Section 93 Investments and Securities Act 2025

Section 93 of the Investments and Securities Act 2025 is about Unclaimed dividends of public companies. It is under Part IX (Regulation of Securities) of the Act. It provides as follows:

(1) Unclaimed dividends under the regulatory purview of the Commission shall be treated as prescribed in the rules and regulations made under this Act.

(2) A person shall not treat unclaimed dividend as prescribed in subsection (1) in a manner other than as prescribed in the rules and regulations made under this Act.

(3) A person who contravenes this section or the rules and regulations made under this Act, commits an offence and is liable on conviction to a fine of not less than N10,000,000 or imprisonment for a term of not less than five years or both.

(4) The Commission may, in lieu of prosecution, sanction a person who violates the provisions of this section and the rules and regulations made under it, to a penalty of not less than N10,000,000 and N50,000 per day for every day the violation continues.