SEC commences nationwide campaign to recover unclaimed dividends
SEC Launches Nationwide Initiative to Recover Unclaimed Dividends
By Peter Egwuatu
The Securities and Exchange Commission (SEC) has launched a nationwide campaign aimed at assisting Nigerians in recovering unclaimed dividends and other funds stemming from capital market transactions.
The initiative kicked off with a town hall meeting in Lagos on Thursday. The campaign seeks to educate investors about unclaimed funds, the role of the National Investor Protection Fund (NIPF), and the necessary procedures for verifying and reclaiming their rightful money.
Emomotimi Agama, SEC Director-General, addressed participants through Hafsat Rufai, Director of Registration and Exchanges in the Market Infrastructure Department. Agama emphasized the importance of returning unclaimed funds to investors, stating that many individuals might not be aware of their existence or the processes required to obtain them.
“The SEC considers it unacceptable for investors’ funds to remain unclaimed,” Agama said. “Funds belonging to investors should ultimately find their way back to their rightful owners.”
He highlighted that unclaimed funds managed by the NIPF include returns from public offerings, proceeds from mergers and acquisitions, as well as other investor funds that have not been claimed.
The SEC Board has approved the public enlightenment campaign, which will extend to all six geopolitical zones and the Federal Capital Territory. The Lagos meeting marks the beginning of this outreach initiative.
