SEC Mandates Publicly Listed Companies to Publish Financial Statements on Websites Starting January 2025
The Securities and Exchange Commission (SEC) has mandated that all publicly listed companies in Nigeria must publish their financial statements on their official websites starting January 2025. This directive, outlined in a circular issued on Thursday, aims to promote transparency and ensure timely disclosure of financial information. The SEC emphasized that failure to comply with this requirement would result in sanctions.
The Commission pointed out that while public companies regularly file their financial statements with the SEC and relevant securities exchanges, many do not make these documents available on their websites. This omission, according to the SEC, violates Rules 39 and 41 of the Commission’s Rules and Regulations.
In its statement, the SEC highlighted that providing public access to financial information is crucial for investors to make informed decisions. It also stressed that timely disclosures are integral to shareholder engagement and fostering investor confidence in the Nigerian capital market.
The SEC warned that any public company failing to comply with the new requirement—both in terms of submitting financial returns to the SEC and securities exchanges and posting them on their websites—would face penalties. This move is intended to enhance transparency, improve shareholder relations, and strengthen investor trust in the market.
Dr. Emomotimi Agama, Director-General of the SEC, urged immediate action to address challenges that hinder the full potential of Nigeria’s capital market, emphasizing its importance in the country’s ambition to achieve a $1 trillion economy.
About The Author
