The Securities and Exchange Commission (SEC) has launched a nationwide public enlightenment campaign to help investors recover unclaimed dividends and other funds arising from capital market transactions, as part of efforts to strengthen investor protection and financial inclusion.
The campaign commenced with a town hall meeting in Lagos on Thursday to educate 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 investors’ funds were returned to their rightful owners.
According to him, unclaimed monies administered by the NIPF include return funds from public offers, scheme consideration from mergers, acquisitions and corporate restructuring transactions, as well as other investor funds that have remained unclaimed.
“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.
Agama said the SEC Board approved the nationwide campaign to raise awareness about unclaimed monies, the role of the NIPF and the procedures for making legitimate claims.
He disclosed that after the Lagos launch, the campaign would be extended to the six geopolitical zones and the Federal Capital Territory.
The SEC, he added, would also leverage electronic and social media platforms, its official website and other communication channels to reach a wider audience, while continuing to publish and regularly update the list of companies whose corporate actions have resulted in unclaimed monies.
The SEC boss said the campaign would also focus on the transmission of securities following the death of an investor, noting that many families were unaware that deceased relatives owned shares or other capital market investments.
He explained that even where beneficiaries were aware of such investments, many lacked knowledge of the legal and administrative processes required to obtain probate or letters of administration needed to transfer the assets to rightful beneficiaries.
“As a result, valuable investments and return on investments sometimes remain inaccessible for many years, thereby denying beneficiaries the financial benefits intended for them,” he said.
Agama noted that 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 keep 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 schemes, saying fraudsters continued to exploit economic hardship and digital platforms to lure unsuspecting investors with promises of guaranteed and unusually high returns.
He advised the public to be wary of investment opportunities offering risk-free returns, stressing that investor education and vigilance remained critical in combating financial fraud.
Also speaking, the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro, SAN, represented by the Deputy Director in the Ministry of Justice, Olujoke Ogunojemite, commended the SEC for bringing the campaign to Lagos and acknowledging the role of legal institutions in resolving issues relating to unclaimed dividends and other assets.
She said the issue had direct implications for beneficiaries who were often unable to access the assets of deceased relatives due to legal and administrative hurdles.
Ogunojemite assured that the ministry remained committed to ensuring that legal processes did not become obstacles to beneficiaries seeking to recover legitimate assets.
“We will continue to provide partners for citizens to resolve such issues,” she said.
She described the SEC initiative as timely and commendable, noting that it would help restore assets to their rightful beneficiaries while promoting investor confidence.
She added that the Lagos State Government remained committed to collaborating with the SEC and other stakeholders to deepen investor education and strengthen financial inclusion.
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