The Securities and Exchange Commission (SEC) has directed all publicly-owned companies to publish their financial statements on their websites from January 2025.
SEC, in a statement on Tuesday, said it observed that public companies file their periodic returns with the commission and relevant securities exchanges, without simultaneously publishing the financial statements on their websites.
“This omission is a contravention of Rules 39 and 41 of the Commission’s Rules and Regulations,” SEC said.
“Public companies are hereby reminded that 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 commission also said effective from January 2025, any company that fails to comply will face sanctions.
“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,” SEC added.
