The Securities and Exchange Commission (SEC) has commenced a nationwide public enlightenment campaign aimed at helping Nigerians recover unclaimed dividends and other funds arising from capital market transactions, as part of efforts to strengthen investor protection and improve confidence in the country’s capital market.
The campaign, which began with a town hall meeting in Lagos on Thursday, is designed to educate 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.
Speaking at the event, the Director-General of the SEC, Emomotimi Agama, represented by the Director, Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the initiative was approved by the Commission’s Board to ensure that funds belonging to investors are returned to their rightful owners.
According to him, unclaimed monies administered by the NIPF include return monies from public offers, scheme consideration arising from mergers, acquisitions and corporate restructuring transactions, as well as other funds belonging to investors that have remained unclaimed. He said many investors and their families were either unaware that such funds existed or lacked knowledge of the procedures required to recover them.
“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.
