The Securities and Exchange Commission (SEC) warns all quoted companies in Nigeria to ensure they publish their periodic financial returns on their websites simultaneously with submissions to the SEC and relevant exchanges. Starting in January 2025, penalties will apply to companies that fail to comply.
The SEC highlights that this practice violates Rules 39 and 41 of its Regulations, which require the public availability of financial information to ensure transparency and support informed investment decisions.
- The SEC stresses the importance of publishing financial results on company websites, providing immediate access to this information for the investing public.
- Timely disclosures are emphasized as essential for effective shareholder engagement and investor decision-making.
The SEC states, “Beginning January 2025, any company that fails to comply with these rules, particularly regarding the filing of periodic returns and simultaneous publication on their website, will face appropriate penalties.”
- This directive reinforces the SEC’s commitment to enhancing transparency and boosting investor confidence in the Nigerian capital market.
- The goal is to make financial information promptly available, ensuring a level playing field for market participants.
- Quoted companies are expected to adjust their disclosure practices to align with SEC regulations.
- Investors are advised to use the information available on company websites for due diligence before making investment decisions.
- Quoted companies in Nigeria are required to file their annual financial results with the SEC and Nigerian Exchange Limited (NGX) within 90 days of the end of the accounting year.
- For example, the deadline for filing the 2022 audited financial statements is March 31, 2023.
- Companies must also publish their financial results in at least two national newspapers within 21 days before their Annual General Meetings and post the results on their websites, with the website address included in the newspaper publications.
 warns all quoted companies in Nigeria to ensure they publish their periodic financial returns on their websites simultaneously with submissions to the SEC and relevant exchanges. Starting in January 2025, penalties will apply to companies that fail to comply.){kind=link}