The Securities and Exchange Commission has mandated that all publicly traded companies publish their financial statements on their official websites starting in January 2025.
The Commission stated that this requirement is designed to provide easy public access to financial information, which is essential for informed investment decisions.
A circular released on Thursday highlighted the importance of transparency and timely disclosure.
The SEC also warned that failure to comply with the directive will result in sanctions.
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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.
“This omission is a contravention of Rules 39 and 41 of the Commission’s Rules and Regulations.”
On the importance of timely disclosures, the SEC stated, “The rationale for the publication of periodic returns on their websites is to provide seamless access by the public to such information, which would serve as a guide to making sound investment decisions.
“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 penalised as appropriate.”
The commission emphasized that this initiative aims to improve transparency, strengthen shareholder engagement, and boost investor confidence in the Nigerian capital market.
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