The Issuers and Investors Alternative Dispute Resolution Initiative (IIADRI), has condemned the arbitrary, and unilateral increase in fees charged Capital Market Operators (CMOs) by the Securities and Exchange Commission (SEC).
A statement jointly signed by the Chairman and Secretary of the initiative, Mr Moses Igbrude and Mr Sebastian Udoh on Friday, called on SEC to revert to the status quo in the interest of Nigerian companies.
They described the development as not only astronomical, inconsiderate and outrageous, but also attempts to stifle, suppress, and hinder growth in the country at a time when the economic indices were at their lowest.
They listed the fees to include filing fees for proxy materials increased from N5, 000 to N500,000, and registration of a broker increased from N500,000 to N5 million.
Others are registration of underwriter increased from N500, 000 to N5 million, and registration of Issuing House increased from N500,000 to N5 million.
“As an organisation formed to protect the companies and investors, IIADRI condemns this arbitrary and unilateral increase in fees.
“We call on the management of SEC to revert to the status quo for the interest of Nigerian companies, all of which are currently struggling to break even,’’ they said.
Meanwhile, all efforts to get an official of SEC to react to the issue proved abortive.
