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.
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