Unclaimed assets

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In October 2021, I started this conversation on “Women, Wealth, and Wills”, with the hope that everyone will have access to necessary information on how to empower themselves, build their wealth, and put things in place for their beneficiaries to access when they are long gone.

I have written over 40 articles on this as a weekly columnist.

I also did an expose on the radio on setting up a Will or Trust fund. Reading the news on the story of ‘56 Nigerians who left unclaimed assets in the UK’ saddens my heart. It’s sad how people leave their children and loved ones to suffer without access to their assets after they are gone.

Unclaimed assets naturally return to the state. All of these unclaimed assets will revert to the British government if no one claims them. In some countries, the property is assumed abandoned when it remains unclaimed for at least five (5) years and attempts to contact the owner of the property have been unsuccessful.

A line-up of some of the deceased in this story showed that they made no mention of these assets to anyone.

Mark N’wogo (as written in an official document), was a Nigerian said to have been born in Sapele, Delta state, and died on December 9, 1992, in Surrey, United Kingdom but for almost 30 years now, the assets he left behind have remained unclaimed. By December, they would become forfeited to the British government.

He was said to have served in the Navy, which listed his year of birth as 1926 and having an undisclosed relative in Sapele, but neither this person nor any others have come forward to claim the assets left behind by the deceased (whatever value they may have now).

BusinessDay analysis of data by the UK government, through the list of unclaimed estates held by the Treasury Solicitor and last updated on September 8, 2022, identified N’wogo among 56 Nigerians officially recorded to have died in the United Kingdom in the last 30 years and their assets still unclaimed. The values of these estates are not disclosed but only available information about their deceased owners.

A familiar name on the list is a certain Victor Adedapo Olufemi Fani-Kayode, said to have died on August 15, 2001, in Birmingham, with the informant on his death listed as the Birmingham City Council.

The Treasury Solicitor publishes a list of unclaimed estates which have been recently referred, but not yet administered, and historic cases which have been administered but not yet been claimed within the time limits for doing so. Estates, where the 30-year time limit from the date of death has expired, are also removed.

“We often hear of accounts of deceased persons in financial institutions that are never claimed and are never made public by these institutions. I believe we can borrow a leaf from the practice in the UK in this regard to promote transparency,” says Olaitan Akinnubi, a lawyer based in Lagos. “I believe that information about deceased persons and their unclaimed assets being made public in the UK is something that is worthy of emulation here in Nigeria.”

For most of the deceased, there is little information on relatives to whom their assets may be transferred, and those with available information, it is quite scanty and hard to trace beneficiaries.

The list includes a certain Arbel Aai’Lotta’Qua Abouarh that died on February 5, 1998 in Chiswick, London and thought to have different variations in the spelling of his name. Information on file indicates that he may have been married in December 1959 (place unknown) and had 4 children from the marriage.

It is further stated he was born in Northern Nigeria on or about the 3rd March 1930 and his parents are said to be Alfred Hallim Abouarh and Addanue Abouarh nee Onwudachi. Information on file also indicates that he had a sister (deceased) and a twin brother (possibly living in Germany).

There is also a Paul (Akinola) Bernard who was born in Lagos and died in London on October 12, 2008. Available information suggests he married a 2nd wife, Marie Vidarte de Castro in 1970, but she had also died in August 2008. He is believed to have a daughter from his first marriage which ended around 1970.

Born in Ibadan on August 2, 1958, John Olaolu Bankole died in London on April 27, The information available includes a Decree Absolute dissolving the deceased’s marriage on 11 November 2002, while his marriage certificate states that his father’s name is Oladipupa Bankole.

While Enwukwe Graham Kwedi Edde, who died on January 6, 2011, in London is only known to have been born in Diobu, River State, Charles Ayodele Aliu, who died on March 31, 2011, in Solihull, West Midlands is said to “have a possible cousin in Nigeria”.

Sunny Eyo Edem, who died on September 16, 2011 in Fulham is believed to have a “Possible son and relatives in Calabar, Nigeria”. Also, William Kadry, who died on November 1, 2011 in Fulham, is said to have been born in Iponri, Lagos State, and his father Akanni Kadiri died in 1941, while his mother Muniratu Kadiri died 1958.

Recent additions to the list include Solomon Adekanmibi who died on January 31, 2021 in Colchester, Essex; Eugene Bucknor, who died on March 2, 2021, in Brockley, London; Jeff Adhekeh, who died on March 12, 2021, in South Kensington, London and Louisa Holmes, who died on May 24, 2021, in Cheam Sutton.

[https://businessday.ng/amp/news/article/56-dead-nigerians-leave-unclaimed-assets-in-uk/]

Though the world of estate planning, wills, and trust funds may be quite complex, and as such not many people are familiar with it.

The best step is to speak to a professional. One of my mission here as a columnist is to help break down barriers and help my readers have a better understanding of some of these processes, so they can be empowered to protect themselves and their loved ones.

Feel free to reach out to me, if help is needed in this regard.

Apologies for the digression from Lola’s story of last week; I just had to write about this.

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