Getting Shares Of a Deceased Loved One Transmitted

GETTING SHARES OF A DECEASED LOVED ONE TRANSMITTED.

Tuebi S.O. Egbuson, Esq.

Associate, Bezaleel Chambers International

Introduction

Dealing with the death of a loved one is always a hard and painful thing. Though death is inevitable, it is not something that everyone plans for. Thus, in the event of dying with the absence of a will (intestate), getting shares of your deceased loved one transmitted to you (as he/she would’ve intended) is quite a tedious affair that will certainly require the use of a legal practitioner. Learn more about who can inherit from the estate of a deceased loved one in a publication by Mr. Onyekachi Umah Esq (https://sabilaw.org/daily-law-tips-by-onyekachi-umah-esq-tip-144-who-can-inherit-property-of-a-dead-person-in-nigeria/). This excerpt however will give an insight of how to get shares of a deceased loved one transmitted.

Procedure For transmission of Shares

1. Naturally, the obvious first step will be to apply for probate letter of administration at the courts, however you must ascertain the whole estate of shares in order to avoid constant back and forth with the court due to the need to alter said letter of administration (resealing). Therefore, the first step would be to visit the Central Securities Clearing System (CSCS) 5th Floor, Muktar El Yakub Place (UK Visa Application office building Plot 1129 Zakariya Maimalari Street, Central Business District. This agency is responsible for keeping a database of all shares of all companies trading on the Nigerian Stock Exchange. In order to access the portfolio of the deceased for a search, you will need the following;
2. Valid means of identification
3. Death Certificate of the deceased (preferably from a government owned hospital)
4. Address/P. O box deceased operated when buying said shares.
5. Processing Fee (relative to a percentage of the total value of shares discovered. Note, cash payments are prohibited)

Having fulfilled these requirements, you will be given the listings of all shares belonging to the deceased estate.

2. Now that you have a comprehensive list of the shares, you may now apply for letter of administration to the probate registrar of the relevant high court (depends on locality of the deceased), to include all the shares you searched for at the Central Securities Clearing System (CSCS). Learn more about how to apply for letters of administration in a publication by Mr. Onyekachi Umah Esq (can read https://sabilaw.org/how-to-obtain-letters-of-administration/ )

3. Once you have obtained the letters of administration and any other incidental document that may accompany it, you have to visit the registrars of each company in which your deceased has shares you intend on transmitting. Most public companies engage a registrar whose function is to keep register of its shareholders. Some of these companies may on the other hand establish a registrars’ department within the company itself to keep its own records of shareholders. Therefore, you must identify each and every single registrar for every company in which shares are located. For example, Nestle Nigeria plc, Unilever Nigeria Plc and Union Bank of Nigeria etc all employ Greenwich Trusts Limited as their registrars. The following are documents needed to effect the transmission of shares successfully;

1. Four (4) photocopies of letters of administration (Note must take original for sighting).
2. Four (4) photocopies of death certificate Note must take original for sighting).
3. Original and four (4) photocopies of banker’s confirmation of the Administrator’s (if more than one then all) signature, signed by two authorized bank signatories. Note that the banker’s confirmation of signature should also bear;
4. Date account opened
5. Bank account number

• Duly endorsed passport photograph.

1. Formal letter requesting the transmission of shares (to be addressed to the registrars) and four (4) photocopies of said letter.
2. Original share certificates/dividend warrants for endorsement, coupled with four (4) photocopies of the same.
3. Four (4) photocopies of gazette/newspaper publication.
4. Consent Letter from other kin that aren’t administrators on the letters of administration within the nuclear family of the deceased consenting to the transmission of the shares, coupled with four (4) photocopies of said letter.
5. The physical presence of the administrators in the registrars respective office.
6. Four (4) copies of valid means of identification for all administrators.
7. Processing fee of the transmission of the shares. Usually, 1% of the total value of shares sought to be transmitted. (Note that it may vary from registrar to registrar and prices may fluctuate depending on value on the Nigerian Stock Exchange).

Conclusion

Having complied with and fulfilled all of the aforementioned obligations, the shares will be transmitted to you. Note that processing time may vary among the various registrars, so be sure to inquire specifically amongst all the registrars. Death may be the end of a loved one’s story but never the end of their legacy.

My Authorities

1. Administration of Estate Law of Lagos State 2015
2. Onyekachi Umah, “Who Can Inherit Property Of A Dead Person In Nigeria.” (LearnNigerianLaws.com, 18 July 2018) <https://sabilaw.org/daily-law-tips-by-onyekachi-umah-esq-tip-144-who-can-inherit-property-of-a-dead-person-in-nigeria/> accessed 19 February 2021.
3. Onyekachi Umah, “How To Recover Property Of The Dead In Nigeria. [A Legal Guide On Probate Matters In Nigeria]” (LearnNigerianLaws.com, 10 March 2016)

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