Business
SEC Launches Nationwide Campaign to Return Unclaimed Dividends to Investors
The Securities and Exchange Commission (SEC) has commenced a nationwide enlightenment campaign to help Nigerians recover unclaimed dividends and other monies arising from capital market transactions.
The campaign, which began with a town hall meeting in Lagos on Thursday, is aimed at sensitising 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.
The SEC Director-General, Emomotimi Agama, who was represented at the event by the Director, Registration and Exchanges, Market Infrastructure Department, Hafsat Rufai, said the initiative was necessary to ensure that funds belonging to investors were returned to their rightful owners.
Agama said unclaimed monies administered by the NIPF included return monies from public offers, scheme consideration from mergers, acquisitions and corporate restructuring transactions, as well as other funds belonging to investors that had remained unclaimed.
He noted that the Commission considered it unacceptable for investors’ funds to remain unclaimed, adding that many investors and their families were either unaware that such monies existed or did not know the procedures for recovering them.
“The Commission considers this situation unacceptable. Funds belonging to investors should ultimately find their way back to their rightful owners,” he said.
Agama said the SEC Board had approved a nationwide public enlightenment campaign to sensitise Nigerians on unclaimed monies, the role of the NIPF and the process for making legitimate claims.
He said the Lagos programme marked the commencement of the outreach, which would subsequently cover the six geopolitical zones and the Federal Capital Territory.
The SEC, he added, would also use electronic and social media platforms, its official website and other communication channels to reach more Nigerians, while continuing to publish and periodically update the list of companies whose corporate actions had resulted in unclaimed monies.
The Director-General said the campaign would also address the transmission of securities following the death of an investor, noting that families were often unaware that their deceased relatives owned shares or other capital market investments.
He said even when beneficiaries were aware of such investments, many lacked knowledge of the legal and administrative procedures required to obtain probate or letters of administration and transmit the investments to the rightful beneficiaries.
“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 said.
Agama said the Lagos programme included an expert session on probate administration and the transmission of securities to demystify the process and provide practical guidance to investors and their families.
He urged investors to maintain proper records of their investments and encouraged families to take steps to preserve inherited wealth.
The SEC DG also warned Nigerians against Ponzi schemes and other fraudulent investment arrangements, saying fraudsters continued to exploit economic pressures and digital platforms to lure unsuspecting members of the public with promises of guaranteed and unusually high returns.
He urged the public to be cautious of investment opportunities offering risk-free returns, stressing that investor education and vigilance remained critical to combating financial fraud.
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 and recognising the role of legal institutions in resolving issues relating to unclaimed dividends and other assets.
She said the issue had a practical impact on beneficiaries who were unable to access assets after the death of their loved ones.
Ogunojemite said the ministry was committed to ensuring that legal processes did not become barriers to beneficiaries seeking to recover legitimate assets.
“We will continue to provide partners for citizens to resolve such issues,” she said.
She described the SEC’s outreach as commendable, saying it would help restore assets to their rightful beneficiaries.
The Lagos State Government, she added, remained ready to collaborate with the SEC and other stakeholders to promote investor education and strengthen financial inclusion.
The post SEC Launches Nationwide Campaign to Return Unclaimed Dividends to Investors appeared first on Business Today NG.
The Federal Airports Authority of Nigeria (FAAN) is rolling out V-Pass, a biometric identity verification system designed to make domestic air travel faster, safer and more seamless.
Developed in partnership with M/S Verxid Technologies Limited, the system will let passengers confirm their identities through facial recognition, reducing the need to rely on physical ID documents at airports.
The rollout was reviewed during a strategic meeting between FAAN and Verxid Technologies Limited, where both sides discussed deployment plans, security measures and ways to improve the passenger experience.
FAAN said the initiative shows its commitment to using technology to improve passenger facilitation and aviation security across domestic airports. V-Pass will give travellers a secure digital identity through a one-time enrolment process.
Nigerian passengers will register with their NIN and facial biometric capture, while foreign passengers will enrol using international passports through OCR and biometric authentication. The system will check passengers before they enter restricted areas and again before boarding.
This dual-verification process is meant to prevent impersonation, unauthorized access and identity fraud, while giving security agencies greater confidence in passenger authentication. During rollout, passengers will be able to use self-service kiosks or get help from FAAN staff.
E-Gates will automate access to controlled areas, reduce queues and improve passenger flow. Developers say biometric processing will take less than 30 seconds after enrolment, while first-time registration will take about one minute. V-Pass will also give airlines secure access to flight schedules, passenger manifests and boarding statistics through a digital platform.
FAAN will benefit from a Central Management System that tracks passenger movement, generates analytics and supports future integration with other airport systems. FAAN and Verxid said data privacy remains central to the project.
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The system complies with the Nigeria Data Protection Regulation (NDPR), and passenger data will not be stored on kiosks or handheld devices. Before deployment, FAAN and Verxid plan to launch a nationwide sensitisation campaign.
The campaign will run across TV, radio, social media, airport announcements and airline advisories to help passengers understand how V-Pass works. A live Proof of Concept demonstration and technical site assessment will also be carried out before full rollout
FAAN says V-Pass is part of its broader digital transformation agenda. By combining biometric technology with modern access control, FAAN hopes to build a smarter, safer and more efficient airport system for domestic travellers.
BY NKECHI NAECHE-ESEZOBOR—Mrs. Yetunde Ilori, the outgoing President of the Chartered Insurance Institute of Nigeria (CIIN), has stated that her greatest fulfillment after two years in office is successfully elevating insurance literacy into a national conversation.
This milestone was achieved through targeted initiatives that reached children, students, professionals, and various communities across Nigeria.
Speaking at her valedictory virtual press conference marking the end of her tenure as CIIN’s 52nd President, Ilori reflected on her administration’s key achievements.
She described her leadership journey as one driven by a steadfast commitment to expanding insurance education, strengthening professionalism, building capacity, and fostering deeper industry collaboration.
She expressed deep gratitude to the media for their unwavering support in publicizing the institute’s programs, noting that journalists played a vital role in boosting insurance awareness and enhancing public understanding of the sector’s economic importance.
“I came into office with a clear intention to make a difference,” Ilori said. “Leadership should always be measured by the impact it creates and the legacy it leaves behind.”
Ilori explained that her administration was guided by the EPIC agenda—focused on Education, Professionalism, Institutional and Individual Recognition, and Capacity Building. This strategic framework served as the foundation for the institute’s major initiatives over the past two years.
Key Milestones of the EPIC Administration
Nationwide Advocacy: A defining achievement of her tenure was expanding “Insurance Week” into a nationwide campaign. The initiative took advocacy beyond traditional industry circles and directly into local markets, schools, universities, and public spaces.
Early Childhood Education: To nurture financial literacy from an early age, the CIIN published two introductory books simplified for children aged 4–10 and 11–16, making insurance concepts accessible and relatable.
Youth & Tech Innovation: To foster innovation, the institute promoted youth participation through a specialized Hackathon, bringing together students, tech experts, and insurance practitioners to develop digital solutions for the sector.
The Million-Youth Project: Ilori highlighted a landmark partnership with the National Insurance Commission (NAICOM) and the Federal Ministry of Youth Development. This digital learning initiative aims to train one million Nigerian youths in insurance and financial literacy, equipping them with the skills to pursue careers in insurance, entrepreneurship, and sound financial planning.
She also praised the strengthened collaboration among insurers, regulators, and professional bodies, noting that these collective efforts contributed to major industry reforms, including supporting the progress of the new insurance bill.
Beyond domestic policy reforms, the CIIN under her leadership expanded its reach to Nigerian insurance professionals in the diaspora, upgraded facilities at the College of Insurance, and enhanced career development through directors’ conferences, specialized training, and student internship opportunities.
Ilori emphasized that the successes of her tenure were the result of industry-wide teamwork rather than individual effort.
“As I leave office, my desire is for this stakeholder collaboration to continue,” she concluded. “It is not about any single individual; it is about the institution and the sustainable growth of the Nigerian insurance industry.”
The post How Yetunde Ilori Made Insurance Literacy a National Conversation appeared first on Business Today NG.
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