The Securities and Exchange Commission
(SEC) has intensified its campaign to reduce unclaimed dividends and dormant investment assets by helping shareholders and beneficiaries recover funds tied up in the Nigerian capital market.
The initiative was highlighted at a Probate, Unclaimed Monies Awareness and Investor Clinic organised by the SEC in partnership with Meristem Registrars and Probate Services Limited in Abuja. The programme focused on assisting beneficiaries to access inherited shares, dividends and other financial investments.
SEC Director-General Emomotimi Agama said many families encounter lengthy delays after the death of a shareholder because they are unfamiliar with probate procedures, documentation requirements and registrar processes. He described unclaimed funds as money belonging to real families that remains inaccessible because the beneficiaries do not know how to make valid claims.
Agama said the clinic was designed as a practical working session rather than a general awareness programme. Representatives of the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars were available to explain how to obtain probate or letters of administration, verify ownership records and recover inherited investments.
He stressed that investor protection continues after the death of a shareholder and includes ensuring that beneficiaries can access assets without unnecessary delays or hardship. The SEC said the clinic forms part of a wider strategy to improve investor protection, financial literacy and confidence in the capital market.
Acting CEO of Meristem Registrars and Probate Services, Nkechinyelu Okoye, said lack of awareness and inadequate estate planning were major reasons financial assets remained unclaimed. She explained that some families do not realise that shares, fixed-income investments and funds held through digital savings platforms form part of a deceased person’s estate.
Other beneficiaries may be unaware that their relatives owned investments, while some know the assets exist but do not understand the claims process or the documents required. Okoye added that investors who fail to update their Know Your Customer details can also make it difficult for relatives to identify and recover their holdings.
She encouraged investors to prepare valid wills, keep accurate shareholder records and regularly update their KYC information. These steps, she said, would reduce the delays and legal complications faced by families after an investor’s death.
The SEC said the clinic provided one-on-one assistance to investors, beneficiaries, executors and estate administrators on tracing investments, confirming shareholder records, resolving probate issues and pursuing claims. It also advised members of the public to use only SEC-registered market operators when processing claims.
Investors can search for unclaimed dividends through the SEC’s official search portal. Those who find outstanding payments are directed to identify the relevant registrar, complete the appropriate e-dividend mandate form and submit it through their bank or registrar with the required supporting documents.