SEC Urge Regulated Entities to Make Adequate Disclosures on the Impact of COVID-19 on Operations

The Securities and Exchange Commission has urged capital market operators to make adequate disclosures and report on how the pandemic is impacting operations and discharge of services to investors and other stakeholders.

This is contained in a recent statement from the commission as follows: Following the Federal Government’s partial easing of the lockdown measures introduced to minimize the spread of Covid-19 across Nigeria, it has become necessary to provide this update to stakeholders within the Capital Market.

The Commission, in compliance with the various guidelines issued by relevant authorities, has re-opened its head-office in Abuja. Our office is open to members of the public between 10 a.m. and 1 p.m. on Mondays, Wednesdays and Fridays.

However, due to the need to protect our stakeholders and members of staff, please note the following guidelines:

• Stakeholders are strongly advised to use our various e-channels to communicate and interact with the Commission. Physical visits should only be considered as a last resort;
• All meetings and events will be convened electronically until further notice;
• All filings shall continue to be received electronically
• All visitors will be subjected to temperature checks and hand sanitization before gaining access to the Commission’s building;
• Visitors are expected to wear facemasks and abide by social distancing rules while present in the Commission’s facility;
• Personal visits are not allowed at this time. Therefore, visitors would be expected to state their purpose and identify themselves at the entrance;
• While walk-in visits are allowed, we strongly recommend that appointments are booked in advance of physical visits.

While we continue to monitor the evolvement of the pandemic and its impact on the capital market, all regulated entities are reminded to make adequate disclosures and report on how the pandemic is impacting operations and discharge of services to investors and other stakeholders.

We also wish to assure investors that while efforts are on-going to ensure that capital market services remain accessible, the Commission’s priority is the protection of investors. Kindly contact us through sec@sec.gov.ng for complaints and enquiries.

All capital market stakeholders are advised to continue to adhere to the safety guidelines issued by the NCDC and other relevant agencies on Covid-19. Together, we will overcome this pandemic.