By Abiodun Folarin
WorldStage — Nigeria’s Securities and Exchange Commission (SEC) has launched a nationwide investor enlightenment campaign to assist Nigerians in recovering unclaimed dividends and other outstanding funds arising from capital market transactions.
The campaign commenced on Thursday with a town hall meeting in Lagos and is designed 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 underscores the Commission’s commitment to ensuring that investors’ funds are returned to their rightful owners.
According to Agama, unclaimed monies managed under the NIPF include proceeds from public offers, merger and acquisition transactions, corporate restructuring schemes, and other investor funds that have remained unclaimed over time.
He described the situation as unacceptable, noting that many investors and their families were either unaware of the existence of such funds 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.
Agama disclosed that the SEC Board approved the nationwide awareness campaign to improve public understanding of unclaimed monies, the functions of the NIPF, and the process for filing legitimate claims.
He explained that the Lagos event marked the beginning of the nationwide outreach, which will subsequently cover the six geopolitical zones and the Federal Capital Territory.
The SEC, he added, will 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 with corporate actions that have resulted in unclaimed funds.
The Director-General said the campaign would equally address the transmission of securities following the death of investors, noting that many families remain unaware that deceased relatives owned shares or other capital market investments.
He observed that even where beneficiaries are aware of such investments, many are unfamiliar with the legal and administrative procedures required to obtain probate or letters of administration needed to transfer 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 provide practical guidance for investors and their families.
He urged investors to maintain proper records of their investments and encouraged families to preserve inherited wealth through proper documentation.
The SEC chief also warned Nigerians against Ponzi schemes and other fraudulent investment arrangements, saying fraudsters continue to exploit economic hardship and digital platforms by offering unrealistic and guaranteed returns.
He advised investors to exercise caution and verify investment opportunities before committing funds, stressing that investor education and vigilance remain essential in combating financial fraud.
Also speaking, the Deputy Director in the Lagos State Ministry of Justice, Olujoke Ogunojemite, who represented the Attorney-General and Commissioner for Justice, Lawal Pedro (SAN), commended the SEC for extending the campaign to Lagos and recognising the critical role of legal institutions in resolving issues relating to unclaimed dividends and other assets.
She noted that the issue has significant implications for beneficiaries who are often unable to access inherited assets following the death of loved ones.
Ogunojemite assured that the Lagos State Government would continue to support initiatives aimed at simplifying legal processes for beneficiaries seeking to recover legitimate assets.
She described the SEC’s outreach as a timely intervention that would help restore unclaimed assets to their rightful owners and reaffirmed the state’s commitment to partnering with the Commission and other stakeholders to strengthen investor education and financial inclusion.
