Home Subscribe
News & Features Section
Quick find? Search 100s of Pages
Nigerian Newspapers
The Guardian
Weekly Magazines
Other News Sources

News Archive
Corporate Personalities
Classified Adverts
Interactive Homepage
Site Map

Like this site? Fill out and submit the form below to send an e-mail to your friend about it.
Privacy Policy

Your Friend's E-Mail Address:
Your E-Mail Address:
Your Name:

Minimum Paid Up Capital: SEC Issues Deadline To Capital Market Operators. (Posted 12th March, 2003) Tell your friends about this page! Email it to them.

Nigerian currency denominatinsIn a bid to curb the menace of under-capitalisation of capital market operators in the Nigerian Capital Market sub-sector and the negative effect which this under-capitalisation portend to any developing economy like Nigeria. To stem this tide and effectively uphold its regulatory responsibilities, the Securities and Exchange Commission (SEC) has issued a deadline to Capital Market Operators operating multiple functions, especially in the Capital market to comply with the minimum paid-up capital on or before 2nd of April 2003. Premised on this fact, an operator that is registered for instance as a brokerage and issuing house, is expected to pay up an aggregate capital of N60 million as stipulated for all its registered functions.

This directive is in compliance with the provisions of rule 17(3) of the Securities and Exchange Commissionís Rules and Regulations on minimum paid-up capital for multiple functions. This, the Commission believes would increase the confidence of investors in the viability of operators that are saddled with the responsibilities of managing their investments. It would also reposition them to meet the modern trend obtainable in other parts of the world and put them in a better competitive advantage with their peers all over Africa and the world at large.

According to the press release issued on 11th March, 2003 and signed by the Deputy Director General/Head of Department (HOD) Corporate Affairs Division of SEC, Alhaji Iliyasu Dhacko, all affected operators are advised to comply within the stipulated period or face appropriate sanctions.

The operators contacted on the issues raised by the market development have refused to comment for now, thus their reactions to the deadline can not be truly ascertained as at press time.


Tell your friends about this page! Email it to them.


Our Recent Features

Six arrested over 'Nigerian email' frauds (ZDNet UK News)

"Give Localities Autonomy of Their Resources" Ishola Williams - Part 2 (55kb)

"Give Localities Autonomy of Their Resources" Ishola Williams - Part 1 (52kb)

International Finance Corporation (IFC) Projects in Nigeria

Nigeria and Foreign Direct Investments (FDI)

Sharia Imposes Discriminatory Punishments - Nigeria's Justice Minister

Private Universities in Nigeria: Focus on Covenant University

INTERVIEW - with P.R.O, Nigerian Customs Service

Prospects of Nigerian SMEs Under The Small and Medium Industries Investment Scheme (SMIEIS).

Central Bank of Nigeria: Monetary Policy, 2002 & 2003 (74kb)

Review of Nigeria's Stock Market in 2001

Interview with PRO, Nigerian Immigration Service

The Nigerian Investment Promotion Commission - The Journey So Far

Tourism Seminar Organised in Nigeria

Nigeria Set To Establish West Africa Free Trade Zone

ORACLE 9iAS Opens A Fresh Vista in E-Business in Nigeria

Nigerian Stock Exchange: Moving To Greater Height


Submit your comments about this site or something you found on it.
Privacy policy



Tick to receive updates

Home   News & Features   Govt & Govt Agencies   Capital Market   Investment Opportunities   Economic Data   Chambers of Commerce    News Archive   Tourism & Leisure   Corporate Personality of The Month   Useful Nigeria-Specific Sites   Classified Adverts   Submit your Email for News Alerts   Recommend Us to Someone   Search This Site   Site Map    Link to Us   Legal Notices/Disclaimer   About This Site   Privacy Policy   About Us   Contact Us


Copyright © 2000-2001 bROADBASE(UK) Ltd & Broad End(Nig) Ltd. All rights reserved. Copyright © 2000-2001 All rights reserved.