Yemisi Izuora
The Nigerian Stock Exchange (NSE) has given listed companies a two-month grace to pay their 2015 listing fees.
NSE also said that late payment will attract 50 per cent penalty.
Going by the provisions of Sections 27.2.1 and 27.2.2 of the amended Listing Rules of the NSE, the annual listing fees for 2015 were due for payment not later than January 31.
However, in a notification to the companies, the NSE said it would not impose any penalties on companies that have not paid their fees for 2015. Rather it gave the company two months grace to pay the fees.
Although no reason was given by the exchange for the grace period, sources said it could might not be unconnected with the prevailing economic situation where companies are battling with high operating cost and low business activities.
“Please be informed that pursuant to Sections 27.2.1 and 27.2.2 of the Amended Listing Rules(effective date November 2014), the annual listing fees for 2015 were due for payment not later than January 31, 2015. You are hereby informed that between February and March 31, 2015, the exchange will not impose any penalties on listed companies that have not paid their annual listing fees.
Thus, listed companies have two months of grace to pay the annual listing fees for 2015,” the NSE explained in notification.
It, however, warned that where a listed company fails to pay after April 1, 2015, there will be penalty of 50 per cent of the listing fees.
“Where a listed company makes payment of its annual listing fees for 2015 on or after April 1, 2015, the listed company will be required to pay 50 per cent of its annual listing fee as a penalty for late payment as required by the provisions of amended rules,” the NSE said.
Companies listed on the Alternative Securities Market (ASeM) pay annual listing fee of N200, 000. On the other hand, the listing fees requirements for the companies on the main board vary, depending on capitalisation of each company.