The Securities and Exchange Commission (SEC) has established an Unclaimed Monies Office to help investors resolve issues involving unclaimed funds, providing a direct channel for complaints without lengthy processes.
SEC Director-General Emomotimi Agama disclosed this during an appearance on the Duke in Business podcast.
He explained that investors could contact the office directly, after which the commission would reach out to the relevant parties to facilitate resolution.
SEC opens digital channels for easy contact
Agama said investors could initiate contact through the SEC’s digital channels, including social media and messaging platforms.
- “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. Which means if you have any of such challenges, you don’t need to go through processes. Go straight to them and they will get in touch with the people.
- “Is it Instagram? Is it telephone? Is it WhatsApp? Just name it,” he said.
The initiative is part of the commission’s efforts to improve investor engagement and make it easier for market participants to resolve complaints.
SEC approved Dangote Refinery IPO in record five days
Agama said SEC approved the Dangote Refinery initial public offering (IPO) in five days, a record timeframe for an offer of its size.
Agama credited the speed of the approval to operational efficiency, technology and regulatory expertise.
The SEC approved the offer in September, clearing the way for what has been described as one of Africa’s largest share offerings.
Asked how the commission processed the offer so quickly, Agama said the result reflected improvements in how the regulator handles applications.
- “Through efficiency, technology, understanding,” he said, adding that familiarity with the subject matter helps officials complete their work faster, while a lack of understanding can lead to repeated requests for extensions.
Agama said more stakeholders were beginning to recognise the SEC’s efforts, citing feedback from a satisfied investor as an example.
- “Reforms are working, completely,” he said.
OPay must list in Nigeria, says SEC DG
Agama also reiterated that OPay, the digital financial services company, must list in Nigeria, arguing that businesses generating revenue from the country should provide local investors with an opportunity to participate in their growth.
- “They have said clearly, they must list here. There’s no two ways about it. You earn money from Nigeria, Nigerians must benefit from it. That is non-negotiable,” he said.
According to Agama, the board of the Nigerian Exchange (NGX) had presented the proposal for companies earning revenue in Nigeria to list locally to President Bola Tinubu. Agama said he attended the meeting on behalf of the government.
- “The government said yes. The president said yes,”he said.
What you should know
The Dangote Refinery IPO involves an offer of 4.1 billion ordinary shares at N525 per share, providing investors with an opportunity to acquire an interest in one of Nigeria’s largest industrial projects.
The SEC has also registered 120.13 billion existing ordinary shares in the refinery, implying a valuation of approximately $47 billion based on Reuters’ calculations.
Located on the outskirts of Lagos, the refinery has a processing capacity of 650,000 barrels per day and was built at an estimated cost of $20 billion.
Since commencing operations, the facility has become a major participant in Nigeria’s fuel market and has expanded exports of refined petroleum products to markets across Africa and Europe.