The Securities and Exchange Commission (SEC) has commenced a nationwide public enlightenment program to assist investors and beneficiaries in reclaiming unpaid dividends, inherited shares and other financial assets that have remained inactive. The campaign, introduced in Abuja during the Probate/Unclaimed Monies Awareness and Investor Clinic, is focused on explaining probate requirements, estate administration and the steps families must take to gain access to investments left by deceased relatives.
SEC Director-General, Dr Emomotimi Agama, said the death of an investor often creates difficulties for family members who may not know how to secure probate, letters of administration, death certificates and other necessary records. He noted that many legitimate beneficiaries are unable to access shares, dividends and related assets because they are either unaware of their existence or find the legal and administrative procedures too complicated.
According to Agama, unclaimed dividends and dormant assets remain a significant problem in the capital market, as money meant for families continues to lie unused. He said the SEC would tackle the issue through regulatory reforms, investor education and regular engagement with beneficiaries and other relevant stakeholders, while encouraging investors to properly document and plan for the transfer of their assets.
The Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Nkechinyelu Okoye, said inadequate estate planning and limited public knowledge were among the main reasons financial assets remain unclaimed. She explained that some beneficiaries do not realize that shares and dividends are part of a deceased person’s estate, while others are unaware of the investments held by their relatives or the legal documents needed to claim them. The initiative is expected to improve awareness of probate and estate administration, enable more families to recover inherited investments and help reduce the amount of unclaimed dividends and dormant assets in Nigeria’s capital market.
