Transmission refers to the legal process of transferring shares and dividends from a deceased shareholder to their rightful heirs or estate administrators. The shares are moved into an Estate Account maintained by the registrars.
To initiate and complete the transmission process, the following documents are required:
Letter of Introduction: A formal letter from the Administrators or Executors introducing themselves as the legal representatives of the estate. This letter must include:
Full names, addresses, and signatures of all Administrators/Executors
Bank Verification Numbers (BVNs) of each Administrator/Executor
Original Death Certificate: Issued by the National Population Commission (for sighting).
Letters of Administration or Probate: These documents MUST list the deceased's shares and include all full names
Either of the following:
The original documents (for sighting), or
A Certified True Copy from a Notary Public
Copy of Newspaper Publication or Official Gazette: Verifying the grant of probate or letters of administration.
Proof of Ownership of Investment: Acceptable documents include any of the following:
CSCS statement(s) in the deceased’s name
Original share certificates
Dividend stubs or warrants
Bank statements showing dividend payments into the deceased’s account
Valid Means of Identification of the Administrator(s)
National ID
Driver’s License
International Passport
Banker's Confirmation of Signature -This document must:
Include the Administrator(s)’ passport photograph(s)
Be signed by two authorized bank signatories
Be printed on the bank’s letterhead
Clearly state that there is no disclaimer clause
Completed EDMMS Form: [CLICK HERE] This should be filled out in the Estate Account Name for dividend claims.
If one of the Administrators is outside Nigeria:
Their valid ID must be notarized and sent to the Administrator in Nigeria.
Alternatively, they can issue a Power of Attorney to an Administrator residing in Nigeria.
The transmission process takes up to one (1) month, provided all required documents are submitted correctly and verified.
Transmission Fee
For share values up to ₦5,000,000: 1% of the share value + VAT (at prevailing rate)
For share values above ₦5,000,000: 0.5% of the share value capped at ₦200,000, + VAT (at prevailing rate)
Confirmation of Letters of Administration/Grant of Probate/Power of Attorney:
₦12,000.00