SEC Begins Nationwide Push To Recover N270bn Unclaimed Dividends

The Securities and Exchange Commission has started a nationwide campaign to help investors recover about N270 billion in unclaimed dividends and other outstanding capital market funds.

The campaign began with a town hall meeting in Lagos and will move across the six geopolitical zones and the Federal Capital Territory. SEC says many investors and families either do not know the funds exist or do not know how to claim them.

SEC Director-General Emomotimi Agama, represented by Hafsat Rufai, said the money includes return funds from public offers, scheme consideration from mergers and acquisitions, corporate restructuring proceeds and other dormant capital market funds.

Agama said the National Investor Protection Fund would support the process and that the commission would keep updating the list of companies whose corporate actions have left unclaimed money behind.

The commission also plans to use electronic media, social media, its website and other channels to explain how legitimate claims can be verified and paid.

Sources: Daily Trust, Vanguard