SEC Launches Unclaimed Monies Office, Tells Investors How to Get Help
- The SEC is set to help investors resolve issues involving unclaimed funds through direct channels such as WhatsApp, telephone and social media
- SEC Director-General Emomotimi Agama said the initiative aims to simplify complaint resolution and improve investor protection
- He also disclosed that the SEC approved the Dangote Refinery IPO in five days, crediting the speed to technology, efficiency and regulatory expertise
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
The Securities and Exchange Commission (SEC) has established a dedicated office to help investors resolve issues involving unclaimed funds, allowing them to submit complaints directly without navigating lengthy procedures.
Source: UGC
SEC Director-General Emomotimi Agama disclosed this during an appearance on Nairametrics' Duke in Business podcast, explaining that the initiative was designed to make it easier for investors to recover money owed to them.
According to Agama, investors experiencing difficulties with unclaimed funds can contact the office through the commission’s digital communication channels, including social media, telephone and WhatsApp.
SEC creates direct channel for investors
Agama said the Unclaimed Monies Office would serve as a dedicated point of contact for investors seeking assistance with outstanding funds.
Rather than going through several administrative processes, affected investors can approach the office directly. The SEC would then contact the relevant parties to help resolve their complaints.
“We set out to deal with this matter frontally. And how did we do it? We set up an office specifically at the SEC called the Unclaimed Monies Office,” Agama said.
He encouraged investors to use whichever communication channel was most convenient, including Instagram, telephone or WhatsApp, to reach the commission.
The initiative forms part of the SEC’s broader efforts to strengthen investor protection, improve engagement with market participants and make complaint resolution more accessible.
SEC explains 5-day approval of Dangote Refinery IPO
In the same interview, Agama disclosed that the commission approved the Dangote Refinery initial public offering (IPO) in five days, highlighting the regulator’s improved efficiency in processing applications.
The approval, granted in September, cleared the way for the refinery's planned share offering, which has been described as one of Africa’s largest.
Agama attributed the relatively short approval period to the use of technology, improved operational processes and the expertise of SEC officials.
“Through efficiency, technology, understanding,” he said when asked how the commission managed to process the offer within such a short period.
He explained that regulators with a strong understanding of the transactions before them could assess applications more efficiently. In contrast, a lack of familiarity with a subject could lead to delays and repeated requests for extensions.
Agama added that stakeholders were increasingly acknowledging the commission’s efforts to improve its services, citing positive feedback from an investor as an example.
The SEC’s initiatives reflect its focus on making the Nigerian capital market more accessible while improving regulatory efficiency and the experience of investors.
Source: Getty Images
SEC to recover N270bn in unclaimed dividends
Meanwhile, Legit.ng earlier reported on the SEC’s nationwide campaign to help Nigerians recover an estimated N270 billion in unclaimed dividends and other investment funds.
Agama said the sensitisation drive will cover all six geopolitical zones and use social media and electronic platforms to reach investors.
Under the Finance Act 2020, dividends dormant for more than six years remain shareholders’ property and can still be claimed after verification.
Source: Legit.ng
