Nigeria - Obtain Securities Exchange License

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Procedure

Apply In-Person:

1. To apply for obtaining Securities Exchange License in person, the applicant has to visit the office of the Securities & Exchange Commission.
2. The address and contact details of the SEC can be found in the following contact link
3. Visit the office and obtain an application form for Securities Exchanges Registrationfrom the respective department. Or click here to download application form
4. Make sure that you have all the documents listed in the “Required Documents” section of this page.
5. Complete the application form with required details and information under respective sections.
6. Attach the required documents with the completed application form and submit it to the relevant official at the office.
7. Pay the required registration and filing fees by following the instructions of the officials.
8. After submission, your application along with the attached documents will be forwarded for further verifications.
9. Once all the internal processes are over, the application will be approved and the applicant will be notified through phone or email regarding the approval.
10. Meanwhile, the applicant can also check with the office regarding the progress of the application.
11. When the license is ready to be collected, the applicant can collect it by any means from the office.

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Required Documents

• Completed Sec 5 and Sec 2 forms
• Sworn Undertaking by the members of the Board
• Proof for payment of shares
• Exchange’s proceedings
• Documents related to Investor Protection Fund and Trade Guarantee Fund
• Instruction and Inspection manuals of members’ activities
• Fidelity Insurance Bond
• Information regarding Market Facilities
• Plan of the Business
• Form for the General Undertaking for Members (copy)
• Existing or proposed by-laws or rules (two copies)
• Proof/Receipt of necessary fees payments

Refer the link for full requirements list requirements

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

Any organisational entity in Nigeria, that intends to act as a Securities Exchange, can apply.

Fees

• Application fee: N5,000:00
• Registration fee: N200,000.00
• Sponsored individual: N1,000.00

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

==Documents to Use== Application form

Sample Documents

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Processing Time

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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.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Please note that you are to sponsor at least four officers; one of which should be a Compliance Officer who shall be responsible for monitoring compliance with the Investments & Securities Act (ISA) 2007, Rules and Regulations, notifications, guidelines, instructions etc issued by the Commission or the Federal Government as par Rule 168 B of the Commission`s Rules and Regulations.
• Please forward 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).
• Investments & Securities Act (ISA) 2007: regulations
• Please refer the following link for more details requirements

Required Information

• Name and Residential Address
• Office Address and Official position in the sponsoring company
• Details of the employment
• Email address
• Date and Place of Birth
• Nationality and State of Origin
• Global System for Mobilecommunications telephone number
• Gender and marital status
• Passport/Drivers License No
• Date and place of issue
• Date of Expiry
• Parents’ names
• Name and Employment of spouse
• Employment History
• Educational and professional information

Need for the Document

Any organisational entity in Nigeria, that intends to act as a Securities Exchange and enhance stocks, bonds or other securities transactions between stockbrokers, must obtain a license from the Securities and Exchange Commission of Nigeria.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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