The Securities and Exchange Commission (SEC) says unclaimed dividends and dormant assets represent real money that belongs to families, sitting idle, disconnected from the people it is meant to serve.
Dr Emomotimi Agama, the Director-General of SEC said this at the Probate and Unclaimed Monies Awareness and Investor Clinic in Abuja on Thursday.
Agama regretted that for many Nigerian families, the death of a loved one who held shares, dividends, or other investments marked the beginning of a long and often confusing journey.
He said that the clinic was designed to equip participants with practical knowledge on how probate worked, how to obtain the right documentation, and how to recover what was rightfully theirs.
Agama said that documents like letters of administration, probate, death certificates and registrar processes would be a challenge for beneficiaries unfamiliar with the procedures.
According to him, what should be a straightforward transition of rightfully inherited assets can become a source of prolonged frustration and in too many cases, assets are simply abandoned or left unclaimed altogether.
”As the apex regulator of Nigeria’s capital market, the commission takes seriously its responsibility to close this gap, not only through policy, but through direct, practical engagement with the public we serve.
”That is precisely the spirit of today’s clinic.
”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 facing hardship,” he said.
Ms Nkechinyelu Okoye, the Acting Chief Executive Officer, Meristem Registrars and Probate Services Limited, said the organisation was collaborating with SEC to sensitise citizens on probate services
Okoye said the goal of the clinic was to empower investors, beneficiaries, executors, administrators and the general public with the knowledge needed to navigate probate and estate administration with greater confidence.
”Through the investor clinic, we will provide participants with direct access to experts who can guide them through their unique circumstances and answer questions specific to their cases.
”We want to increase public awareness and understanding of probate, estate administration, and the transmission of investments within the Nigerian capital market,” she said.
She said probate was often perceived as complicated and intimidating, adding that much of that perception stemmed from a lack of information.
”We want to educate investors and beneficiaries on the procedures for accessing inherited investments, the documentation required, and the different legal pathways available, whether through a Grant of Probate or Letters of Administration,” she said.
Babangida Yahaya, Head Depositor, Central Securities Clearing System [CSCS], said based on reported values, the unclaimed dividend pool was estimated to be about N239 billion.
He said it was largely due to unclaimed assets, including assets to be inherited.
Mr Makyur Tarfa, Head, Monitoring and Enforcement Department of SEC, said that beneficiaries money was waiting for them.
”Your money is waiting for you, go through the processes and get your money.”
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