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SEC extends capitalisation deadline to September 30

SEC extends capitalisation deadline to September 30
December 30
17:12 2014

The Securities and Exchange Commission (SEC) has extended the deadline for minimum requirement of all capital market operators to September 30, 2015.

The commission initially raised the minimum capital base from N30 million to N100 million and gave operators the deadline of December 31 to recapitalise.

SEC insisted on the deadline despite appeal for extension from several quarters.

But the board of the commission reviewed the status report on the level of compliance by capital market operators.

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In a statement on its website, SEC announced that the economic situation of the country made it to extend the deadline by nine months.

“The board expressed satisfaction with the efforts made by all operators, particularly those who have complied with the new requirements,” the statement read.

“The board, however, took cognisance of the effect of the global economic situation and approved an extension of the deadline for compliance with the new minimum capital requirements to 30th September 2015.”

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The commission also commended “the commitment of all stakeholders to building a world class capital market that enables Nigeria to realise its aspiration of a prosperous and peaceful nation”.

The extension came on the heels of the plea by some capital market operators due to the ongoing uncertainties in the country that hampered market growth and development.

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