Nigeria: SEC Refutes Reports on Lack of Audited Financial Statements

Nigeria’s Securities and Exchange Commission (SEC) has denied media reports suggesting that it has not audited its financial statements since 2014. In a statement released and signed by SEC management, the Commission emphasized its commitment to upholding world-class corporate governance standards.

Addressing False Claims

SEC clarified that it has duly audited its financial accounts each year, including 2014 and onwards. The Commission has submitted these audited statements to relevant agencies empowered by the Federal Government to receive such reports. The agencies include the Federal Ministry of Finance, Budget and National Planning; Office of the Auditor General of the Federation; Fiscal Responsibility Commission; Office of the Accountant General of the Federation, as well as appropriate committees of the National Assembly.

Commitment to Corporate Governance

SEC reiterated its dedication to promoting world-class corporate governance standards. The Commission advised individuals with information requests to reach out via email to sec@sec.gov.ng, ensuring that the Commission would respond accordingly. Disseminating factual information is considered crucial to complement the efforts of the Federal Government in fostering the growth and development of Nigeria’s capital market and economy.

SEC’s Collaboration with Standards Organization of Nigeria (SON)

In a recent report, SEC is collaborating with the Standards Organization of Nigeria (SON) to establish standards for commodities. Mr. Lamido Yuguda, the Director-General of SEC, emphasized the potential for Nigeria’s diverse commodities to be exported, leading to economic growth, job creation, and foreign exchange generation.

Yuguda stated that the agricultural sector in Nigeria is expected to experience significant growth in the near future. The SEC’s collaboration with SON aims to ensure that agricultural produce meets exportable standards and quality. Through this partnership, some standards have already been developed and introduced to nearby markets, receiving positive reception.

Boosting the Nigerian Economy

The development of these standards is expected to facilitate the export of Nigerian products to international markets, ultimately bolstering the nation’s economy. The SEC expressed satisfaction with the government’s commitment to supporting the commodities sector, as it aligns with the Commission’s efforts to develop this industry.