By Peter Egwuatu

The Securities and Exchange Commission, SEC has disclosed that the deadline for payment of annul  supervisory fee by fund manager remains due from the 1st  January 2022 and full payment must be made on or  before 31st  January 2022. 

This was contained in a circular released by the SEC at the weekend. 

According to the SEC, “The Commission hereby draws the attention of all registered fund/portfolio managers to the SEC Rule on annual supervision fees for Collective Investment Schemes (CIS)  and Regulatory Fees for Discretionary and Non-Discretionary Funds/Portfolios  issued on January, 21 2021 and the amendment thereto issued on December 20, 2021, which provides that: payment for 2021 annual supervisory fee shall be based on the value of Net Asset Value (NAV) as at December 31st  2021.

According to the Circular, Annual Supervisory fee for Collective Investments Schemes (CIS) under Management shall be 0.2% of the Net Asset Value (NAV) of CIS under management and  be computed and accrued daily for each CIS.

On Annual Regulatory fee for Discretionary and Non-Discretionary Funds/portfolios, the SEC stated that every Fund/Portfolio manager shall pay not later than  31st January  of every year  annual regulatory fees to the Commission.

“The fees are 0.25% of the NAV of all discretionary and non-discretionary funds/portfolios (other than CIS) under the management of the Fund/Portfolio manager for retail investors and 0.01% of the NAV of all discretionary and non-discretionary funds/portfolios (other than CIS) under the management of the Fund/Portfolio manager for qualified investors”.

“Accordingly, Funds/portfolio managers should note that late payment will attract a penalty of N100,000 and a daily sum of N5,000 for every day of default, or such other stiffer penalty as the Commission may determine” the Circular added.