The Securities and Exchange Commission (SEC) has introduced a nationwide initiative aimed at helping investors and their heirs secure unclaimed dividends and inherited financial holdings. Launched in Abuja, the program focuses on simplifying probate and estate administration to reduce the volume of dormant assets within the Nigerian capital market.
SEC Director-General, Dr. Emomotimi Agama, stated that many families struggle to access investments held by deceased relatives due to difficulties in securing legal documentation, including death certificates and letters of administration. Agama emphasized that these funds belong to families and should not remain idle within the financial system. The SEC plans to tackle this through regulatory reforms and direct engagement with the public.
The event featured representatives from the Probate Registry, the National Population Commission, and various market registrars to provide direct guidance to attendees. According to Agama, the Commission’s commitment to investor protection persists even after a shareholder’s passing, ensuring that beneficiaries receive their due inheritance without undue difficulty.
Ms. Nkechinyelu Okoye, Acting CEO of Meristem Registrars and Probate Services Limited, highlighted that many individuals fail to claim assets because they do not understand that financial holdings like shares and fixed income investments are part of an estate. She noted that others are either unaware of the assets held by their deceased relatives or lack knowledge on how to navigate the required legal procedures.
Okoye advised investors to maintain current Know Your Customer (KYC) records and draft valid wills to simplify asset transfers. The clinic provides stakeholders with hands-on assistance for verifying records and resolving the documentation barriers that have kept significant resources inaccessible to the public.
