The Securities and Exchange Commission (SEC), in its drive to further develop the capital markets in Nigeria, has revised the cost of transacting in the market downwards.
Reductions in statutory fees alone range from 30 percent on secondary market equity purchases to 11 percent on sales.
The ceiling on negotiable brokerage commissions, inclusive of VAT, has been lowered by 45.5 percent, from 2.89 percent to 1.575 percent of consideration.
As per the SEC website, it can be seen that numerous other non-statutory costs have been reduced, these affect primarily the primary market issuers. The SEC has informally on its website notified the stock broking community of the reductions in fees, during the past week and without an effective date.