SEC has directed all public companies to post their financial statements on their official websites as of January 2025 for transparency.
In a circular issued on Thursday, the SEC warned that non-compliance with the directive would attract sanctions.
According to the Commission, the directive aims to ensure seamless public access to financial information, which is critical for making sound investment decisions.
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.
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“This omission is a contravention of Rules 39 and 41 of the Commission’s Rules and Regulations.”
The SEC noted that while public companies routinely submit their financial returns to regulatory bodies, many fail to make these documents accessible to the investing public via their websites.
The commission stressed that this lack of accessibility undermines investor confidence and violates disclosure requirements.
“It is also important to reiterate in this regard that timely disclosures remain a key component of shareholders’ engagement.”
The SEC warned that “any public company that fails to comply with the requirement of the referenced rules in respect of the filing of its periodic returns with the Commission, relevant securities exchanges, and the simultaneous placement of the same on its website would be penalized as appropriate.”
The commission reiterated that the move is designed to enhance transparency, bolster shareholder engagement, and build investor confidence in the Nigerian capital market.
PUNCH Online reports that the Director-General of the Securities and Exchange Commission, Dr. Emomotimi Agama, called for urgent action to address the challenges hindering the full potential of Nigeria’s capital market, which he believes is crucial to the country’s goal of achieving a $1tn economy.
