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The Securities and Exchange Commission (SEC) has directed all publicly listed companies in Nigeria to publish their financial statements on their official websites beginning January 2025.
This initiative aims to promote transparency and ensure seamless access to essential financial information for the public, thereby empowering investors to make well-informed decisions.
In a circular released on Thursday, the SEC highlighted the importance of timely disclosures and compliance with regulatory standards. It noted that the current practice of filing periodic returns with the SEC and relevant securities exchanges, without publishing them simultaneously online, contravenes Rules 39 and 41 of its regulations.
The circular stated:
“The Securities and Exchange Commission has observed that public companies file their periodic returns with the Commission and relevant securities exchanges without simultaneously publishing them on their websites.
“This omission is a contravention of Rules 39 and 41 of the Commission’s Rules and Regulations.”
The SEC emphasized that publishing periodic returns on company websites provides the public with seamless access to critical information, guiding sound investment decisions. The Commission added:
“It is also important to reiterate in this regard that timely disclosures remain a key component of shareholders’ engagement.”
The SEC further noted that readily available financial information plays a pivotal role in fostering shareholder engagement and building investor confidence in the Nigerian capital market.
To ensure compliance, the Commission warned that companies failing to adhere to this directive will face appropriate sanctions. This move reaffirms the SEC’s dedication to enhancing transparency, safeguarding investor interests, and supporting a robust and trustworthy capital market in Nigeria.
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