PICTURE CAPTION: Head, Monitoring & Enforcement Department Securities and Exchange Commission, Mr Makyur Tarfa, with Head of Enforcement Division, Enforcement Department SEC, Mrs Tope Onwionoko; Representative, Federal Ministry of Justice, Dr Samuel Idiarhiri; Director, Registration, Exchanges and Market Infrastructure Department, SEC, Mrs Hafsat Rufai; Head Depository, Central Securities Clearing System, Mr Babangida Yahaya; Head, Abuja Branch of First Registrars, Mrs Wunmi Senkoya, and Ag. MD, Meristem Registrars and Probate Services Limited, Ms Nkechinyelu Okoye, at the Probate/Unclaimed Monies Awareness and Investor Clinic in Abuja, on Thursday.
To bridge the gap between investors’ legal entitlements and their ability to access inherited assets in the capital market, the Securities and Exchange Commission (SEC) on Thursday launched a Probate/Unclaimed Monies Awareness and Investor Clinic.
Speaking at the opening of the clinic in Abuja organised by the Commission in partnership with Meristem Registrars & Probate Services Limited, the Director-General of SEC, Dr. Emomotimi Agama, said the initiative was part of the Commission’s strategy to reduce unclaimed funds and other dormant investment assets in the capital market.
He said the Clinic would avail investors with the right knowledge that would help them to recover inherited investments, while strengthening investor protection in Nigeria’s capital market.
Agama noted that many Nigerian families face prolonged delays in accessing shares, dividends and other investments after the demise 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,” Agama said.
Describing unclaimed funds and dormant assets as a persistent challenge, he said they represent “real money that belongs to real families, sitting idle, disconnected from the people it was meant to serve.”
The Commission, he said, was committed to closing the gap through policy initiatives and direct engagement with investors.
He explained that the clinic brought together officials from the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide practical guidance on probate procedures, required documentation and the recovery of inherited investments.
The SEC DG said the Clinic was not simply an awareness session, but a working session designed to equip investors with practical knowledge on how probate works; how to obtain the right documentation, and how to recover what is rightfully yours.
Agama stressed that SEC’s mandate to protect investors extended beyond the lifetime of shareholders, adding that the Commission exists to protect investors’ rights in the capital market.
Protection of investors, he explained, does not end when a shareholder passes on, but extends to ensuring that their beneficiaries can access what is due to them without unnecessary hardship.
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 key reasons billions of Naira in financial assets remain unclaimed.
“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 said another group consists of beneficiaries who are unaware that their deceased relatives owned financial assets, while a third group knows the investments exist, but does not understand the claims process or required documentation.
“I dare add a fourth category. 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.
These factors, Okoye pointed out, have contributed to the rising volume of unclaimed dividends, dormant accounts and other abandoned financial 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.
She described the investor clinic as more than an awareness programme, saying it would provide practical support to investors, beneficiaries, executors and administrators.
“Our goal is to empower investors, beneficiaries, executors, administrators and the general public with the knowledge they need to navigate probate and estate administration with greater confidence,” Okoye said.
She also urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their Know Your Customer (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 added.
The SEC said the clinic forms part of its broader investor protection strategy and provides participants with direct access to experts on tracing investments, verifying shareholder records, resolving probate-related issues and recovering unclaimed capital market assets.
