The Securities and Exchange Commission (SEC) has intensified efforts to reduce unclaimed funds and dormant investment assets by launching a Probate/Unclaimed Monies Awareness and Investor Clinic aimed at helping beneficiaries recover inherited investments.
The initiative, organised by the commission in partnership with Meristem, was launched in Abuja on Thursday as part of efforts to strengthen investor protection in Nigeria’s capital market.
Speaking at the opening of the clinic, the Director-General of the SEC, Dr Emomotimi Agama, said the initiative was designed to bridge the gap between investors’ legal entitlements and their beneficiaries’ ability to access inherited assets.
Agama said many Nigerian families face prolonged delays in accessing shares, dividends and other investments after the death of loved ones because they are unfamiliar with 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,” he said.
He described unclaimed funds and dormant assets as a persistent challenge, noting that they represent real money belonging to families but remaining disconnected from the people entitled to it.
According to Agama, the SEC is committed to addressing the problem through policy initiatives and direct engagement with investors and beneficiaries.
He said the clinic brought together representatives of the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide practical guidance on probate procedures, documentation requirements and the recovery of inherited investments.
“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.
The SEC director-general stressed that the commission’s mandate to protect investors extends beyond the lifetime of shareholders.
“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, the Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms Nkechinyelu Okoye, identified lack of awareness and poor estate planning as major reasons billions of naira in financial assets remain unclaimed.
Okoye said some beneficiaries mistakenly believe that only physical assets such as land and houses can be legally transferred from deceased relatives.
She noted that financial assets, including shares, fixed-income investments and funds held in savings applications, can also form part of a deceased person’s estate.
Another category, she said, comprises beneficiaries who are unaware that their deceased relatives owned financial assets, while others know the investments exist but do not understand the claims process or the documentation required.
Okoye also identified investors who fail to provide or update their Know Your Customer documents as another group contributing to the problem.
She said outdated or incomplete records can make it difficult for families to identify and claim investments after an investor’s death.
“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.
Okoye described the clinic as more than an awareness programme, saying it would provide practical support to investors, beneficiaries, executors, administrators and members of the public.
She urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their KYC information to make it easier for beneficiaries to access inherited investments.
“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 said the clinic forms part of its broader investor protection strategy, giving participants direct access to experts who can assist with tracing investments, verifying shareholder records, resolving probate-related issues and recovering unclaimed capital market assets.
