Nigeria - Apply for Authorization and Registration of Infrastructure Funds

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Procedure

Apply In-Person

1. To apply for Authorization and Registration of Infrastructure Funds in person, the applicant needs to visit the office of the Securities and Exchange Commission (SEC). The address and contact details can be found in the following link: contact link
2. Visit the office and obtain an application for Authorization and Registration of Infrastructure Funds (FORM SEC 6A5) from the relevant department. Or download here: Application Form
3. Complete the application form with appropriate information under relevant sections. Attest it with your signature once completed.
4. Then get the form notarized by an official.
5. Finally, submit it in person to the relevant authority at the office. Make the stipulated payment as directed by the officials.
6. After submission, the application and other documents will be forwarded for examination and verification processes.
7. Once the verification and validation processes are over, the application will be approved and the officials will proceed to take the required steps to issue the Certificate.
8. When the document is ready to be collected, the applicant will be notified by the office and the applicant can collect it by any applicable means.

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Required Documents

• Please adhere to the SEC officers’ recommendation regarding documents required to be attached while submitting the application form.

Office Locations & Contacts

Securities and Exchange Commission (SEC) - Head Office
SEC Towers,
Plot 272, Samuel Adesujo Ademulegun Street,
Central Business District ,<br Abuja, FCT Nijeria
Tel: +234 (0) 94621100; +234 (0) 94621168
Email: [email protected]
Website: Link

SEC NIGERIA e-Portal :Link

Eligibility

1. An infrastructure fund may be registered with the Commission where the Fund Manager has a minimum of two key personnel having relevant experience in the infrastructure sector.
   
2. To apply for funds, the applicant must:
   

•   Have been carrying on activities or business in infrastructure financing sector for more than five years; and
  
• Fulfil eligibility criteria for registration as a fund manager as provided under these Rules.
  

Fees

• Management fees: shall not exceed 2% per annum of the assets under management.
• Performance fee/carried interest/incentive fee: may only be charged once the fund has delivered the hurdle or base rate of return disclosed. This shall not exceed 20% of the profit generated by the Fund more than the hurdle rate.

Validity

• Validity is two years.
  

Documents to Use

• Application Form:Application Form
  

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The processing time is 16 days or earlier.
  

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• All questions must be answered in the space provided and not left blank. Where a question is not applicable please indicate by writing N/A in the space provided.
• All entries made in this form must be typed. Hand written entries will result in rejection of application
• Information supplied/entered in the application form must be valid and correct as at a date not earlier than 30 days preceding the date of this application.
• In the event of any material change to the information provided in this application prior to the authorization of the scheme, the applicant shall notify the Commission of such change (s) immediately.
• Any false/misleading information found to have been supplied herein shall attract appropriate sanction(s) / penalty (ies) in line with the requirement of SEC Rules and Regulations.
• The form should be sworn to by a notary public.

For more instructions click here: More info

Required Information

You need to provide details regarding:

• Applicant/Registrant
• The Scheme/Fund
• Management Company/ General Partner
• Shareholding Structure Of The Management Company/ General Partner
• Management Company/ General Partner’s Financials
• Details Of Trustee
• Trustee’s Financials
• Signatures And Certification

Need for the Document

• One should apply for authorization of funds in order to invest in infrastructure stocks or companies engaged in infrastructure.
  

Information which might help

• The application form needs to be completed in duplicate.

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

• The Investment and Securities Act [SECTIONS 13 (h); 160 (1) – (4); 161 (1) – (5)]:Act
  
• Rules on Infrastructure Funds:Rules
  

Others

More information which might help people.