SEC Opens Unclaimed Monies Office as Agama Lists WhatsApp, Phone Channels for Investors

The Securities and Exchange Commission has set up a dedicated Unclaimed Monies Office to help investors recover outstanding funds. SEC Director-General Emomotimi Agama said investors can submit complaints directly through social media, telephone and WhatsApp.

Agama disclosed this during an appearance on Nairametrics' Duke in Business podcast. He said the office was designed to make it easier for investors to recover money owed to them without going through lengthy administrative procedures.

Direct complaint channels

According to Agama, investors having difficulties with unclaimed funds can contact the office through the commission’s digital communication channels, including social media, telephone and WhatsApp. The Unclaimed Monies Office will serve as a dedicated point of contact for investors seeking help 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.

Dangote Refinery IPO approval

In the same interview, Agama said the commission approved the Dangote Refinery initial public offering in five days. The approval was granted in September and cleared the way for the refinery's planned share offering, which has been described as one of Africa’s largest.

Agama attributed the 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 processed 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. A lack of familiarity with a subject could lead to delays and repeated requests for extensions, he said.

Agama added that stakeholders were increasingly acknowledging the commission’s efforts to improve its services, citing positive feedback from an investor as an example.

Unclaimed dividends campaign

The SEC had earlier reported a 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.

For investors, the direct complaint channels lower the cost of pursuing unclaimed funds. For companies seeking capital, the five-day Dangote Refinery IPO approval signals a faster SEC review process.