mergers, acquisitions and corporate restructuring transactions, as well as other funds belonging to investors that have remained unclaimed over the years.
He described the situation as unacceptable, noting that many investors and their families were either unaware that such funds existed or lacked knowledge of the procedures required to recover 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 awareness campaign to educate Nigerians on unclaimed monies, the role of the NIPF and the process for filing legitimate claims.
He disclosed that the Lagos event marked the beginning of the nationwide 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 broaden public awareness, while continuing to publish and regularly update the list of companies whose corporate actions had resulted in unclaimed monies.
The SEC boss also highlighted challenges surrounding the transmission of securities after the death of investors, noting that many families were unaware that their deceased relatives owned shares or other capital market investments.
He explained that even where beneficiaries were aware of such investments, many lacked adequate knowledge of the legal and administrative procedures for obtaining probate or letters of administration to facilitate the transfer of the assets.
“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.
To address the challenge, 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 for investors and their families.
He urged investors to maintain proper records of their investments and encouraged families to take proactive steps to preserve inherited wealth.
The SEC Director-General also warned Nigerians against Ponzi schemes and other fraudulent investment arrangements, stressing that fraudsters continued to exploit economic hardship and digital platforms by promising unrealistic and guaranteed returns.
He advised members of the public to exercise caution and verify investment opportunities before committing funds, emphasising that investor education and vigilance remained critical in combating financial fraud.
Also speaking, the Deputy Director in the Lagos State Ministry of Justice, Olujoke Ogunojemite, who represented the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro (SAN), commended the SEC for extending the campaign to Lagos and acknowledging the role of legal institutions in resolving issues relating to unclaimed dividends and other assets.
She noted that the issue had significant implications for beneficiaries who were unable to access the assets of deceased relatives due to legal and procedural challenges.
Ogunojemite assured that the Lagos State Ministry of Justice would continue to support citizens in resolving such issues and ensuring that legal processes did not become barriers to recovering legitimate assets.
She described the SEC’s initiative as a commendable step towards restoring unclaimed assets to their rightful owners and reaffirmed the Lagos State Government’s commitment to collaborating with the Commission and other stakeholders to strengthen investor education and promote financial inclusion.
