The Securities and Exchange Commission (SEC) said it has begun a nationwide campaign to help Nigerians recover unclaimed dividends and other funds arising from capital market transactions.
It made this known in a statement on Thursday, saying that it is unacceptable for investors’ money to remain unclaimed.
According to the SEC, the campaign began with a town hall meeting in Lagos on Thursday and is aimed at educating investors on the existence of unclaimed monies, the role of the National Investor Protection Fund (NIPF), and the process for verifying and recovering legitimate claims.
Speaking at the event, the SEC Director-General, Emomotimi Agama, who was represented by the Director of Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the initiative is designed to ensure that funds belonging to investors are returned to their rightful owners.
Agama noted that the unclaimed monies managed by the NIPF include return funds from public offers, scheme consideration arising from mergers, acquisitions and corporate restructuring, 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.
He believes many investors and their families either do not know such funds exist or are unaware of the procedures for recovering them.
Agama hinted that the SEC Board approved the nationwide public enlightenment campaign to raise awareness about unclaimed monies, the role of the NIPF and the process for making legitimate claims.
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Agama said the Lagos programme marked the beginning of the campaign, which will be extended to the six geopolitical zones and the Federal Capital Territory.
He added that the Commission would also use electronic and social media platforms, its official website and other communication channels to reach more Nigerians.
He added that the SEC would continue 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 educate the public on the transmission of securities after the death of an investor, noting that many families are unaware that deceased relatives owned shares or other capital market investments.
He said that even where beneficiaries know about the investments, many do not understand the legal and administrative procedures for obtaining probate or letters of administration to transfer the assets.
“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.
He urged investors to keep proper records of their investments and encouraged families to take steps to preserve inherited wealth.
Pinnacle Daily had recently reported that efforts by the SEC to tackle the longstanding unclaimed dividend problem are facing renewed scrutiny as investors continue to complain about difficulties recovering their money, even as the value of unclaimed dividends in the capital market has climbed to ₦215 billion.
The issue has also raised concerns about whether reforms introduced over the years have delivered meaningful relief to shareholders or merely shifted unclaimed funds from company balance sheets to a government-managed trust structure.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X