The Securities and Exchange Commission (SEC) has issued a new directive requiring all publicly listed companies in Nigeria to publish their financial statements on their official websites by January 2025.
The directive was announced in a circular released by the Commission on Thursday, emphasising its importance for boosting investor confidence and ensuring regulatory compliance.
The SEC clarified that public companies are required to file their periodic returns with the Commission and relevant securities exchanges. However, it noted that many companies have failed to simultaneously make these financial statements available on their websites, which contravenes the SEC’s rules.
The Commission referred to this oversight as a violation of Rules 39 and 41 of its regulations, which mandate the publication of financial disclosures for the benefit of investors. “Timely disclosures remain a key component of shareholder engagement,” the SEC stated, explaining that online publication will provide seamless access to important financial data and encourage informed investment decisions.
The SEC further outlined that any publicly listed company failing to meet the new requirements by January 2025 would face penalties, reinforcing its commitment to improving transparency in Nigeria’s equities market.