The Securities and Exchange Commission (SEC) has introduced a significant initiative to aid families in reclaiming unclaimed dividends and dormant investment accounts belonging to deceased investors. This program aims to tackle the challenges beneficiaries face in accessing these assets after the death of a shareholder, particularly concerning probate issues and outdated investor records.

During a recent Probate/Unclaimed Monies Awareness and Investor Clinic held in Abuja, SEC Director-General Dr. Emomotimi Agama emphasized the importance of investor protection extending beyond the life of the shareholder. He noted that the loss of a loved one who owned shares or investments often leaves families struggling to identify and recover those assets. The SEC’s initiative is designed to provide practical guidance on the necessary probate procedures and documentation required for beneficiaries to establish their entitlement to these investments.

Dr. Agama pointed out that many families are unaware that their deceased relatives may have shares, dividends, and other investments still held in the capital market, which remain inaccessible to them. The awareness clinic serves as an educational program aimed at helping beneficiaries navigate the recovery process and legally claim assets that rightfully belong to them.

The SEC has identified unclaimed funds and dormant assets as ongoing issues within Nigeria’s capital market, with substantial amounts of money effectively disconnected from the families entitled to them. Dr. Agama stressed that the SEC's responsibility to protect investors does not cease upon a shareholder's death; rather, it extends to ensuring that beneficiaries can access inherited investments without undue hardship.

The Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms. Nkechinyelu Okoye, highlighted that limited awareness and insufficient estate planning are significant factors contributing to the problem of unclaimed assets. For many families, the realization that a deceased relative owned shares or had accumulated dividends often comes years after the individual's passing, complicating the recovery process. Proper documentation and estate planning are crucial to easing these complications and enabling beneficiaries to assert their rights more effectively.

Families seeking to recover investments belonging to deceased shareholders must generally establish their legal entitlement through the appropriate estate and probate processes, obtain relevant documentation, and engage with the necessary registrars or capital market institutions. The SEC’s initiative aims to enhance awareness of these requirements, thereby assisting more beneficiaries in unlocking assets that have remained dormant or unclaimed.

In a related effort, the SEC has recently launched a nationwide campaign aimed at helping Nigerian investors reclaim approximately N270 billion in unclaimed dividends and other outstanding capital market funds. This campaign began with a town hall meeting in Lagos, focusing on raising awareness about how investors can verify and recover their entitlements, including funds held under the National Investor Protection Fund (NIPF). The SEC's proactive measures are expected to significantly improve the recovery of unclaimed assets, ensuring that families can reclaim what is rightfully theirs.