SEC launches step-by-step guide for Nigerians to recover unclaimed dividends and inherited assets
By Aboki Forex —
The Securities and Exchange Commission (SEC) has launched a nationwide campaign to help Nigerians recover unclaimed dividends, dormant investments and inherited financial assets. The initiative was unveiled in Abuja through the SEC’s Probate/Unclaimed Monies Awareness and Investor Clinic.
At the event, investors, beneficiaries and estate executors were educated on probate procedures, estate administration and how to access investments left behind by deceased relatives. SEC Director-General, Dr Emomotimi Agama, said the initiative was designed to address challenges that have kept many families from accessing shares, dividends and other investments belonging to deceased relatives.
Why assets remain unclaimed
Agama said beneficiaries often struggle with obtaining essential documents, including death certificates, probate and letters of administration. This makes it difficult to transfer or claim inherited investments.
“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 dividends and dormant assets as a major concern for Nigeria’s capital market, stressing that the funds belong to individuals and families and should not remain disconnected from their rightful owners.
“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.
Agama added that the Commission would continue to pursue policy reforms and investor engagement aimed at reconnecting beneficiaries with their financial assets.
Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Nkechinyelu Okoye, identified poor awareness and inadequate estate planning as major reasons financial assets remain unclaimed. She noted that some beneficiaries are unaware that shares and other investments form part of a deceased person's estate. Others may not even know that their relatives owned investments. A lack of knowledge about the documents and procedures required to access such assets also contributes to the problem.
How to search and claim
Nigerians who suspect they have unclaimed dividends can begin by searching the SEC’s unclaimed dividend database using their name or variations of their surname. The search can help identify dormant funds and the registrar responsible for managing the investment.
Once an investment is identified, investors can proceed with the relevant registrar to complete an e-dividend mandate and link their bank details and Bank Verification Number (BVN). The SEC has also promoted self-service options that allow eligible investors to complete parts of the process electronically, reducing the need for physical visits to registrars. Investors should use official SEC and registrar channels when submitting personal and banking information.
What beneficiaries need
Beneficiaries seeking to recover investments belonging to a deceased relative generally need to establish their legal authority to administer the estate. The process may require a death certificate alongside either a valid Letter of Administration or Probate issued by the appropriate Probate Registry.
After obtaining the necessary legal documents, beneficiaries can approach the stock registrar responsible for the deceased investor’s holdings. The registrar can then guide the beneficiaries through the documentation and ownership-transfer process required to access the shares and any associated dividends.
The SEC’s latest campaign highlights the importance of estate planning and keeping investment records accessible to family members. With potentially significant sums remaining unclaimed in Nigeria’s capital market, the SEC is urging investors and beneficiaries to take steps to establish ownership and reconnect legitimate families with assets that may have been sitting dormant for years.
For Nigerian families, the campaign offers a clearer path to inherited investments and unclaimed dividends. It also serves as a reminder for investors to update their records and plan their estates so their assets do not remain idle.