Regulatory Alerts2022-04-11
SEC Nigeria Circular on Processing Fee for Fairness Review of Mergers, Takeovers and Acquisitions
The Securities and Exchange Commission of Nigeria mandates all public companies involved in mergers, acquisitions, or corporate restructuring to apply the fairness review processing fee as specified in Schedule I, Part C, 8(iii) of its Consolidated Rules 2013. Issued under the Investment and Securities Act of 2007, this directive standardizes fee calculations for both ongoing and prospective transactions. Companies must adhere to these stipulated rates immediately, ensuring full compliance with the Commission’s updated regulatory framework for transaction approvals.
The Commission, pursuant to its powers under the Investment and Securities Act (ISA), 2007, and Rule 6 of the Amended Rules on Mergers, Takeovers and Acquisitions, by this circular, hereby notify all public companies involved in or intending to be involved in a merger, acquisition, or other forms of corporate restructuring that the applicable ’’processing fee’’ for fairness review of mergers, takeovers and acquisitions by the Commission, is as stipulated in Schedule I, Part C, 8(iii) of the Commission’s Consolidated Rules 2013. Please be guided accordingly. Management.