Economy

SEC Wants 2.5% of Fees Collected by NSE, FMDQ, NASD, CSCS, Others

Published

7 years ago

17/11/2019

By Dipo Olowookere

The Securities and Exchange Commission (SEC), the apex regulatory agency in the Nigerian capital market, is proposing to take 2.5 percent of fees collected by the securities exchanges under its control so as to get more funds to carry out its statutory duties.

These securities exchanges and clearing houses include the Nigerian Stock Exchange (NSE), FMDQ Securities Exchange Plc, which does clearing and depository functions; NASD OTC Securities Exchange and Central Securities Clearing System (CSCS).

The commission, in a notice justifying this move, explained that, “In order for the commission to continue to effectively carry out its core mandate, which is increasingly becoming more expensive due to the expansion of the market in terms of size, complexity and product offerings, it is imperative that the commission charges annual fees on Exchanges and FMIs.”

It further said it “expends huge resources in the course of regulating these entities, ranging from costs of target and periodic inspections/investigations, review and approval of requests for rules making/amendments, etc,” pointing out that, “Currently, Exchanges and other FMIs do not pay renewal fees.”

Business Post reports that in order to achive its goal, SEC, in the amendment titled Proposed amendment to Schedule I (Registration Fees, Minimum Capital Requirements, Securities and others), which seeks to create a new “Part E” to provide for annual regulatory charges to be paid by Securities Exchanges and FMIs, it wants a registered securities exchange to “pay to the commission, within thirty days of end of each financial year, an amount equal to 2.5 percent of the aggregate listing fees paid to it by issuers whose securities are listed or admitted on it, during that year.”

It further proposes that, “A depository shall pay to the commission, within thirty days of end of each year an amount equal to 2.5 percent of the aggregate annual depository fees paid to it by the issuers whose securities are deposited with it.”

Also, SEC further proposes that, “A registered clearing house or central counterparty clearing house shall pay to the commission, within thirty days of end of each financial year, an amount equal to 2.5 percent of the aggregate clearing fees charged by it for clearing functions, [while] other FMIs shall be required to pay annual fees to the commission as may be determined from time to time.”

Business Post reports further that SEC is proposed an amendment to Rule 199(3), which guides removal of a company trading its shares on any of the exchanges from the different trading platforms..

The existing rule states that, “The issuer of a security listed on an exchange may file an application to withdraw the security from listing on any exchange in accordance with the rules of that exchange and notify the commission accordingly. The exchange shall within ten (10) days consider and dispose of the application and notify the commission when such application is approved.”

In the proposed amendment, SEC wants this changed to, “The issuer of a security listed on an exchange may file an application to withdraw the security from listing on any exchange in accordance with the rules of that exchange. The Issuer shall give prior notice of such an application to the commission and notify the commission accordingly. The exchange shall within ten (10) days consider and dispose of the application and notify the Commission when such application is approved.”

Explaining the reason for this change, the agency said, “Rule 199 (1) requests an exchange to notify the commission seven (7) days prior to delisting an issuer when the initiative to delist is from the exchange itself. Thus similarly when such initiative is from the issuer, it is proposed for the concerned Exchange to similarly notify the commission before delisting the issuer.”

Economy

All Set for Champion Breweries’ 50th AGM on Thursday

Published

12 hours ago

19/05/2026

Aduragbemi Omiyale

By Aduragbemi Omiyale

Barring any last-minute changes, the 50th Annual General Meeting (AGM) of Champion Breweries Plc will take place on Thursday, May 21, 2026, at the Oriental Hotel, Victoria Island, Lagos, at 11:00 am.

At the yearly shareholders’ gathering, some of the key statutory and governance matters to be considered will include the Audited Financial Statements for the year ended December 31, 2025, alongside the Reports of the Directors, Auditors, and the Audit Committee.

Other agenda items are the declaration of dividends, election and re-election of Directors, authorisation for Directors to determine the remuneration of the Auditors, and election/re-election of shareholders’ representatives to the Audit Committee.

In line with its commitment to transparency, accountability, and shareholder engagement, the AGM will be held physically while also being accessible to stakeholders via the company’s official website: www.championbreweries.com.

This year’s AGM comes at a defining moment in the organisation’s corporate journey, following a transformative year marked by strategic expansion initiatives, including the acquisition of Bullet Energy Drink and its successful engagement with the capital market to raise growth capital.

These developments reinforce Champion Breweries Plc’s commitment to strengthening its competitive positioning, expanding its portfolio, and delivering long-term shareholder value.

The brewer has strengthened its transition into a group structure with the acquisition of an 80 per cent stake in enJOYbev B.V., a strategic move already delivering early earnings contribution and validating its international expansion drive.

The subsidiary’s results are now being consolidated into the Group accounts for the first time, with enJOYbev B.V. already contributing positively to earnings through operating profitability within the reporting period, an early validation of the group’s expansion strategy.

“This AGM reflects a defining chapter in our journey as a Company. The acquisition of Bullet, our successful capital market engagement, and the integration of enJOYbev B.V. into our group structure all signal a deliberate strategy for sustainable growth and diversification.

“These milestones position Champion Breweries Plc for stronger performance, broader market reach, and enhanced shareholder value. We remain committed to disciplined execution, operational excellence, and the highest standards of corporate governance,” the chairman of Champion Breweries, Mr Imo Abasi Jacob, said.

Economy

NRS Launches Unified Tax ID System

Published

17 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

The Nigeria Revenue Service (NRS) has unveiled a unified Taxpayer Identification (Tax ID) system for all taxable persons across the country as part of efforts to strengthen tax administration and improve transparency.

The agency announced the development in a public notice issued jointly with the Joint Revenue Board (JRB) on Monday.

According to the notice, the initiative is backed by Sections 6, 7, and 8 of the Nigeria Tax Administration Act, 2025, which mandate every taxable person in Nigeria to obtain a Tax ID, in a wider move to expand the country’s tax base.

The NRS said the new framework is designed to create a centralised and harmonised taxpayer database that would enhance interactions between taxpayers and revenue authorities at both federal and sub-national levels.

“The Tax ID will serve as a single, unified identity for all taxpayers, enabling seamless interaction with tax authorities at both federal and sub-national levels. It is designed to consolidate taxpayer records, eliminate duplication, and ensure more efficient management of tax-related information,” the agency stated.

The revenue agency explained that the new system would simplify tax compliance procedures, including taxpayer registration, filing of returns, and payment processes.

According to the NRS, the framework is also expected to improve accountability and reduce leakages in tax collection by creating better visibility and tracking of taxpayer information nationwide.

“The initiative will simplify tax compliance processes, including registration, tax filing, and payment procedures. The system will improve transparency by enabling better visibility and tracking of taxpayer records while reducing leakages and improving accountability in tax collection. The framework will also harmonise taxpayer information across all levels of government,” the notice added.

The agency further disclosed that the new Tax ID system would replace the existing Tax Identification Number (TIN) Validation API currently used by Ministries, Departments and Agencies (MDAs), financial institutions, and other organisations for taxpayer verification.

Economy

OTC Securities Exchange Falls 1.31% as Key Stocks Decline

Published

19 hours ago

19/05/2026

Adedapo Adesanya

By Adedapo Adesanya

Three bellwether stocks weakened the NASD Over-the-Counter (OTC) Securities Exchange by 1.31 per cent on Monday, May 18.

This brought the NASD Unlisted Security Index (NSI) by 54.71 points to 4,133.70 points from 4,188.41 points, and shrank the market capitalisation by N32.73 billion to N2.473 trillion from N2.506 trillion.

Yesterday, FrieslandCampina Wamco Plc contracted by N12.45 to sell at N146.55 per share compared with last Friday’s closing price of N159.00 per share, Central Securities and Clearing System (CSCS) Plc declined by N2.34 to N70.00 per unit from N72.34 per unit, and NASD Plc lost 50 Kobo to trade at N34.50 per share versus N35.00 per share.

The trio overpowered the N5.56 gained Newrest Asl Plc. This stock ended the trading session at N61.15 per unit, in contrast to the previous session’s N55.59 per unit.

During the trading day, the volume of securities traded by investors slid by 56.1 per cent to 514,142 units from 1.2 million units, and the value of securities dropped 29.8 per cent to close at N17.4 million versus N29.8 million, while the number of deals jumped 12.5 per cent to 27 deals from 24 deals.

Great Nigeria Insurance (GNI) Plc remained the most traded stock by value on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units traded for N1.9 billion.

GNI Plc also ended the day as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units transacted for N1.2 billion.