Crowdfunding registration in Nigeria – Cost and overview

What does crowdfunding registration cost in Nigeria?

The Securities and Exchange Commissions, SEC monitors crowdfunding entities in Nigeria and have stipulated charges for the movement.

These charges are just one section of its new rules on crowdfunding movements which will take effect on June 21, 2021. The commission is, therefore, notifying investors and participants as well as entities that lead crowdfunding movements of its new provisions.

Cost of crowdfunding registration

The SEC charges these amounts for crowdfunding registration:

1. N50 000 for Evidence of Payment of Filing/Application Fee
2. N200,000 for Evidence of Payment of Processing Fee
3. N500,000 for Evidence of Payment of Registration Fee
4. N50,000 for Evidence of Payment of each sponsored Individual Fee

Crowdfunding entities are to apply for registration with the SEC not later than 90 days from the effective date.

Failure to comply with the new SEC rule or to transition will lead to suspension for existing crowdfunding entities.

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