SEC launches nationwide campaign to help Nigerians recover unclaimed dividends and dormant funds

Find out more as SEC begins recovery of N270bn unclaimed dividends

SEC has launched a campaign to help Nigerians recover N270 billion in unclaimed dividends and dormant investment funds while warning against Ponzi schemes.

3 hours ago

SEC commences nationwide campaign to recover unclaimed dividends

By Peter Egwuatu  The Securities and Exchange Commission (SEC) has commenced a nationwide enlightenment campaign to help Nigerians recover unclaimed dividends and other monies arising from capital market transactions. The campaign, which began with a town hall meeting in Lagos yesterday, is aimed at sensitising investors on the existence of unclaimed monies, the role of the […] The post SEC commences nationwide campaign to recover unclaimed dividends appeared first on Vanguard News.

9 hours ago

SEC launches nationwide campaign to help Nigerians recover unclaimed dividends

The Securities and Exchange Commission (SEC) has launched a nationwide enlightenment campaign to help Nigerians recover unclaimed dividends and other funds arising from capital market transactions. The campaign commenced with a town hall meeting in Lagos on Thursday and is aimed at sensitising investors on unclaimed monies, the role of the National Investor Protection Fund (NIPF), and the procedures for verifying and recovering legitimate claims. Speaking at the event, Emomotimi Agama, director-general (DG) of the SEC, said the initiative was designed to ensure that investors’ funds are returned to their rightful owners. Agama, represented by Hafsat Rufai, director of registration and exchanges at the commission’s market infrastructure department, said unclaimed monies administered by the NIPF include return funds from public offers, scheme consideration arising 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 awareness campaign to educate Nigerians on the existence of unclaimed monies, the role of the NIPF and the process for making legitimate claims. He said the Lagos event marks the beginning of the outreach, which will be extended to the six geopolitical zones and the federal capital territory (FCT).  The SEC DG added that the commission would also leverage electronic and social media platforms, its website and other communication channels to reach more investors, while continuing to publish and periodically update the list of companies whose corporate actions have resulted in unclaimed monies. ‘NIGERIANS NEED TO KNOW HOW TO ACCESS  INHERITED INVESTMENTS’ Agama said the campaign would also educate Nigerians on the transmission of securities following the death of an investor, noting that many families are unaware that deceased relatives owned shares or other capital market investments. He said even where beneficiaries know about such investments, many are unfamiliar with 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. Agama urged investors to keep proper records of their investments and encouraged families to take steps to preserve inherited wealth. He also cautioned Nigerians against Ponzi schemes and other fraudulent investment schemes, warning that fraudsters continue to exploit economic pressures and digital platforms to lure unsuspecting investors with promises of guaranteed and unusually high returns. Agama advised the public to be wary of investment opportunities offering risk-free returns, stressing that investor education and vigilance remain critical to tackling financial fraud.  Also speaking, Olujoke Ogunojemite, deputy director at the Lagos state ministry of justice, commended the SEC for extending the campaign to the state. Represented by Lawal Pedro, the state’s attorney-general and commissioner for justice, Ogunojemite said legal institutions have an important role to play in resolving issues relating to unclaimed dividends and other inherited assets.  The director also said the ministry would continue to support efforts to ensure legal processes do not become barriers to beneficiaries seeking to recover legitimate assets.  

1 day ago