SEC, Hosts Abuja Clinic to Clear Unclaimed Inherited Assets
By Patience Ikpeme
The Securities and Exchange Commission has stepped up its campaign against the rising volume of dormant investment assets in Nigeria’s capital market with the launch of a Probate and Unclaimed Monies Awareness and Investor Clinic in the Federal Capital Territory.
Organised in partnership with Meristem Registrars and Probate Services Limited, the initiative seeks to assist beneficiaries in recovering inherited investments while removing the procedural barriers that prevent families from accessing deceased relatives’ financial holdings.
Opening the clinic on Thursday in Abuja, the Director-General of the Commission, Dr. Emomotimi Agama, stated that the exercise was structured to address the wide disconnect between legal rights and asset recovery. He observed that numerous families across the country suffer extensive delays when attempting to access shares, accumulated dividends, and other market investments due to a general lack of clarity surrounding probate filing, administrative requirements, and registrar protocols.
“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,” Dr. Agama said.
Addressing the broader issue of uncollected capital market assets, the Director-General described dormant funds as a structural burden that deprives legitimate owners of their wealth. He explained that these dormant assets represent “real money that belongs to real families, sitting idle, disconnected from the people it was meant to serve.”
Dr. Agama noted that the regulator is working to resolve the problem through targeted regulatory frameworks and direct outreach. To deliver immediate assistance, the Commission brought together key institutional stakeholders at the venue, including officials from the Federal Ministry of Justice, the Probate Registry, the National Population Commission, and various capital market registrars.
“Today is not simply an awareness session,” Dr. Agama said. “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.”
He pointed out that regulatory oversight must cover the entire lifecycle of an investment, including transmission to legal heirs. “This Commission exists to protect your rights in the capital market, and that protection does not end when a shareholder passes on,” Dr. Agama said. “It extends to ensuring their beneficiaries can access what is due to them without unnecessary hardship.”
Sharing her perspective at the event, the Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms. Nkechinyelu Okoye, pointed to widespread information gaps and poor estate planning as the primary drivers of unclaimed wealth in the country. She outlined the typical profiles of affected families encountered by registrars.
“There are three categories of beneficiaries that we encounter quite often,” Ms. Okoye said. “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 explained that a second group includes families who remain completely unaware that their deceased relatives held financial instruments, while a third group possesses knowledge of the assets but lacks an understanding of the legal requirements necessary to file a claim.
“I dare add a fourth category,” Ms. Okoye added. “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.”
Ms. Okoye stated that these combined lapses continue to swell the pool of abandoned accounts and unclaimed dividends across the financial system. “All of these categories contribute to the several unclaimed assets lying all around,” she said. “Ultimately, financial resources that could have been beneficial to these beneficiaries remain inaccessible.”
She stated that the clinic provides a practical environment where executors, administrators, and investors can obtain professional assistance to navigate estate administration.
“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,” Ms. Okoye said.
She called on active market participants to take preventative steps to protect their estates, advising investors to structure their affairs through valid wills, maintain precise records, and ensure regular updates of their Know Your Customer details with financial institutions.
“We want investors to appreciate the importance of preparing a valid Will, maintaining accurate shareholder records and ensuring that their affairs are properly organised,” Ms. Okoye said. “Taking these simple steps today can save families considerable stress and delay in the future.”
