Two shareholder groups, Proactive shareholders Association and Progressive shareholders Association have condemned a move by the Securities and Exchange Commission (SEC) to increase the registration fee for issuing houses...
Two shareholder groups, Proactive shareholders Association and Progressive shareholders Association have condemned a move by the Securities and Exchange Commission to increase the registration fee for issuing houses, underwriters and fund managers to N10 million from the current N500,000, urging the regulator to shelve the proposal.
President of Proactive Shareholder Association, Taiwo Oderinde, said the planned upward review would impoverish operators who are already battling with low patronage in business activities. “It is unfortunate that at a time when governments in other countries are supporting operators with various relief materials and intervention measures, ours is increasing fees to the detriment of the market.
Recall that the SEC had on Monday, disclosed a plan to review registration fees for issuing houses, underwriters and fund managers upward from the current N500,000 to N10 million. The fee for Sub-brokers was increased to N1 million from N200,000; sub-brokers to N1 million from N200,000 and inter-dealer brokers to N5 million from the current N500,000.“All CIS fund managers shall pay annual supervisory fees of 0.2 per cent of the net asset value of the CIS under management not later than January 31 of every year to the commission,” SEC said.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why insecurity worsened in Nigeria, by Aregbesola | The Guardian Nigeria News - Nigeria and World NewsThe Minister of Interior, Rauf Aregbesola, has said that the COVID-19 pandemic contributed immensely to the upsurge of multifaceted insecurity crises and economic woes currently affecting the country.
Read more »
Students’ kidnappings kill education in Nigeria | The Guardian Nigeria News - Nigeria and World NewsEducation as we generally know is the best legacy one can gift his or her children because it guides attitudes, leads to good activities and help the entire society live cordially with one another.
Read more »
Bad leaders, illiteracy cause terrorism in Nigeria | The Guardian Nigeria News - Nigeria and World NewsFor quite sometime one may realise that Nigeria is currently playing a game of ‘‘Death or Alive’’ due to the current menace of terrorism bedeviling this country and other indices of progress and development.
Read more »
Businesses in Nigeria, others to benefit from Microsoft | The Guardian Nigeria News - Nigeria and World NewsBusinesses in Middle East and Africa, especially from countries including Nigeria, Kenya, Tunisia, Morocco, Algeria and Lebanon are poised to benefit from new Microsoft solution, starting from this month.
Read more »
YouTube introduces shorts in Nigeria | The Guardian Nigeria News - Nigeria and World NewsFrom July 14, users in Nigeria and other parts of the world will be able to enjoy YouTube’s new short-form as YouTube announced the entrance of the beta version of YouTube Shorts in Nigeria.
Read more »
Polytechnic loses over N200million to pandemic in 2020 | The Guardian Nigeria News - Nigeria and World NewsThe Federal Polytechnic, Bauchi, has said it lost over N200m from the institution’s consultancy services to COVID-19 pandemic last year.
Read more »