SEC launches nationwide drive to recover unclaimed dividends

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SEC

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By Obas Esiedesa, Abuja

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The Securities and Exchange Commission (SEC) has launched a nationwide awareness campaign to assist 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.

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The initiative, unveiled on Thursday in Abuja through the Probate/Unclaimed Monies Awareness and Investor Clinic, is designed to educate investors, beneficiaries and executors on probate procedures, estate administration and the processes required to access inherited financial assets.

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Speaking at the event, Director-General of SEC, Dr. Emomotimi Agama, said the Commission was addressing a long-standing challenge that has prevented many families from accessing investments belonging to deceased relatives.

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Agama noted that several beneficiaries face difficulties obtaining probate, letters of administration, death certificates and other documents required to claim shares, dividends and other financial assets.

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“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,” he said.

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The SEC boss described unclaimed dividends and dormant assets as a major concern for the capital market, stressing that such funds belong to individuals and families who should be benefiting from them.

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“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,” Agama stated.

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He said the Commission was committed to addressing the challenge through policy reforms, investor education and practical engagement with stakeholders.

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According to him, the investor clinic brought together officials from the Federal Ministry of Justice, Probate Registry, National Population Commission and capital market registrars to provide participants with guidance on probate processes, documentation requirements and recovery of inherited investments.

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“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,” Agama said.

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He added that the Commission’s investor protection mandate extends beyond the lifetime of shareholders.

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“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 said.

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Also speaking, Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms. Nkechinyelu Okoye, identified poor awareness and inadequate estate planning as major factors contributing to the accumulation of unclaimed financial assets.

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Okoye said some beneficiaries mistakenly believe that only physical assets such as land and buildings can be transferred from deceased relatives, unaware that shares, fixed income investments and other financial holdings are also part of an estate.

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“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.

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She added that another category includes beneficiaries who are unaware that their deceased relatives owned investments, while others know about the assets but lack information on the procedures and documentation required to claim them.

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Okoye also identified investors who fail to update their Know Your Customer (KYC) records as another category contributing to the accumulation of unclaimed assets.

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She said the gaps had left significant financial resources inaccessible to rightful beneficiaries.

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“Ultimately, financial resources that could have been beneficial to these beneficiaries remain inaccessible,” she added.

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The Meristem executive said the investor clinic would provide one-on-one guidance to investors, beneficiaries, executors and administrators on tracing investments, verifying shareholder records and resolving probate-related challenges.

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She urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their KYC information to ensure a smoother transfer of assets to beneficiaries.

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“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.

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