The Securities and Exchange Commission (SEC) has launched a nationwide campaign to help investors and beneficiaries recover unclaimed dividends and inherited investments as part of efforts to strengthen investor protection and reduce dormant assets in Nigeria’s capital market.

The initiative was unveiled in Abuja through the Probate/Unclaimed Monies Awareness and Investor Clinic, which brought together stakeholders to provide investors, beneficiaries and estate executors with information on probate procedures, estate administration and the process of accessing financial assets left behind by deceased relatives.

Speaking at the event, SEC Director-General, Dr Emomotimi Agama, said the Commission was working to address challenges that have prevented many families from accessing shares, dividends and other investments inherited from deceased relatives.

He said beneficiaries frequently encounter difficulties securing probate, letters of administration, death certificates and other documentation required to claim such assets.

“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.

Agama described unclaimed dividends and dormant assets as a major concern for the capital market, stressing that the funds belong to Nigerian families and should not remain idle.

“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 said.

He said the SEC would continue addressing the challenge through policy reforms and sustained engagement with investors and beneficiaries.

Also speaking, Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms Nkechinyelu Okoye, identified poor awareness and inadequate estate planning as important factors behind the accumulation of unclaimed financial assets.

According to Okoye, some beneficiaries are unaware that financial investments form part of a deceased person’s estate, while others may not even know that their relatives held investments.

She also identified limited knowledge of the documentation and procedures required to access inherited shares, dividends and other financial assets as another challenge facing beneficiaries.

The SEC said the campaign would equip investors, beneficiaries and estate administrators with information needed to navigate the claims process and improve access to financial assets held within the capital market.

The initiative forms part of efforts to address barriers preventing families from accessing inherited investments while strengthening investor protection and reducing dormant assets within Nigeria’s capital market.

Source: MSME Africa Online