SEC targets billions in unclaimed investments with new...

The Securities and Exchange Commission (SEC) has intensified efforts to unlock billions of naira trapped in unclaimed dividends and other dormant investment assets, launching a nationwide recovery initiative aimed at strengthening investor protection, improving estate administration and reconnecting beneficiaries with inherited wealth.

The initiative, unveiled through a Probate/Unclaimed Monies Awareness and Investor Clinic held in Abuja on Thursday in partnership with Meristem Registrars and Probate Services Limited, forms part of the Commission’s broader strategy to improve confidence in Nigeria’s capital market while addressing one of the industry’s longstanding challenges.

Director-General of the SEC, Dr. Emomotimi Agama, said the programme was designed to bridge the gap between investors’ legal entitlements and their ability to access inherited financial assets.

According to him, many Nigerian families continue to experience prolonged delays in recovering shares, dividends and other investments belonging to deceased relatives because they lack adequate knowledge of probate procedures, documentation requirements and registrar processes.

“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 unclaimed funds and dormant investment assets as a persistent challenge to the Nigerian capital market, noting that they represent legitimate wealth that remains disconnected from its rightful owners.

“They represent real money that belongs to real families, sitting idle, disconnected from the people it was meant to serve,” he said.

Agama said the Commission remains committed to eliminating barriers preventing beneficiaries from accessing inherited investments through regulatory reforms, investor education and direct stakeholder engagement.

He explained that the investor clinic brought together the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide practical guidance on probate administration, documentation requirements and investment recovery procedures.

“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.

The SEC boss stressed that the Commission’s investor protection mandate extends beyond the lifetime of individual investors.

“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,” he added.

Also speaking, Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms Nkechinyelu Okoye, identified poor financial awareness, weak estate planning and inadequate Know Your Customer (KYC) records as major factors responsible for the growing volume of unclaimed financial assets in Nigeria.

She said many beneficiaries mistakenly assume that only physical assets such as land and buildings form part of an estate, overlooking financial assets including shares, fixed-income investments and funds held on digital investment platforms.

“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,” she said.

Okoye noted that another category comprises beneficiaries who are unaware that deceased relatives owned financial investments, while others know such investments exist but lack the knowledge or documentation required to process claims.

She added that a fourth category includes investors who fail to update their KYC information, making it difficult for family members to trace their investments after death.

“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.

According to her, these shortcomings have contributed significantly to the increasing volume of unclaimed dividends, dormant shareholder accounts and other abandoned investment assets.

“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.