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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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‘I have a duty to serve Nigeria, and I will’ — Adesina tells Tinubu

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Former President of the African Development Bank (AfDB), Akinwumi Adesina, has declared his readiness to serve Nigeria in any capacity, saying he has a duty and responsibility to contribute to the country’s development.

Mr Adesina made the declaration on Tuesday after meeting President Bola Tinubu at the Presidential Villa in Abuja, where he briefed the president on his 10-year tenure at the continental development finance institution.

“I’m fully able to help Nigeria in any capacity. I’ve always had that. You know, my heart is always at home,” he told journalists after the meeting.

Asked what role he could play, Mr Adesina said he would help in any capacity the president considered appropriate, but stressed he was not seeking a government appointment.

“I’m not looking for a job. I’m not looking for anything. I’m just here to help. It’s my country. I have a duty, an obligation, and a responsibility to do so, and I will,” he said.

There was no announcement of a specific role or appointment for the former AfDB president following the meeting.

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Adesina’s record in agriculture and development finance

Mr Adesina, an agricultural economist, served as Nigeria’s minister of agriculture and rural development from 2011 to 2015 under former President Goodluck Jonathan before becoming the first Nigerian to lead the AfDB.

He was elected president of the bank in May 2015 and re-elected for a second five-year term in August 2020. His tenure ended in 2025.

As agriculture minister, he championed reforms to the distribution of subsidised farm inputs, including an electronic-wallet system that let farmers receive support for seeds and fertiliser via mobile phones.

The AfDB said the programme reached 15 million farmers within its first four years. The initiative was intended to improve access to agricultural inputs while reducing the role of intermediaries in their distribution.

At the AfDB, Mr Adesina oversaw the institution’s development agenda, which included expanding electricity access, improving food security, industrialising African economies, promoting regional integration and improving living standards.

During his leadership, the bank’s general capital increased from $93 billion to $208 billion in 2019, following a decision by its shareholders, the largest capital increase in the institution’s history at the time.

AfDB provided $7 billion to Nigeria in 10 years

At the meeting, Mr Adesina said the AfDB provided about $7 billion in financing to Nigeria between 2015 and 2025.

He compared this with the $11.1 billion in cumulative financing the bank had provided to Nigeria since it began operations in the country in 1971.

“Within 10 years, we were able to do 63 per cent, literally, of that,” he said, adding that President Tinubu was pleased with the bank’s support to Nigeria during his tenure.

Mr Adesina said he used the meeting to commend the president for his economic reforms, particularly the removal of the petrol subsidy and the harmonisation of the foreign exchange windows.

He described the measures as difficult but said they were beginning to produce results.

He cited increased foreign exchange availability, the return of portfolio investors and a downward trend in inflation as signs of progress. However, he acknowledged that prices remained high for Nigerians.

He also pointed to improved assessments of Nigeria by some international rating agencies, saying the country’s outlook had shifted towards stable or positive assessments.

The comments come amid ongoing debate over the impact of the Tinubu administration’s economic reforms, including higher fuel costs after the removal of the petrol subsidy and changes to the foreign exchange market.

Although the government has defended the measures as necessary to stabilise the economy, the higher cost of living has continued to put pressure on households and businesses.

From economic stabilisation to growth

Mr Adesina said stabilising the economy was only the beginning, arguing that Nigeria must now focus on structural transformation, economic growth and prosperity.

He said President Tinubu recognised the need to move beyond macroeconomic reforms and address the broader challenge of transforming the economy.

“I told the president, I’m back at home, here to help and ready to help. It’s my country. I love my country, and I’m ready to help,” he said.

His offer comes after a decade leading one of Africa’s major development finance institutions, a period during which the bank financed projects and programmes across sectors including agriculture, energy, transport and infrastructure.

READ AlSO: ‘I will forever miss you’ – Toluwanisings’ wife breaks down in tears at night of tributes

Mr Adesina’s meeting with the president also gave him an opportunity to formally brief the president on the completion of his two terms and the achievements recorded during his leadership of the bank.

He said he was honoured to have been received by the president and was pleased with the report he presented.

While Mr Adesina did not specify how he might contribute to Nigeria’s development, he said he was prepared to do so whenever the president believed his experience could be useful.

“It’s my country. I have a duty, an obligation, and a responsibility to do so, and I will,” he said.


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Police Arrest 24-Year-Old Suspected of Conveying Illegal Firearms in Lagos

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As part of its sustained efforts to combat illegal possession and trafficking of firearms, and other criminal activities across the State, operatives of the Command have arrested one Lukman Sanni, ‘m’, 24 years, suspected of conveying illegal firearms, during a stop-and-search operation at Iyana Isashi, Lagos State.

A search conducted on him led to the recovery of a locally made pistol, two (2) live cartridges and a suspected charm. Preliminary investigations are ongoing to establish the circumstances surrounding the possession and intended delivery of the recovered firearm and ammunition. The suspect is currently in custody and is providing useful information to aid the investigation.

The Commissioner of Police, Lagos State Command, CP Tijani Fatai, psc, mnips, reiterated the Command’s commitment to combating illegal firearms possession, arms trafficking, cultism and other criminal activities across the State. He urged residents to remain vigilant and promptly report suspicious activities to the Police, noting that credible information from the public remains vital to maintaining peace and security.

The post Police Arrest 24-Year-Old Suspected of Conveying Illegal Firearms in Lagos appeared first on Business Today NG.

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