The Securities and Exchange Commission has launched a nationwide campaign to help Nigerians identify and recover unclaimed dividends and other funds linked to capital market transactions. If you are interested in unclaimed dividends recovery, this campaign could be especially important for you.
According to Vanguard, the SEC began the campaign with a town hall meeting in Lagos, where officials educated investors about unclaimed funds, the National Investor Protection Fund and the procedures for submitting legitimate claims.
SEC Director-General Emomotimi Agama said the initiative would ensure that investors and their beneficiaries receive funds that rightfully belong to them. Hafsat Rufai, Director of Registration and Exchanges in the Market Infrastructure Department, represented him at the meeting.
SEC explains affected funds
Agama said the NIPF administers different categories of unclaimed money, including refunds from public offers and payments arising from mergers, acquisitions and corporate restructuring.
In addition, the fund covers other capital market proceeds that investors have failed to claim.
“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.
Agama explained that many investors remain unaware of their outstanding funds. Moreover, some families do not know that deceased relatives owned shares or other capital market investments.
Even when beneficiaries discover such investments, many struggle to complete the legal and administrative requirements needed to access them.
Therefore, the campaign will provide guidance on obtaining probate or letters of administration and transferring securities belonging to deceased investors.
Campaign to cover all regions
Agama said the Lagos meeting marked the first stage of the nationwide outreach.
The SEC will subsequently extend the programme to the six geopolitical zones and the Federal Capital Territory.
Furthermore, the commission plans to use its website, social media, electronic media and other communication channels to reach more investors.
The regulator will also publish and regularly update lists of companies whose corporate activities produced unclaimed funds, helping investors identify possible claims.
Agama urged investors to keep proper records of their shares and other investments. He also encouraged families to document inherited assets so beneficiaries can locate and claim them more easily.
Meanwhile, the SEC warned Nigerians against Ponzi schemes and fraudulent investment platforms that promise guaranteed or unusually high returns.
The commission said fraudsters increasingly use economic hardship and digital platforms to attract unsuspecting victims. Consequently, it advised Nigerians to verify investment opportunities and remain cautious of claims that promise high profits without risk.
The SEC said the nationwide unclaimed dividends recovery campaign forms part of its wider efforts to protect investors, return dormant funds to their rightful owners and strengthen confidence in Nigeria’s capital market.
