The Securities and Exchange Commission (SEC) is stepping up efforts to tackle Nigeria’s growing unclaimed financial assets with a new probate and unclaimed monies awareness initiative designed to help families recover investments left behind by deceased relatives.
Speaking at an investor clinic in Abuja organised by the SEC in partnership with Meristem, SEC Director-General Dr Emomotimi Agama said the initiative aims to close the gap between families’ legal rights to inherited investments and their ability to successfully access them. The programme focuses on giving beneficiaries clearer guidance on the processes involved in recovering shares, dividends and other financial assets.
For many families, the death of a loved one can leave behind more than memories and physical property. Investments such as shares, fixed-income securities and other financial holdings can also form part of an estate. However, a lack of knowledge about probate procedures, documentation and registrar requirements often leaves these assets untouched for years, turning legitimate family wealth into dormant or unclaimed funds.
The investor clinic brought together representatives from the Federal Ministry of Justice, the Probate Registry, the National Population Commission and capital market registrars to provide practical guidance to beneficiaries. Meristem Registrars and Probate Services also highlighted poor estate planning and limited awareness as major reasons significant amounts of financial assets remain unclaimed.
The SEC said its broader goal is to strengthen investor protection while ensuring that financial assets reach their rightful beneficiaries. By taking the conversation directly to investors and families, the Commission hopes to make the recovery process easier to understand and reduce the amount of money that remains disconnected from the people who legally own it.
source: The guardian
