The Securities and Exchange Commission (SEC) has introduced a national program designed to assist investors and heirs in reclaiming unclaimed dividends and inherited financial holdings. This effort aims to bolster investor safety while minimizing the volume of stagnant assets within Nigeria’s capital market.
Introduced during the Probate/Unclaimed Monies Awareness and Investor Clinic in Abuja, the project intends to provide guidance to families, executors, and investors regarding probate laws and the steps needed to secure inherited wealth.
Dr. Emomotimi Agama, the Director-General of the SEC, stated that the commission is tackling obstacles that currently hinder families from retrieving investments held by late relatives. He highlighted that many claimants struggle with the bureaucratic requirements of securing probate, death certificates, and other essential documentation.
According to Dr. Agama, these dormant funds represent capital that should be supporting Nigerian households rather than sitting inactive. The commission is focused on closing these gaps through regulatory adjustments and continued outreach.
Nkechinyelu Okoye, the Acting CEO of Meristem Registrars and Probate Services Limited, pointed out that a lack of public awareness and insufficient estate planning are the primary causes of this issue. Many heirs remain oblivious to their relatives’ investments or are intimidated by the complex paperwork involved in the inheritance process.
