SEC moves to help investors recover unclaimed dividends
By Onu Okorie
Securities and Exchange Commission SEC has launched a nationwide public enlightenment campaign aimed at helping Nigerian investors track down and recover unclaimed dividends and other funds linked to capital market transactions.
The initiative kicked off Thursday with a town hall meeting in Lagos, the first stop on a tour that officials say will eventually cover all six geopolitical zones and the Federal Capital Territory. The campaign’s central aim is to raise awareness that unclaimed funds exist, explain the role of the National Investor Protection Fund (NIPF), and guide the public through verifying and filing legitimate claims.
Representing SEC Director-General Emomotimi Agama at the event, the Director of Registration and Exchanges in the Market Infrastructure Department, Hafsat Rufai, said the effort was necessary to ensure that money belonging to investors actually reaches them.
According to Agama, the unclaimed funds under NIPF’s watch stem from a wide range of sources, including refunds from public share offers, proceeds from mergers and acquisitions, corporate restructuring settlements, and other investor assets left unclaimed over time. He framed the issue as a matter of institutional responsibility, arguing that investor funds should not sit idle when they could be returned to their rightful owners or families. Many investors — and often their surviving relatives — either do not know these funds exist or are unfamiliar with the steps required to reclaim them, a gap the newly approved SEC Board campaign is designed to close.
Beyond the Lagos event, the Commission plans to make use of digital and social media, its website, and other outreach channels to broaden its reach, while continuing to publish and regularly update its list of companies whose corporate actions have generated unclaimed funds.
A significant portion of the campaign focuses on what happens to investments after an investor’s death. Agama noted that families are often unaware a deceased relative held shares or other capital market assets. Even where beneficiaries are aware, many lack understanding of the legal processes — such as obtaining probate or letters of administration — needed to formally transfer those assets. As a result, he said, investments and their returns can remain inaccessible for years, cutting off the people they were meant to benefit.
To address this, the Lagos event included a dedicated session on probate administration and securities transmission, offering attendees practical guidance on navigating the process. Agama urged investors to keep thorough records of their holdings and encouraged families to take proactive steps to preserve inherited wealth.
He also cautioned the public against Ponzi schemes and other fraudulent investment scams, warning that fraudsters continue to exploit economic hardship and digital platforms to lure victims with promises of guaranteed, outsized returns. He urged Nigerians to approach any investment pitch promising risk-free profits with skepticism, describing investor education and vigilance as essential tools against financial fraud.
Speaking on behalf of Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro, SAN, Deputy Director in the state Ministry of Justice, Olujoke Ogunojemite, commended the SEC for bringing the campaign to Lagos and for recognizing the role legal institutions play in resolving disputes over unclaimed dividends and other assets.
