Nigerian SEC vows to sanction firms failing to put financials on websites

The Securities and Exchange Commission has said it would penalise public companies failing to publish their financial statements on their websites starting from January next year.

The regulator said in a statement on Wednesday that it had observed that public companies file their periodic returns with the commission and relevant securities exchanges, without simultaneously publishing same on their websites.

“This omission is a contravention of Rules 39 and 41 of the Commission’s Rules and Regulations,” it said. “Effective from January 2025, 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 same on the its website would be penalised as appropriate.”

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, according to the commission.

“It is also important to reiterate in this regard that timely disclosures remain a key component of Shareholders’ engagement,” it said.