Economy
SEC Proposes New Cost Structure to Boost Capital Market
By Modupe Gbadeyanka
The Securities and Exchange Commission (SEC) is intensifying efforts to deepen the nation’s capital market by ensuring that more companies raise funds and get listed in the market.
The new issue market has been relatively dormant with initial public offering (IPO) drying up in recent times.
Although the market has witnessed the listing of two companies this year, the prospect of more companies coming to list is not very bright. However, in a move expected to attract more activities in the market, SEC has proposed a reduction in the cost of primary equity and fixed income issues.
However, the commission is seeking the contributions of stakeholders in the market before making the new fees operational.
In the proposed cost structure, the total primary fixed income issuance fees will be 2.293 percent, down from the current 3.9375 percent.
Similarly, primary equities issuance fees will be 2.833 percent as against 3.17 percent.
SEC will charge issuers 0.275 percent for any N500 million to be raised, as against 0.30 percent currently charge.
The next N500 million will attract 0.225 percent fees, while balance above N1 billion will attract 0.15 percent commission.
Also, NSE will charge listing fee of 0.25 percent on the Main Board subject to maximum fee of N200 million.
Listing fee for the Premium Board will be 0.25 percent of offer size subject to maximum fee of N400 million, while listing on ASeM attract flat fees of N100,000.
For fixed income primary issuance fees, the SEC is expected to charge 0.15 percent on the first N500 million being raised by an issuer compared to 0.15 percent of offer size previously charged.
The next N500 million will as well attract 0.145 percent fee, while balance above N1 billion will attract 0.1425 percent fee.
For the NSE, there is zero fee for companies already having equity listing, compared to 0.15 percent of offer size originally paid by issuers.
Issuing houses are expected to charge 1.35 percent for every initial N1 billion being raised by companies from the equities market, just as issuing houses are expected to charge 1.35 percent of offer size.
The next N1 billion will attract 1.225 percent fee, while balance over N2 billion will cost the issuer 1.15 percent of the offer size.
Furthermore, the Central Securities and Clearing System (CSCS)’ commission on N5million is fixed at 0.0075 percent of the offer size as against 0.01 percent currently charged.
But companies without equity listing are expected to pay 0.0375 percent issuance fee. While that of CSCS is capped at N5 million at 0.0075 percent of the offer size, stockbrokers are expected to collect 0.13 percent of offer size as fee.
However, the commission proposed 900 percent increase in registration filing fees for all categories of Capital Market Operators (CMOs), from N5,000 to N50,000, while processing fee is pegged at N200,000.
According to the proposed rule, registration for stock/commodities exchanges, bankers to an issuer, clearing and settlement agency/depository agency will go up by 900 percent from N100,000 to N1 million respectively, registration for an over-the-counter market is being raised to N1 million, while that of inter broker/dealer and capital trade points have been pegged at N500,000 respectively, among others.
SEC has given stakeholders up to March 28, to send in their contributions to the proposed fees structure before it will become operational.
ThisDay
By Aduragbemi Omiyale
The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.
Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.
This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.
The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.
In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.
“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.
“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.
“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.
By Aduragbemi Omiyale
One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.
The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.
The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.
They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.
Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.
“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.
“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”
By Modupe Gbadeyanka
This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.
This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.
This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.
The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.
In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.
It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.
The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.
“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.
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