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SEC Launches Nationwide Campaign to Return Unclaimed Dividends to Investors

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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.

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Nigerian airlines may go extinct within 30 days

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The Vice Chairman of the Airline Operators of Nigeria (AON) and Chairman of Air Peace, Allen Onyema, has warned that several domestic airlines could cease operations within the next 30 days unless the Federal Government urgently intervenes in the challenges confronting the aviation industry.

Mr Onyema said the industry is facing an existential crisis driven by high operating costs and multiple financial obligations.

He spoke on Wednesday in Lagos at the launch of Pathways, Pilgrimage & Destiny: The Biography of Alhaji Muneer Bankole, the biography of the founder of Med-View Airline.

“Going into aviation is not a piece of cake. It is an industry that is not very rewarding. It is capital-intensive, yet less rewarding. Today, we are facing a phase that poses existential threats. Except something drastic is done very quickly within the next 30 days, a lot of airlines might go extinct,” Mr Onyema said.

His warning comes amid renewed concerns among Nigerian airline operators over the cost of aviation fuel, multiple regulatory charges, access to financing and the financial obligations imposed on carriers.

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Mr Onyema also criticised the planned picketing of airlines by aviation unions over the non-remittance of the five per cent Ticket Sales Charge (TSC), warning that such action could trigger a wider disruption in domestic air travel.

He said airlines would support one another if any carrier were picketed.

“If they picket any airline, others will go because there’s no need for that. There is nowhere in the world that government agencies use unions to talk about issues of debt.”

The five per cent TSC is a statutory charge collected by the Nigerian Civil Aviation Authority (NCAA) on tickets originating from Nigeria. The authority says the charge is collected under the Civil Aviation Act and shared with other aviation agencies, including the Nigerian Airspace Management Agency, the Nigerian Meteorological Agency, the Nigerian College of Aviation Technology and the Nigerian Safety Investigation Bureau.

The NCAA has also acknowledged challenges surrounding the timely remittance of the charge.

In February, the authority met with AON regarding its requirement that airlines provide advance payment guarantees to ensure the timely remittance of the statutory charge.

The NCAA said the measure was intended to safeguard funds collected from passengers and improve the predictability of funding for aviation agencies. It subsequently deferred implementation of the requirement for 90 days to allow operators to regularise outstanding remittances.

Mr Onyema, however, argued that the financial burden on airlines needed to be addressed through a broader review of government charges and the industry’s operating environment.

“The airlines are not against helping the government generate revenue. But no airline in the world is taxed directly for revenue. The airlines indirectly provide revenue for the government,” he said.

Rising cost pressures

Mr Onyema explained that the industry’s difficulties were not limited to the TSC, citing the capital-intensive nature of airline operations and the high costs of aircraft maintenance and daily operations.

He said the survival of airlines required urgent government action rather than measures that could further increase their financial burden.

“Everybody pities Nigerian airlines, yet nobody wants to do anything about their situation,” he said.

He added that the industry’s history showed how difficult it had been for domestic carriers to remain in business over the long term, noting that more than 50 airlines had exited the Nigerian market over the years.

AON has previously cited the collapse of more than 50 Nigerian airlines over a three-decade period as evidence of the industry’s long-standing financial difficulties.

The sector has continued to face pressure from rising aviation fuel costs, foreign exchange challenges, aircraft maintenance expenses and financing costs.

In June, Mr Onyema warned that airlines were borrowing from banks to purchase aviation fuel and reducing flight frequencies to limit losses. He also called for a review of aviation taxes and charges, particularly the five per cent TSC.

More recently, he said many operators had been forced to scale back operations due to the rising cost of keeping aircraft in service. He also warned that the financial pressure could lead to further airline failures.

Calls for government intervention

Mr Onyema’s latest warning adds to growing calls by airline operators for the government to review the financial and regulatory environment in which domestic carriers operate.

READ ALSO: Nigerian airlines now depend on bank loans as fuel costs soar — Onyema

The AON has previously sought direct engagement with President Bola Tinubu over aviation taxes and charges, arguing that the cumulative burden was undermining the viability of domestic airlines.

Mr Onyema called for an aviation taxes and charges review committee in June to examine the various levies imposed on airlines and recommend measures to improve the industry’s sustainability.

The debate comes as the government continues to defend aviation-sector reforms and the need for airlines to meet their statutory obligations.

The NCAA has said that the five per cent TSC is not an arbitrary levy but a statutory charge collected from passengers and remitted through airlines to fund key aviation agencies.

For airlines, however, the issue is part of a wider concern about the cost of doing business in an industry where aircraft acquisition, maintenance, fuel and financing are largely dollar-denominated.

Mr Onyema said that unless urgent measures were taken to address the pressures facing operators, more airlines could be forced out of business.


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NAICOM Begins Issuance of New License Certificates to Recapitalised Firms

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BY NKECHI NAECHE-ESEZOBOR—National Insurance Commission (NAICOM), on Tuesday presented new Licence Certificates to insurance companies that successfully met the Commission’s new minimum capital requirements.

In his opening remarks, the Commissioner for Insurance (CFI) congratulated the successful companies and stated that the issuance of the new licences marks a significant milestone in the recapitalization programme.

He noted that the development signals the beginning of a new regulatory era focused on stronger capitalization, improved corporate governance, enhanced product innovation, and the Commission’s broader drive to build a stronger, more resilient, and globally competitive insurance industry in Nigeria.

The Commissioner urged the companies to leverage their enhanced capital base to drive innovation, develop new products, and deepen insurance penetration across the country.

He emphasized that the Commission has high expectations for professionalism, innovation, operational efficiency, and improved returns on investment, noting that the successful completion of the recapitalization programme positions the industry for the next phase of regulatory reform.

He further announced that the Commission’s next major regulatory initiative will be the implementation of the Risk-Based Capital (RBC) framework, under which insurers’ capital levels will be aligned with the risks inherent in their business portfolios.

The Commission reaffirmed its commitment to removing regulatory impediments where appropriate while maintaining robust oversight and enforcing standards that protect policyholders and strengthen market confidence.

A total of 43 insurance companies that were declared compliant with the new capital requirements are expected to receive their new licences from the Commission.

The issuance of the certificates marks the commencement of a phased transition to higher capital standards aimed at enhancing the financial capacity, solvency, and claims-paying ability of insurance operators in Nigeria.

The post NAICOM Begins Issuance of New License Certificates to Recapitalised Firms appeared first on Business Today NG.

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