The Securities and Exchange Commission (SEC) has launched a nationwide awareness campaign to help investors and beneficiaries recover unclaimed dividends and inherited investments, as part of efforts to strengthen investor protection and reduce dormant assets in Nigeria’s capital market.
The initiative, unveiled on Thursday in Abuja through the Probate/Unclaimed Monies Awareness and Investor Clinic, aims to educate investors, beneficiaries and executors on probate procedures, estate administration and the steps required to access inherited financial assets.
Speaking at the event, SEC Director-General Dr Emomotimi Agama said the Commission was tackling a long-standing challenge that has prevented many families from accessing investments left behind by deceased relatives.
According to him, many beneficiaries struggle to obtain probate, letters of administration, death certificates and other documentation required to claim shares, dividends and other financial assets.
“For many Nigerian families, the death of a loved one who held shares, dividends or other investments marks the beginning of a long and often confusing journey,” he said.
Agama described unclaimed dividends and dormant investments as a major concern for the capital market, noting that the funds belong to individuals and families who should be benefiting from them.
“Across our market, unclaimed dividends and dormant assets represent real money—money that belongs to real families, sitting idle, disconnected from the people it was meant to serve,” he said.
He said the Commission is addressing the problem through policy reforms, investor education and practical engagement with relevant stakeholders.
According to Agama, the investor clinic brought together officials from the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide guidance on probate procedures, documentation requirements and the recovery of inherited investments.
“Today is not simply an awareness session. It is a working clinic, designed to equip you with practical knowledge: how probate works, how to obtain the right documentation, and how to recover what is rightfully yours,” he said.
The SEC boss added that the Commission’s responsibility to protect investors extends beyond the lifetime of shareholders.
“This Commission exists to protect your rights in the capital market, and that protection does not end when a shareholder passes on. It extends to ensuring their beneficiaries can access what is due to them without unnecessary hardship,” he said.
Also speaking, Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms Nkechinyelu Okoye, identified poor awareness and inadequate estate planning as key reasons many financial assets remain unclaimed.
She said some beneficiaries wrongly assume that only physical assets such as land and buildings can be inherited, unaware that shares, fixed-income investments and other financial holdings also form part of an estate.
“There are three categories of beneficiaries that we encounter quite often. The first are those who think only land, houses and other physical assets can be transferred legally from deceased loved ones. They do not realise that financial assets such as shares, fixed income investments and even money in savings apps also form part of an estate,” she said.
Okoye added that some beneficiaries are unaware their deceased relatives owned investments, while others know about the assets but lack the information and documentation required to claim them.
She also identified investors who fail to update their Know Your Customer (KYC) records as another major contributor to the growing volume of unclaimed assets.
According to her, these gaps have left substantial financial resources inaccessible to their rightful owners.
“Ultimately, financial resources that could have been beneficial to these beneficiaries remain inaccessible,” she said.
Okoye said the investor clinic would provide one-on-one support to investors, beneficiaries, executors and administrators on tracing investments, verifying shareholder records and resolving probate-related issues.
She urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their KYC information to ensure a seamless transfer of assets to their beneficiaries and prevent investments from becoming unclaimed.
