Public disclosure: SEC denies allegations of not publishing financial records for 9 years

The Securities and Exchange Commission (SEC) has debunked claims that it has not published its annual reports and accounts for years.

In a statement on Friday, the SEC said media reports had insinuated that the commission has not audited its financial statements since 2014.

The agency denied the assertions, describing them as false claims, and advised Nigerians to reach out when in search of information pertaining to its operations.

The commission also explained that it is obligated to submit its financials only to the “relevant agencies that are statutorily empowered by the federal government”.

“The attention of the Securities and Exchange Commission (the commission), the apex regulator of the Nigerian capital market, has been drawn to some reports in the electronic and print media, insinuating that the commission had not audited its financial statements since 2014,” the statement reads.

“Contrary to these false claims, the commission, as a law-abiding agency, has duly audited its financial accounts year after year before and onward from 2014, and has submitted these to the relevant agencies statutorily empowered by the federal government to receive same, including the Federal Ministry of Finance, Budget and National Planning; Office of the Auditor General of the Federation; Fiscal Responsibility Commission; Office of the Accountant General of the Federation, as well as the appropriate committees of the national assembly.

“The commission, being a strong promoter of world-class corporate governance standards, hereby restates its commitment to upholding such ideals and strongly advises persons with requests for information to channel such to [us] via email to [email protected], and to which the commission would respond accordingly.

“The dissemination of factual information is critical to complementing the efforts of the federal government for the growth and development of the capital market and Nigeria’s economy.”

The seventh national assembly passed the Freedom Of Information (FOI) bill on May 24, 2011, and former President Goodluck Jonathan assented to the bill four days later.

The act seeks to make public records and information of government agencies freely available to the public to engender transparency and accountability.

Section 2(4) of the FOI act expressly states that “A public institution shall ensure that information referred to in this section is widely disseminated and made readily available to members of the public through various means, including print, electronic and online sources, and at the offices of such public institutions.”