The Securities and Exchange Commission (SEC) has launched a nationwide public enlightenment campaign to assist Nigerians in recovering unclaimed dividends and other outstanding funds from capital market transactions.
The campaign, which commenced with a town hall meeting in Lagos on Thursday, is designed to educate investors on the existence of unclaimed funds, 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, Mrs. Hafsat Rufai, said the initiative was aimed at ensuring that investors and their beneficiaries reclaim funds that rightfully belong to them.
He explained that unclaimed monies managed by the NIPF include refunds from public offers, proceeds from mergers, acquisitions and corporate restructuring exercises, as well as other capital market-related funds that have remained unclaimed.
According to Agama, the Commission considers it unacceptable for investors’ funds to remain unclaimed, noting that many investors and their families are either unaware of the existence of such funds or lack knowledge of the recovery process.
“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.
He disclosed that the SEC Board had approved the nationwide awareness campaign to educate Nigerians on unclaimed funds, the role of the NIPF and the procedures for filing legitimate claims.
Agama said the Lagos outreach marked the beginning of the campaign, which would be extended to the six geopolitical zones and the Federal Capital Territory.
He added that the Commission would leverage electronic and social media platforms, its official website and other communication channels to broaden awareness, while also continuing to publish and regularly update the list of companies with unclaimed corporate action proceeds.
The SEC boss noted that the campaign would also focus on the transmission of securities after the death of an investor, explaining that many families remain unaware that deceased relatives owned shares or other investments.
He observed that even where beneficiaries are aware of such investments, many struggle with the legal and administrative requirements for obtaining 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 this 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 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 cautioned Nigerians against Ponzi schemes and other fraudulent investment platforms, warning that fraudsters continue to exploit economic challenges and digital platforms by promising unrealistic and guaranteed returns.
He advised the public to be wary of any investment offering risk-free, unusually high returns, stressing that investor education and vigilance remain the strongest safeguards against financial fraud.
Also speaking, the Deputy Director in the Lagos State Ministry of Justice, Mrs. Olujoke Ogunojemite, who represented the Lagos State Attorney-General and Commissioner for Justice, Mr. Lawal Pedro (SAN), commended the SEC for bringing the campaign to Lagos and recognising the importance of legal institutions in resolving issues relating to unclaimed dividends and other assets.
She said the issue directly affects many beneficiaries who are unable to access inherited investments after the death of loved ones, adding that the ministry remained committed to ensuring legal processes do not become obstacles to legitimate claims.
“We will continue to partner with stakeholders to help citizens resolve such issues,” she said.
Ogunojemite described the SEC’s initiative as timely and commendable, noting that it would help restore unclaimed assets to their rightful owners while promoting investor confidence and financial inclusion.
