THE Securities and Exchange Commission (SEC) has directed all public listed companies to publish their financial statements on their official websites or face sanctions.

It gave the mandate in a circular on Thursday, December 19, giving the companies January 2025 deadline to do so.

The apex regulator in the Nigerian capital market explained that the move is to guarantee transparency and timely disclosure of financial records by the listed companies.

It is also to ensure seamless public access to financial information, which is critical for making sound investment decisions.

“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.”

The SEC said while public companies routinely submit their financial returns to regulatory bodies, many fail to make these documents accessible to the investing public on their websites.

It stressed that the lack of accessibility undermines investor confidence and violates disclosure requirements.

“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 explained.

It, however, warned to sanction any public company that fails to comply with the requirement of the referenced rules.

The rule directs public listed companies to file their periodic returns with the Commission, relevant securities exchanges, and publish the same on their website.

The ICIR can report that public listed companies are expected to file their financial statements quarterly, full year audited financial statements, annual report and sustainability report.

The director-general of SEC, Emomotimi Agama, had expressed determination to address the challenges of the capital market and position it for the $1tn economy dream of the governorship.

He officially assumed office on Tuesday, April 30 and his appointment has since been confirmed by the National Assembly.