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 5 – For the Company
  2. Form SEC 2 and 2D – Sponsored Individuals/Compliance Officer who shall be principal officers of the Exchange (i.e Managing Director and Principal Officers). (To be completed in duplicates); (Note that every applicant Manager is to have at least four 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)
  3. 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 Required Minimum Paid up Capital – N500,000,000 (Five Hundred Million Naira) (i.e. Bank balances, fixed asset or Investment in quoted Securities);
  2. Current Fidelity Insurance Bond covering at least 25% of the minimum paid-up capital as stipulated by the Commission’s Rules and Regulations;

 

Sponsored Individuals and Directors

  • Minimum of four sponsored Individuals, one of whom shall be a compliance officer;

 

  • 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 Function as stipulated by the Commission`s Rules and Regulations;

 

  • 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 should include among others brief history of the company, organizational and shareholding structure, principal officers as well as details of past and current activities;
  • The name(s) and address (es) of the company’s subsidiaries/associated companies, type of business and percentage holding;
  • Copy of the Form for the General Undertaking for Members;
  • Two copies of existing or proposed by-laws or rules, Code of Conduct, Code of Dealing etc., which are referred to as ‘Rules of the Exchange’;
  • Information as to its organization including structure and profile of members of its Council/Board as well as rules and procedure;
  • Detailed information about the promoters and principal officers of the Exchange;
  • Evidence of Payment of shares allotted to the shareholders;
  • Copy of the proceedings of the Exchange and the detailed documents in respect of the Investor Protection Fund and Trade Guarantee Fund when finalized;
  1. Forward Instruction and Inspection manuals of members activities;
  • Copy of information relating to the Market Facilities including: Trading facilities/floors, Quotation Board, Information Board/Ticker Tape, Computerization and Telephone systems;
  • Copy of Staff Policies and Procedures;
  • Two copies of the listing requirements of the Exchange;
  • Detailed information about the trading system to be adopted;
  • Undertaking by the Exchange to forward copies of Amendments of its Rules and listing requirements for approval by the Commission;
  • Operational manual and organizational chart of the company

 

  • Business plan;

 

  • Bank statement of accounts operated by the Company for the last 6 months;

 

 

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 or audited statement of affairs of the company. Note that the cash assets ratio shall be 60% liquid assets and 40% fixed and other assets
  • 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);
  • Sworn undertaking by members serving on the Board of Directors of the Company and who are also Directors/having interest in Companies whose securities are being traded/could be traded on the Exchange (notarized);
  • Sworn undertaking to abide by Investments and Securities Act (ISA) No 29 of 2007 and the Commission`s Rules and Regulations(notarised);
  • Sworn undertaking to comply with and to enforce compliance by its members with the provisions of the Investment & Securities Act (ISA) 2007 and the Commission`s Rules and Regulations(notarised);

 

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