SEC moves to safeguard unclaimed investments for recovery
The Securities and Exchange Commission (SEC) has begun a new drive to help Nigerian families recover money and shares left behind by relatives who have died, as part of efforts to reduce the huge...
The Securities and Exchange Commission (SEC) has begun a new drive to help Nigerian families recover money and shares left behind by relatives who have died, as part of efforts to reduce the huge amount of unclaimed investments in the country’s capital market.
The Commission, working together with Meristem Registrars and Probate Services Limited, opened a Probate and Unclaimed Monies Awareness and Investor Clinic in Abuja on Thursday. The programme is meant to guide beneficiaries on how to legally claim shares, dividends and other investments left by their deceased relatives, and to teach investors how to protect their families from future difficulties.
Speaking at the event, the Director-General of the SEC, Dr Emomotimi Agama, said many Nigerian families struggle for a long time after losing a relative who had investments, simply because they do not understand how probate works or what documents are needed.
“For many Nigerian families, the death of a loved one who held shares, dividends, or other investments marks the beginning of a long and often confusing journey,” Agama said.
He described the large volume of unclaimed dividends and dormant investments across the country as a serious and continuing problem. According to him, this money truly belongs to Nigerian families but remains locked away simply because nobody has come forward to claim it properly.
Agama explained that the Abuja clinic was not just a talk-shop but a working session where people could get real answers. Officials from the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars were all present to walk participants through the probate process step by step, from paperwork to final recovery of the investment.
“Today is not simply an awareness session. It is a working clinic, designed to equip you with practical knowledge: how probate works, how to obtain the right documentation, and how to recover what is rightfully yours,” he said.
He added that the SEC’s duty to protect investors does not stop when a shareholder dies, but continues on behalf of the family left behind. “This Commission exists to protect your rights in the capital market, and that protection does not end when a shareholder passes on. It extends to ensuring their beneficiaries can access what is due to them without unnecessary hardship,” Agama said.
Also speaking at the event, the Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms Nkechinyelu Okoye, said poor planning and simple lack of awareness are the main reasons why billions of naira in shares and other financial assets remain unclaimed across the country.
She said her organisation regularly deals with four different kinds of people. Some believe that only land and buildings can be passed down after death, not knowing that shares, fixed income investments and even money saved in mobile apps also count as part of what a person leaves behind. Others have no idea at all that their late relatives owned any investments. A third group knows the investments exist but simply does not understand the steps or paperwork needed to claim them.
“There are three categories of beneficiaries that we encounter quite often. The first are those who think only land, houses and other physical assets can be transferred legally from deceased loved ones. They do not realise that financial assets such as shares, fixed income investments and even money in savings apps also form part of an estate,” Okoye said.
She pointed to a fourth group as well, made up of investors who fail to update their personal records with registrars while they are alive, leaving their families completely unaware that any investment exists after they die.
“I dare add a fourth category. These are investors who do not provide or update their KYC documents and, as a result, when they pass on, their loved ones have no idea they have investments to claim,” she said.
Okoye said these gaps are the reason so much money keeps piling up as unclaimed dividends and dormant accounts, money that could otherwise be changing the lives of the families it belongs to. “All of these categories contribute to the several unclaimed assets lying all around. Ultimately, financial resources that could have been beneficial to these beneficiaries remain inaccessible,” she said.
She described the clinic as going beyond simple awareness, noting that it was designed to give real, practical help to investors, beneficiaries, and the executors and administrators who manage estates.
“Our goal is to empower investors, beneficiaries, executors, administrators and the general public with the knowledge they need to navigate probate and estate administration with greater confidence,” Okoye said.
She appealed to investors to write valid wills, keep their shareholder records accurate, and regularly update their KYC details, so that their families do not struggle unnecessarily after they are gone.
“We want investors to appreciate the importance of preparing a valid Will, maintaining accurate shareholder records and ensuring that their affairs are properly organised. Taking these simple steps today can save families considerable stress and delay in the future,” she said.
The SEC noted that the Abuja clinic is part of a wider plan to protect investors across the country, giving participants direct access to experts who can help trace lost investments, confirm shareholder records, settle probate-related issues, and recover unclaimed assets in the capital market.
