The Securities and Exchange Commission (SEC) in Nigeria 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, is aimed at sensitising 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.
The unclaimed monies administered by the NIPF included return monies from public offers, scheme consideration from mergers, acquisitions and corporate restructuring transactions, as well as other funds belonging to investors that had remained unclaimed.
The Director-General of the Commission, Emomotimi Agama, said the initiative was necessary to ensure that funds belonging to investors were returned to their rightful owners.
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Agama noted that the Commission considered it unacceptable for investors’ funds to remain unclaimed, adding that many investors and their families were either unaware that such monies existed or did not know the procedures for recovering them.
The Commission, he added, would also use electronic and social media platforms, its official website and other communication channels to reach more Nigerians, while continuing to publish and periodically update the list of companies whose corporate actions had resulted in unclaimed monies.
The Lagos programme marked the commencement of the outreach, which would subsequently cover the six geopolitical zones and the Federal Capital Territory.
The campaign would also address the transmission of securities following the death of an investor.
The Director General also warned Nigerians against Ponzi schemes and other fraudulent opportunities offering risk-free returns.
Also at the event, the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro, while commending the campaign initiative, said the ministry would work committedly to ensuring that legal processes did not become barriers to beneficiaries seeking to recover legitimate assets.
