By Esther Olaoluwa |
The Securities and Exchange Commission (SEC) has launched a nationwide campaign to help investors and beneficiaries recover unclaimed dividends and inherited investments, as part of efforts to strengthen investor protection and reduce dormant assets in Nigeria’s capital market.
The initiative was unveiled in Abuja through the Probate/Unclaimed Monies Awareness and Investor Clinic, which seeks to educate investors, beneficiaries and estate executors on probate procedures, estate administration and the processes for accessing inherited financial assets.
Speaking at the event, SEC Director-General, Dr Emomotimi Agama, said the Commission was addressing a longstanding challenge that had prevented many families from accessing investments left behind by deceased relatives.
He noted that beneficiaries often face difficulties obtaining probate, letters of administration, death certificates and other documents required to claim shares, dividends and other financial assets.
“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.
SEC Targets Dormant Investments
Agama described unclaimed dividends and dormant assets as a major concern for the capital market, stressing that the funds should be benefiting Nigerian families rather than remaining idle.
“Across our market, unclaimed dividends and dormant assets represent real money, money that belongs to real families, sitting idle, disconnected from the people it was meant to serve,” he said.
He said the Commission was committed to bridging the gap through policy reforms and sustained engagement with investors and beneficiaries.
Poor Awareness Linked to Unclaimed Assets
Also speaking, Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms Nkechinyelu Okoye, identified poor awareness and inadequate estate planning as key factors contributing to unclaimed financial assets.
She said some beneficiaries were unaware that financial assets formed part of an estate, while others did not know their deceased relatives owned investments.
Okoye also identified lack of knowledge about the documentation required to claim inherited investments as another challenge facing beneficiaries.
The SEC said the awareness campaign is intended to improve understanding of probate and estate administration processes while helping investors and beneficiaries navigate the procedures required to recover financial assets that have remained unclaimed.
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