The Securities and Exchange Commission (SEC) is launching a special unit and developing a mobile application to address the growing issue of unclaimed dividends in Nigeria, which have reached N215 billion as of March 2024.
This initiative, announced by SEC Director General Emomotimi Agama during a post-Capital Market Committee briefing, is part of the Commission’s broader strategy to protect investors and enhance market confidence.
Agama highlighted that while completely eradicating unclaimed dividends is unrealistic, the SEC is dedicated to making it easier for investors to reclaim their funds.
The new special unit will operate across the SEC’s headquarters and branch offices, streamlining the process for investors.
The forthcoming mobile app will provide real-time access to information on unclaimed dividends and simplify the reclaiming process.
In addition to these efforts, Agama discussed the SEC’s ongoing initiatives to strengthen investor protection, including improved complaints management, the implementation of an Investor Protection Fund, and enhanced regulation of the capital market.
He also highlighted the Commission’s efforts to update rules on digital assets, private bonds, and Virtual Assets Service Providers, reflecting a commitment to fostering a secure, transparent, and growth-oriented market.
Agama assured that these initiatives align with President Bola Tinubu’s renewed hope initiative and the government’s goal of achieving a $1 trillion economy, with the SEC actively working to support capital formation and market development.