By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-The Nigerian Stock Exchange (NSE) on Monday said it has given a grace period of two (2) months to listed companies to pay their listing fees or face sanctions.

Josephine Igbinosun, head, listings regulation department made this disclosure in a circular dated February 02, 2015.

The NSE said the annual listing fees for 2015 were due for payment no later than January 31, 2015 and its giving the notice in pursuant to the Sections 27 2.1 and 27 2.2 of the Amended Listings Rules (Effective Date: 1 November 2014)

Part of the circular entitled” Notice of Stay of Action on Penalties for Non-Payment of Annual Listings Fees” reads thus:   “You are hereby informed that between February 1 and March 31, 2015, The Exchange will NOT impose any penalties on listed companies that have paid their annual listing fees for 2015. Thus, listed companies have two months of grace to pay the annual listing fees for 2015,” the NSE said.

The NSE said it will penalize any listed company that makes payment of its annual listing fees for 2015 on or after April 1, 2015.

“The listed company will be required to pay 50% of its annual listing fee as a penalty for late payment as required by the above provisions of the Amended Listings Rules,” the Exchange affirmed.