The Securities and Exchange Commission (SEC) has called for greater public awareness on the recovery of unclaimed dividends and dormant investment assets, describing them as legitimate funds belonging to Nigerian families that remain inaccessible because beneficiaries are unaware of the required processes.
Speaking at the Probate and Unclaimed Monies Awareness and Investor Clinic in Abuja, the Director-General of SEC, Dr Emomotimi Agama, said many beneficiaries struggle to access inherited investments after the death of a loved one.
According to Agama, the process of recovering shares, dividends and other investment assets often becomes difficult due to inadequate knowledge of probate procedures and documentation requirements.
He explained that the investor clinic was organised to provide practical guidance on obtaining probate, letters of administration, death certificates and other documents needed to access inherited investments.
The SEC boss noted that many families abandon valuable assets because they find the legal and administrative procedures confusing and challenging.
He reaffirmed the commission’s commitment to protecting investors and ensuring that beneficiaries can recover assets belonging to deceased shareholders without unnecessary hardship.
Agama said investor protection remains one of the commission’s core responsibilities, stressing that this responsibility extends beyond the lifetime of investors to safeguarding the rights of their beneficiaries.
Also speaking at the event, the Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Nkechinyelu Okoye, said the organisation partnered with the SEC to improve public understanding of probate and estate administration.
She said the awareness programme was designed to equip investors, executors, administrators and beneficiaries with the knowledge required to successfully navigate probate procedures and the transfer of investment assets.
According to Okoye, participants were given direct access to experts who could provide guidance on individual cases and explain the legal processes involved in claiming inherited investments.
She noted that many people consider probate to be complicated largely because they lack adequate information about the available legal options, including obtaining a Grant of Probate or Letters of Administration.
The Head Depositor of the Central Securities Clearing System (CSCS), Babangida Yahaya, disclosed that Nigeria’s pool of unclaimed dividends is currently estimated at about N239 billion, based on reported figures.
He attributed a significant portion of the unclaimed funds to inherited investment assets that have not been claimed by beneficiaries.
Also addressing participants, the Head of the Monitoring and Enforcement Department at the SEC, Makyur Tarfa, encouraged beneficiaries to complete the necessary procedures to recover their investments.
He assured Nigerians that the funds remain available for rightful owners once the required legal processes are completed.
The event formed part of a nationwide awareness campaign jointly organised by the SEC and Meristem Registrars and Probate Services Limited to strengthen investor protection, improve financial literacy and boost confidence in Nigeria’s capital market.
