Payment

  1. Evidence of Payment of Filing/Application Fee – N50,000 (Fifty Thousand Naira);
  2. Evidence of Payment of Processing Fee – N200,000 (Two Hundred Thousand Naira);
  3. Evidence of Payment of Registration Fee – N1,000,000 (One Million Naira);
  4. Evidence of Payment of Sponsored Individual Fee – N50,000 (Fifty Thousand Naira) for each sponsored individual;

 

 

Forms

  1. Duly Executed Form SEC 3 – For the Company;
  2. Form SEC 2 and 2D – Sponsored Individuals/Compliance Officer (To be completed in duplicates); (Note that every applicant is to have at least three sponsored individuals, one of whom should be a Compliance Officer who shall be responsible for monitoring compliance with the ISA 2007, Rules and Regulations, notifications, guidelines, instructions etc. issued by the Commission or the Federal Government)

 

  1. Form SEC 2 and 2D – Directors of the Company (To be completed in duplicates)

 

Minimum Paid-Up Capital and Fidelity Insurance Bond

 

  1. Evidence of compliance with the minimum paid-up capital as stipulated by the Central Bank of Nigeria;
  2. Current Fidelity Bond of the Bank issued by the Nigerian Deposit Insurance Corporation;

 

Sponsored Individuals

  • Minimum of three sponsored Individuals;

 

  • Managing Director of the Company to be among the sponsored individuals;

 

  • Full postal addresses of immediate previous employers, bankers (with Current Account number) and nominated referees of sponsored individuals;

 

  • Detailed curriculum vitae of sponsored individuals and Directors which should include details of activities arranged from Secondary School to date with dates; (all gap in employment and educational history should be explained);

 

  • Copies of credentials of sponsored individuals including secondary school and NYSC discharge certificates; originals will be required for sighting by the SEC;

 

  • Evidence from the Sponsored Individuals of having the minimum of four years post-graduation experience to perform the Issuing House function as stipulated by the Commission`s Rules and Regulations. This should include a list of issues handled by the Sponsored Individuals for the Issuing House function or in which he/she participated;
  • Police clearance report for each Sponsored Individual. Each sponsored individual is to report at the SEC head office in Abuja or the Lagos zonal office with two recent passport photographs to commence the process;

 

  • Copy of means Identification of the Directors and the Sponsored Individuals of the Company (International Passport, tax or utility payment documents);

 

Applicant Company

  • Profile of the Company which should include among others, brief history of the company, organizational and shareholding structure, principal officers, type of services rendered as well as details of past and present activities of the company;

 

  • The name(s) and address (es) of the company’s subsidiaries/associated companies, type of business and percentage holding;

 

  • Operational manual and organizational chart of the company;

 

  1. Central Bank of Nigeria No Objection letter to perform the function of Receiving Banker;
  2. Business Plan;
  3. Full Address of Head Office and Branches;

Corporate Documents

A copy each of the following, duly certified by the CAC;

  • Certificate of Incorporation
  • Memorandum and Articles of Association– this should include the power to perform the specified function;
  • CAC Form(s) showing Statement of Share Capital, Return of Allotment, and Particulars of Directors;

Note: the original copy of the certificate is to be presented for sighting by an authorized officer of the SEC

  • Latest audited accounts of the Company;
  • Sworn undertaking to keep proper records and render returns as may be specified by the Commission from time to time signed by a director or the company secretary (to be notarized);
  • Sworn undertaking to abide by SEC Rules and Regulations and Investments and Securities Act No.29 of 2007 by a director or the company secretary (to be notarized);

 

Note

  • The Commission may require such other documents as it considers necessary for registration.
  • An application for registration will only be considered as having been filed when all document (s)/information have been completed.
  • Every applicant Company/Firm will be inspected in the course of processing an application for registration,
  • A fair knowledge of the Rules and Regulations of the Commission and Investments & Securities Act No 29 of 2007 and the Capital Market is an essential prerequisite for registration.

Check-lists and Guidelines

LATEST NEWS