AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Estate money in Nigeria is released only after probate (where there is a will) or letters of administration (where there is not); being next of kin is not enough. Once distributed, your share can be held in naira or converted and transferred abroad through a bank. If you are tax resident in Spain, Spanish inheritance tax applies to inheritances wherever the assets are, with a credit for foreign tax paid.
Losing a parent at home while you live in Spain brings grief and paperwork at the same time, from two countries. This guide sets out the order things happen in: getting the estate released in Nigeria, moving your share, and what Spain expects. It is information, not legal or tax advice; an estate of any size is worth a lawyer on each side.
Step 1: the estate must be released in Nigeria
A Daily Trust explainer (December 2023) makes the key point: a next of kin named on a bank account is not automatically entitled to the money. Banks release a deceased customer’s funds only on the authority of a grant of probate (where there is a will) or letters of administration (where there is not). A banker quoted in the same piece said no Nigerian framework recognises a “payable on death” instruction.
For Lagos, a Mondaq practical guide (May 2024) describes the letters of administration process:
- An online application form, printed and signed, with a letter, the death certificate and details of the deceased’s bank accounts, shares and property.
- At least two administrators.
- A bank certificate endorsed by each bank where the deceased held money.
- Estate fees calculated as a percentage of the estate’s value (the guide does not give the percentage).
- Two sureties with an affidavit of means, an interview, and publication in a newspaper for 21 days so that objections can be raised.
The guide gives no overall timeline. Living in Spain, you may not be one of the administrators; if you are, ask the probate registry about attending the interview from abroad, and use a power of attorney for steps that need a person on the ground. Our guide to signing a Nigerian power of attorney in Spain covers that document.
Step 2: Nigerian tax on the inheritance
According to Bloomberg Tax’s summary of the Nigeria Tax Act 2025 (February 2026), inheritance is not a chargeable disposal for capital gains purposes, and heirs take the asset at its market value at death. That matters if you later sell inherited land or shares: the gain is measured from that value. Income the estate earns (rent, interest) is a separate question.
Step 3: moving your share out of Nigeria
Once the administrators distribute your share, it is usually paid in naira into a Nigerian account in your name. From there you have three choices: keep it in naira, convert it to foreign currency in Nigeria and transfer it, or a mix. TheCable’s summary of the CBN FX Manual 2026 says domiciliary account holders may make telegraphic transfers of up to US$10,000 per day. For larger amounts, the CBN’s framework for Non-Resident Nigerian accounts (summarised by Mondaq) lets foreign currency balances in an NRNOA be repatriated without restriction, but naira balances in an investment account only on evidence of prior foreign inflows; ask your bank which account suits money that originated in Nigeria.
Step 4: Spanish inheritance tax
Spain’s inheritance and gift tax law (Ley 29/1987) taxes people resident in Spain on what they inherit regardless of where the assets are located (article 6). Residence is decided under the income tax rules. If you paid a similar tax abroad on the same inheritance, article 23 allows a credit of the lower of the foreign tax paid and the Spanish average rate applied to that foreign portion. The autonomous communities add their own reductions and allowances, which can change the bill a great deal depending on where in Spain you live. We could not confirm the filing deadline from the text we opened, so ask a Spanish adviser or your regional tax office as soon as the death occurs, not after the money arrives.
Inherited property rather than money
If your share is land or a house in Nigeria rather than cash, the Spanish tax question still arises on the inheritance itself, valued at the date of death. Keep a valuation from that time. If you later sell, the Nigerian gain is measured from market value at death, and a Spanish resident also reports the sale in Spain.
Step 5: the Spanish bank’s questions
An inheritance is a large, one-off transfer, which is exactly what a Spanish bank must look into under Ley 10/2010. Keep a certified copy of the letters of administration or grant of probate, the estate account statement and the distribution record together, and send them before the bank asks. Our guide to Spanish banks’ questions about money from Nigeria explains why.
Where Pryme fits
If you want to keep part of the inheritance in naira for family costs at home, a Pryme account holds naira with a licensed Nigerian microfinance bank, regulated by the CBN and insured by the NDIC up to the applicable limit, alongside USD, GBP and EUR. Convert only when you choose with Swap; see the multicurrency account.
Questions people ask
Can I collect my late father’s money in Nigeria as next of kin?
Not on that basis alone. Banks release a deceased customer’s funds on a grant of probate or letters of administration.
Do I pay Spanish inheritance tax on money inherited in Nigeria?
If you are tax resident in Spain, Ley 29/1987 taxes your inheritance wherever the assets are, with a credit for similar foreign tax. Regional reductions vary; get advice early.
How do I transfer inheritance money from Nigeria to Spain?
Through a bank transfer from an account in your name after distribution. Domiciliary transfers are capped per day under the CBN FX Manual as reported; ask your bank about larger amounts.
Can I apply for letters of administration from Spain?
Parts of the Lagos process are online, but there is an interview and sureties. Ask the probate registry about remote attendance and use a power of attorney where needed.
Sources
- Daily Trust: why next of kin cannot access a deceased person's money (10 Dec 2023) · accessed Oct 2026
- Mondaq: issuance of letters of administration in Nigeria, a practical approach (29 May 2024) · accessed Oct 2026
- Bloomberg Tax: new Nigeria tax law redefines capital gains tax for individuals (2 Feb 2026) · accessed Oct 2026
- TheCable: what to know about the CBN FX Manual 2026 (3 Jun 2026) · accessed Oct 2026
- Mondaq: CBN operational framework for NRNOA and NRNIA accounts (22 May 2025) · accessed Oct 2026
- BOE: Ley 29/1987 del Impuesto sobre Sucesiones y Donaciones (consolidated text) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.