By Kehinde Ibrahim, Lagos
THE Securities and Exchange Commission, SEC, has launched a nationwide investor awareness campaign aimed at helping millions of Nigerians recover unclaimed dividends and other outstanding funds tied to capital market transactions, in a renewed effort to strengthen investor confidence and promote financial inclusion.
The initiative, which kicked off with a town hall meeting in Lagos on Thursday, forms part of the Commission’s broader strategy to educate investors on the processes for identifying, verifying and reclaiming unclaimed investment proceeds. The campaign will also raise public awareness about the National Investor Protection Fund, NIPF, while addressing common challenges surrounding inheritance of securities and warning Nigerians against the growing menace of Ponzi schemes and fraudulent investment platforms.
The Director-General of the SEC, Dr. Emomotimi Agama, represented by the Director of Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the Commission was determined to ensure that funds belonging to investors were returned to their rightful owners.
According to him, significant amounts of investors’ funds remain unclaimed due to lack of awareness, incomplete documentation, changes in investors’ personal records and inadequate understanding of the procedures required to recover such monies.
He explained that the unclaimed funds administered through the National Investor Protection Fund include return monies from public offers, consideration arising from mergers, acquisitions and corporate restructuring exercises, as well as other categories of funds due to investors that have remained unclaimed over the years.
Agama described the situation as unacceptable, stressing that every legitimate investor should have unhindered access to assets belonging to them.
“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.
He disclosed that the SEC Board had approved the nationwide enlightenment programme as part of ongoing efforts to improve investor protection and ensure Nigerians understand how to recover outstanding investment proceeds.
According to him, the Lagos town hall marked the beginning of the nationwide exercise, which will subsequently be extended to all six geopolitical zones and the Federal Capital Territory.
Beyond the physical engagements, Agama said the Commission would leverage electronic and social media platforms, its official website and other communication channels to reach a wider audience. He added that the SEC would continue to publish and periodically update the list of companies whose corporate actions have resulted in unclaimed monies to enable affected investors identify potential claims.
The Director-General noted that another major focus of the campaign is to educate Nigerians on the transmission of securities following the death of investors.
He observed that many families remain unaware that deceased relatives owned shares or other capital market investments, resulting in assets remaining dormant for several years.
Even in cases where beneficiaries are aware of such investments, Agama said that many lacked sufficient knowledge of the legal and administrative requirements for obtaining probate or letters of administration, which are necessary for transferring ownership of securities to rightful heirs.
He warned that the absence of proper documentation and understanding of these legal procedures has prevented many families from accessing inherited investments and enjoying the financial benefits intended for them.
“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 stated.
To address these concerns, the SEC included a technical session during the Lagos programme featuring experts on probate administration and the transmission of securities. The session was designed to simplify the legal processes involved and provide practical guidance to investors and their families on preserving inherited wealth.
Agama urged investors to maintain comprehensive records of their investments and regularly update their personal information with registrars and market operators to reduce the incidence of unclaimed assets.
He also encouraged families to properly document investment holdings to ensure that beneficiaries can easily access them in the event of the investor’s death.
The SEC Director-General further used the opportunity to caution Nigerians against falling victim to Ponzi schemes and other fraudulent investment arrangements, noting that economic challenges and the increasing use of digital platforms have created opportunities for fraudsters to exploit unsuspecting members of the public.
He warned investors to be wary of schemes promising guaranteed or unusually high returns with little or no risk, stressing that legitimate investments are subject to market realities and do not offer unrealistic profit assurances.
According to him, continuous investor education and increased public vigilance remain among the most effective tools for combating financial fraud and protecting savings.
Also speaking at the event, the Deputy Director in the Lagos State Ministry of Justice, Olujoke Ogunojemite, who represented the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro ,SAN, commended the SEC for extending the investor enlightenment campaign to Lagos.
She said the initiative recognised the critical role legal institutions play in resolving issues relating to unclaimed dividends, inherited investments and other financial assets.
Ogunojemite noted that many beneficiaries continue to encounter difficulties in accessing investments left behind by deceased relatives, making public education on probate procedures both timely and necessary.
She assured participants that the Lagos State Ministry of Justice remained committed to ensuring that legal processes facilitate, rather than hinder, legitimate claims by beneficiaries.
Ogunojemite described the SEC’s nationwide campaign as a commendable initiative that would enhance investor awareness, improve access to legitimate investment proceeds and strengthen public confidence in Nigeria’s capital market
She further reaffirmed the commitment of the Lagos State Government to collaborate with the SEC and other stakeholders in promoting investor education, protecting investors’ interests and advancing financial inclusion across the country.
