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, unveiled in Abuja through the SEC's Probate/Unclaimed Monies Awareness and Investor Clinic, aims to strengthen investor protection and reduce idle funds in the capital market.
Addressing the Challenge of Unclaimed Assets
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. According to him, beneficiaries often struggle with obtaining essential documents, including death certificates, probate, and letters of administration, making 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 added. Agama said the Commission would continue to pursue policy reforms and investor engagement aimed at reconnecting beneficiaries with their financial assets.
Why Many Nigerians Leave Dividends Unclaimed
Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Nkechinyelu Okoye, identified poor awareness and inadequate estate planning as some of the 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, while 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. The SEC campaign is therefore expected to provide practical guidance to families dealing with inherited investments while helping investors understand the steps required to keep their financial records updated.
How to Check for Unclaimed Dividends
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.
How to Recover Inherited Shares and Dividends
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.
SEC Encourages Families to Act
The SEC's latest campaign highlights the importance of estate planning and keeping investment records accessible to family members. For families that may have lost track of shares or dividends held by deceased relatives, the initiative provides an opportunity to identify and begin recovering those assets.
The Commission is also expected to continue its investor clinics and awareness programmes to help Nigerians overcome documentation and administrative barriers surrounding unclaimed money and inherited investments. 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.
