The Securities and Exchange Commission (SEC) has directed all publicly listed companies to publish their financial statements on their official websites, starting January 2025. The initiative is part of the Commission’s effort to promote transparency, enhance investor confidence, and ensure timely access to critical financial information.

In a circular issued on Thursday, the SEC emphasized that non-compliance with this directive would attract sanctions, marking a strict stance on disclosure requirements.

The Commission noted, “Public companies routinely file their periodic returns with regulatory bodies and securities exchanges but often fail to publish these documents simultaneously on their websites. This omission contravenes Rules 39 and 41 of the SEC Rules and Regulations.”

Highlighting the significance of this move, the SEC stated that easy access to financial reports would empower investors to make informed decisions and strengthen shareholder engagement.

“Timely disclosures are a cornerstone of robust investor relations,” the circular read. “Failure to comply will result in appropriate penalties.”

The SEC also underscored that the directive aligns with broader efforts to bolster Nigeria’s capital market and support the country’s ambitious goal of achieving a $1 trillion economy.

Dr. Emomotimi Agama, Director-General of the SEC, reiterated the need for transparency, calling for systemic reforms to unlock the full potential of Nigeria’s capital market.

With this directive, the SEC is taking a firm step towards fostering a culture of openness and accountability, reinforcing its commitment to creating a more investor-friendly environment.