SEC moves to recover N270bn unclaimed dividends

The Securities and Exchange Commission (SEC) has launched a nationwide enlightenment campaign to help investors recover an estimated N270 billion in unclaimed dividends and other outstanding funds arising from capital market transactions.

The initiative, which commenced with a town hall meeting in Lagos, is aimed at sensitising investors to 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, SEC Director-General, Emomotimi Agama, represented by the Director of Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the Commission was committed to ensuring that investors’ funds were returned to their rightful owners.

According to him, 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 capital market-related funds that have remained dormant.

“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” Agama said.

He explained that the Lagos town hall marked the beginning of a nationwide outreach programme that would subsequently cover the six geopolitical zones and the Federal Capital Territory. The Commission will also leverage electronic and social media platforms, its official website and other communication channels to broaden public awareness, while continuing to publish and periodically update the list of companies whose corporate actions have resulted in unclaimed funds.

Agama said the campaign would also address the transmission of securities following the death of an investor, noting that many families were either unaware that their deceased relatives owned shares or lacked knowledge of the legal and administrative procedures required to transfer such investments to rightful beneficiaries.

“As a result, valuable investments and returns on investments sometimes remain inaccessible for many years, thereby denying beneficiaries the financial benefits intended for them,” he said.

He urged investors to maintain proper records of their investments and encouraged families to take proactive steps to preserve inherited wealth.

The SEC Director-General also warned Nigerians against Ponzi schemes and other fraudulent investment arrangements, noting that fraudsters continue to exploit economic challenges and digital platforms by enticing unsuspecting members of the public with promises of guaranteed and unusually high returns.

Speaking on behalf of the Lagos State Attorney-General and Commissioner for Justice, Lawal Pedro (SAN), Deputy Director in the Ministry of Justice, Olujoke Ogunojemite, commended the SEC for extending the campaign to Lagos.

She said the state government remained committed to collaborating with the Commission and other stakeholders to ensure legal processes do not become barriers to beneficiaries seeking to recover legitimate assets.

Nigeria’s unclaimed dividends are estimated at about N270 billion, according to the SEC, which has continued to promote electronic dividend registration as part of efforts to reduce the volume of outstanding claims.

Under the Finance Act 2020 and the Investments and Securities Act (ISA) 2025, unclaimed dividends that remain unpaid for six years are transferred to the Unclaimed Funds Trust Fund (UFTF), where the Federal Government serves solely as custodian. Shareholders retain ownership of their dividends and can recover the funds at any time after completing the required verification process.

UPDATE NEWS:

Nigerians can now invest ₦2.5 million on premium domains and profit about ₦17-₦25 million. All earnings paid in US Dollars. Rather than wonder,

click here to find out how it works.