SEC Commits To Curbing Unclaimed Funds, Strengthen Investor Protection

The Securities and Exchange Commission (SEC) has intensified efforts to reduce unclaimed funds and other dormant investment assets by launching a Probate/Unclaimed Monies Awareness and Investor Clinic aimed at helping beneficiaries recover inherited investments and strengthening investor protection in Nigeria’s capital market.

Speaking at the opening of the clinic in Abuja organised by the Commission in partnership with Meristem on Thursday, the director-general of SEC, Dr Emomotimi Agama, said the initiative was designed to bridge the gap between investors’ legal entitlements and their ability to access inherited assets.

He noted that many Nigerian families face prolonged delays in accessing shares, dividends and other investments after the death of loved ones because they are unfamiliar with probate procedures, documentation requirements and registrar processes.

Describing unclaimed funds and dormant assets as a persistent challenge, he said “they represent real money that belongs to real families, sitting idle, disconnected from the people it was meant to serve.”

According to him, the Commission is committed to closing the gap through policy initiatives and direct engagement with investors.

He explained that the clinic brought together the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide practical guidance on probate procedures, required documentation and the recovery of inherited investments.

The acting chief executive officer of Meristem Registrars and Probate Services Limited, Ms. Nkechinyelu Okoye, identified lack of awareness and poor estate planning as key reasons billions of naira in financial assets remain unclaimed.

“There are three categories of beneficiaries that we encounter quite often. The first are those who think only land, houses and other physical assets can be transferred legally from deceased loved ones,” she said.

Okoye said another group consists of beneficiaries who are unaware their deceased relatives owned financial assets, while a third group knows the investments exist but does not understand the claims process or required documentation.

She also noted that “there are investors who do not provide or update their KYC documents and, as a result, when they pass on, their loved ones have no idea they have investments to claim.”

She described the investor clinic as more than an awareness programme, saying it would provide practical support to investors, beneficiaries, executors and administrators.

“Our goal is to empower investors, beneficiaries, executors, administrators and the general public with the knowledge they need to navigate probate and estate administration with greater confidence,” Okoye said.

She also urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their Know Your Customer (KYC) information to make it easier for beneficiaries to access inherited investments.

The SEC said the clinic forms part of its broader investor protection strategy and provides participants with direct access to experts on tracing investments, verifying shareholder records, resolving probate-related issues and recovering unclaimed capital market assets.