SEC launches nationwide drive to recover unclaimed dividends

The Securities and Exchange Commission (SEC) in Nigeria has initiated a nationwide awareness campaign to assist investors and beneficiaries in recovering unclaimed dividends and inherited investments. This effort is part of the commission's broader strategy to enhance investor protection and reduce the amount of dormant assets within the Nigerian capital market.

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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.

The initiative, launched in Abuja, includes an "Investor Clinic" focused on probate and unclaimed monies. It is designed to provide education on probate procedures, estate administration, and the necessary steps for accessing inherited financial assets. Dr. Emomotimi Agama, the Director-General of SEC, acknowledged that addressing unclaimed dividends and dormant assets has been a long-standing challenge, preventing many families from accessing investments left by deceased relatives.

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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.

Agama emphasized that unclaimed dividends and dormant assets are a significant concern, representing "real money, money that belongs to real families, sitting idle, disconnected from the people it was meant to serve." He noted that beneficiaries often face difficulties obtaining essential documents like probate, letters of administration, and death certificates, which are required to claim shares and other financial assets. The SEC is committed to tackling this issue through policy reforms, investor education, and direct engagement with stakeholders.

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Today is not simply an awareness session. 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.

The investor clinic brought together officials from various government bodies, including the Federal Ministry of Justice and the National Population Commission, along with capital market registrars. Their collective aim is to guide participants through the complexities of probate processes, documentation requirements, and the recovery of inherited investments. SEC's mandate, Agama stressed, extends beyond a shareholder's lifetime, ensuring that beneficiaries can access their rightful assets without undue hardship. Ms. Nkechinyelu Okoye of Meristem Registrars and Probate Services Limited identified poor awareness and inadequate estate planning as key contributors to the accumulation of these unclaimed assets.

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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.