‘Investors Can Now Report Unclaimed Funds Directly To SEC’

The Securities and Exchange Commission (SEC) has established an Unclaimed Monies Office, giving investors a direct channel to report and recover funds that have gone unclaimed, without going through lengthy processes.

The director-general of the SEC, Dr Emomotimi Agama, disclosed this during an appearance on the Duke in Business podcast.

He said the commission set up the office specifically to deal with the problem head-on. Under the arrangement, an investor with an unclaimed funds issue does not have to go through a series of administrative steps. The investor contacts the office directly, and the SEC then reaches out to the relevant parties to facilitate a resolution.

Agama said investors can start the process through the commission’s digital channels, including social media and messaging platforms. Asking which platform an investor might prefer, he said: “Is it Instagram? Is it telephone? Is it WhatsApp? Just name it.”

The initiative forms part of the commission’s wider effort to improve engagement with investors and make it easier for market participants to have their complaints resolved.

Dangote IPO approved in five days

On the podcast, Agama also spoke on the commission’s handling of the Dangote Refinery initial public offering (IPO). He said the SEC approved the offer in five days, a record for a transaction of its size.

He attributed the speed to efficiency, technology and the regulator’s understanding of the subject. Familiarity with the matter, he said, helps officials complete their work faster, while poor understanding often leads to repeated requests for extensions. Citing positive feedback from a satisfied investor, he said more stakeholders are beginning to recognise the commission’s efforts and that the reforms are working.

The SEC approved the offer in September, clearing the way for one of Africa’s largest share offerings. The IPO covers 4.1 billion ordinary shares at N525 per share, which comes to about N2.15 trillion. The commission also registered 120.13 billion existing ordinary shares in the refinery, implying a valuation of about $47 billion, based on Reuters’ calculations.

The refinery, located on the outskirts of Lagos, has a processing capacity of 650,000 barrels per day and was built at an estimated cost of $20 billion. Since it began operations, it has become a major player in Nigeria’s fuel market and has expanded exports of refined petroleum products to markets in Africa and Europe.

OPay must list locally

Agama also reiterated that OPay, the digital financial services company, must list in Nigeria. He argued that businesses earning revenue from Nigeria should give local investors the chance to share in their growth, and described the position as non-negotiable.

According to him, the board of the Nigerian Exchange (NGX) presented the proposal that companies earning revenue in Nigeria should list locally to President Bola Tinubu. Agama, who attended the meeting on behalf of the government, said the president approved it.