SEC Says Nigeria Fund Manager Fees Due Jan. 31
By Bashir Olanrewaju
All fund and portfolio managers registered in Nigeria are required to pay their annual supervision fees for “collective investment schemes” before the last day of January, according to the Securities and Exchange Commission.
The fees for such investments are to be assessed at 0.2 percent of the net value of the asset, to “be computed and accrued daily for each,” the regulator said in a circular on its website.
For discretionary and non-discretionary assets the rates range from 0.25 percent to 0.01 percent of net asset value.
The requirements were triggered by a rule issued in January last year and a subsequent amendment on December 20, SEC said in the notice. Payment for 2021 will be based on a given collective investment’s net asset value as at the last day of the year, it added.
Though affected funds and investments aren’t specifically identified, the broad description captures most mutual funds, unit trusts and other investments based on pooling funds from multiple investors