The Nigeria Employers’ Consultative Association (NECA) has secured 100 percent waiver of all penalties imposed on quoted companies from 2008 to 2010 from the Securities and Exchange Commission, SEC, for late/non-filing of returns.
Also, the organisation was able to secure 40 percent waiver on outstanding penalties for listed companies from 2011 to 2013.
The waiver followed the outcome of a successful engagement between NECA and SEC.
According to NECA, the engagement became necessary following appeals from corporate entities to the SEC to waive penalties slammed on companies that had failed to comply with SEC rules on filling requirements as stipulated by the Investment and Securities Act (ISA) 2007.
It observed that it had to intervene on behalf of the Organised Private Sector, OPS, to make a plea to SEC to grant some forbearance in view of the fact that most private sector companies were not aware of the requirement.
Commenting on the development, the President of NECA, Mr. Larry Ettah, said: “The outcome of this initiative by NECA is another testimony of how private and public sector institutions could work together for the good of the economy.”
NECA has already communicated the outcome of the engagement to private sector operators that are expected to take advantage of it within one week of the agreement, he stated.
NECA is a platform for private sector employers to interact with the government, labour, communities and other relevant institutions in and outside Nigeria for the purpose of promoting harmonious business environment that engenders productivity and prosperity for the country.