SEC Orders Public Companies to Publish Financial Statements Online
By Patience Ikpeme
The Securities and Exchange Commission (SEC) has mandated that all publicly-listed companies must publish their financial statements on their respective websites from January 2025 onwards. This directive aims to enhance transparency, improve investor protection, and foster greater market confidence.
The SEC has observed that many public companies, despite filing their periodic returns with the Commission and relevant securities exchanges, have failed to make these financial statements accessible to the public on their websites. This omission is a violation of the Commission’s Rules and Regulations.
By requiring online publication of financial statements, the SEC seeks to: enhance transparency by providing seamless access to financial information for investors, analysts, and the general public; enable informed investment decisions by making critical information readily available and strengthen market confidence by fostering trust and credibility in the Nigerian capital market.
The Commission has stressed the importance of timely disclosures as a key component of shareholder engagement. Companies that fail to comply with this directive will face appropriate penalties.
This move by the SEC is a significant step towards improving corporate governance and investor protection in Nigeria. By increasing transparency and accountability, the Commission aims to create a more robust and efficient capital market.
