SEC Moves to Unlock Inherited Investments

"These are real monies that belong to real families, sitting idle, disconnected from the people they were meant to serve," he said, adding that the commission is committed to bridging the gap through regulatory reforms and sustained investor engagement.

The Securities and Exchange Commission (SEC) has intensified efforts to address the growing challenge of unclaimed investments, assuring beneficiaries that inherited financial assets will remain accessible despite legal and administrative hurdles associated with probate.

Speaking on Thursday at the opening of a Probate and Unclaimed Monies Awareness and Investor Clinic in Abuja, the Director-General of the SEC, Emomotimi Agama, said the commission's investor protection mandate extends beyond the lifetime of shareholders to ensure legitimate beneficiaries can recover inherited investments.

The investor clinic, organised by the SEC in partnership with Meristem, is designed to educate beneficiaries on probate procedures, documentation requirements and the processes involved in reclaiming shares, dividends and other investment assets.

Agama said many Nigerian families are unable to access investments left behind by deceased relatives because they lack adequate knowledge of probate procedures and registrar requirements.

"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," he said.

He described unclaimed funds and dormant investment assets as a longstanding challenge in Nigeria's capital market, noting that the assets belong to legitimate beneficiaries but remain inaccessible due to administrative and legal bottlenecks.

"These are real monies that belong to real families, sitting idle, disconnected from the people they were meant to serve," he said, adding that the commission is committed to bridging the gap through regulatory reforms and sustained investor engagement.

According to Agama, the clinic brings together officials from the Federal Ministry of Justice, the Probate Registry, the National Population Commission (NPC), registrars and other stakeholders to provide practical guidance on obtaining probate documents and recovering inherited investments.

"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 hardship," he said.

Also speaking, the Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Nkechinyelu Okoye, identified poor estate planning, inadequate awareness and outdated Know-Your-Customer (KYC) records as key drivers of unclaimed financial assets.

She said beneficiaries typically fall into four categories: those unaware that financial investments form part of an estate, those who do not know their deceased relatives owned such assets, those familiar with the investments but unsure of the claims process, and families hindered by outdated investor records.

According to Okoye, these factors continue to leave significant financial resources unclaimed, depriving beneficiaries of assets that rightfully belong to them.

She urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their KYC information to ensure a seamless transfer of investments to beneficiaries and reduce delays after death.