The Securities and Exchange Commission (SEC) has stepped up efforts to tackle the growing challenge of unclaimed funds and dormant investment assets with the launch of a Probate/Unclaimed Monies Awareness and Investor Clinic aimed at helping beneficiaries recover inherited investments.
Speaking at the opening of the clinic in Abuja on Thursday, SEC Director-General, Dr. Emomotimi Agama, said the initiative, organised in collaboration with Meristem Registrars and Probate Services Limited, was designed to bridge the gap between investors’ legal entitlements and their ability to access inherited assets.
According to Agama, many Nigerian families face significant delays in accessing shares, dividends and other investments left behind by deceased relatives due to limited knowledge of probate procedures, documentation requirements and registrar processes.
“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 assets as a persistent challenge in the Nigerian capital market.
“Real money that belongs to real families is sitting idle, disconnected from the people it was meant to serve,” Agama said.
He said the Commission was committed to addressing the challenge through policy reforms and sustained investor engagement.
Agama explained that the investor clinic brought together representatives of the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide practical guidance on probate procedures, documentation requirements and the recovery of inherited investments.
“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,” he said.
Also speaking, the Acting Chief Executive Officer of Meristem Registrars and Probate Services Limited, Ms. Nkechinyelu Okoye, attributed the growing volume of unclaimed financial assets to poor awareness and inadequate estate planning.
“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. They do not realise that financial assets such as shares, fixed income investments and even money in savings apps also form part of an estate,” she said.
Okoye said another group comprises beneficiaries who are unaware their deceased relatives owned financial assets, while others know the investments exist but lack the knowledge required to complete the claims process.
She also identified investors who fail to update their Know Your Customer (KYC) records, making it difficult for beneficiaries to trace and claim investments after their death.
“I dare add a fourth category. These 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 said.
She urged investors to prepare valid wills, maintain accurate shareholder records and regularly update their KYC information to make it easier for beneficiaries to access inherited investments.
“We want investors to appreciate the importance of preparing a valid Will, maintaining accurate shareholder records and ensuring that their affairs are properly organised. Taking these simple steps today can save families considerable stress and delay in the future,” she added.
The SEC said the investor clinic forms part of its broader investor protection strategy, providing participants with direct access to experts on tracing investments, verifying shareholder records, resolving probate-related issues and recovering unclaimed capital market assets.
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