The Securities and Exchange Commission has ordered all publicly listed companies to publish their financial statements on their official websites from January 2025.
According to the Commission, the directive aims to ensure seamless public access to financial information, which is critical for making sound investment decisions.
A circular issued on Thursday emphasised the importance of transparency and timely disclosure.
SEC warned that non-compliance with the directive would attract sanctions.
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 reiterated that the move is designed to enhance transparency, bolster shareholder engagement, and build investor confidence in the Nigerian capital market.
