By ebosele@hotmail.com –
The Securities and Exchange Commission (SEC) has intensified efforts to reduce unclaimed funds and dormant investment assets with the launch of a Probate/Unclaimed Monies Awareness and Investor Clinic aimed at helping beneficiaries recover inherited investments and strengthening investor protection in Nigeria’s capital market.
Speaking at the opening of the clinic in Abuja on Thursday, SEC Director-General, Dr. Emomotimi Agama, said the initiative, organised in partnership with Meristem, is designed to bridge the gap between investors’ legal entitlements and their ability to access inherited assets.
Agama noted that many Nigerian families experience prolonged delays in accessing shares, dividends and other investments left behind by deceased relatives due to limited knowledge of probate procedures, documentation requirements and registrar processes.
He described unclaimed funds and dormant assets as a persistent challenge, stressing that they represent legitimate wealth belonging to families but remain inaccessible because beneficiaries are unaware of the processes required to claim them.
According to him, the Commission is committed to addressing the problem through policy reforms and direct engagement with investors.
He explained that the clinic brings together the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide practical guidance on probate procedures, documentation requirements and the recovery of inherited investments.
Agama said the programme was designed as a practical working session rather than a mere awareness campaign, equipping participants with the knowledge needed to obtain the necessary documents and successfully recover investments belonging to deceased relatives.
He reiterated that the SEC’s investor protection mandate extends beyond the lifetime of shareholders, assuring beneficiaries that the Commission remains committed to ensuring they can access inherited assets without unnecessary delays.
Also speaking, the Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms. Nkechinyelu Okoye, attributed the growing volume of unclaimed financial assets to poor awareness and inadequate estate planning.
She said many beneficiaries mistakenly believe that only physical assets such as land and buildings form part of an estate, while others are unaware that deceased relatives owned financial assets including shares, fixed-income investments and savings.
Okoye added that some beneficiaries know such investments exist but lack knowledge of the claims process and the documentation required to recover them.
She further identified investors who fail to update their Know Your Customer (KYC) records as another major contributor to the problem, noting that incomplete records often leave family members unaware of investments after the investor’s death.
According to her, these challenges have contributed significantly to the rising volume of unclaimed dividends, dormant accounts and abandoned financial assets across the country.
She described the investor clinic as more than an awareness initiative, saying it provides practical support for investors, beneficiaries, executors and administrators handling probate and estate matters.
Okoye urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their KYC information to make it easier for beneficiaries to access inherited investments.
She noted that taking such proactive steps would save families from avoidable stress, delays and financial losses in the future.
The SEC said the investor clinic forms part of its broader strategy to enhance investor protection and financial inclusion by providing participants with direct access to experts who can assist in tracing investments, verifying shareholder records, resolving probate-related issues and recovering unclaimed capital market assets.
