Financial Reporting Council of Nigeria Act 2011 No. 6 A 73
PART IV—FINANCIAL PROVISIONS
33.
—(1) The Council shall establish and maintain a fund into which shall
be paid all incomes accruing from annual levies charged from—
(a) every registered professional, not less than N5,000.00 annually ;
(b) every publicly quoted company, an amount based on its market
capitalization, annually as follows :
(i) an amount equal to 0.1% of market capitalization or N250,000.00
whichever is lower, where the market capitalization of a company is
not more than N1Billion ;
(ii) an amount equal to 0.04% of market capitalization or N2,000,000.00
whichever is lower, where the market capitalization of a company is
greater than N1.00 billion but not more than N500 billion ; and
(iii) N5,000,000.00 only, where the market capitalization of a company
is greater than N500 billion.
(c) every public interest entity other than those covered by paragraph
(b), an amount based on its annual turnover as follows :
(i) N5,000.00, where the annual turnover of the entity is not less than
N25 million but not more than N50 million ;
(ii) N20,000.00, where the annual turnover of the entity is greater
than N50 million but not more than N500 million ;
(iii) N50,000.00, where the annual turnover of the entity is greater
than N500million but not more than N1 billion ;
(iv) N100,000.00, where the annual turnover of the entity is greater
than N1.00 billion but not more than N10 billion ; and
(v) N1,000,000.00, where the annual turnover of an entity is greater
than N10 billion.
(d) budgetary allocations and subventions from the Federal
Government ;
(e ) fines and penalties imposed by the Council ;
(f) fees charged for services rendered by the Council ;
(g) rents, fees and other internally generated revenues from services
provided by the Council ;