By Nkiruka Nnorom
The Securities and Exchange Commission, SEC, yesterday, said less than 44 companies, representing 25 percent of 176 companies quoted on the Nigerian Stock Exchange, NSE, regularly file their quarterly unaudited financial reports and accounts.
SEC also said it was considering rules on accelerated filing, which would give quoted companies the options of either retaining the current Q4 filing system as provided in the SEC rules or filing their audited annual accounts latest by the second week of February of each year, in order to forgo the requirements of filing Q4 unaudited accounts.
The commission was reacting to a report in one of the national dailies that quoted the Nigeria Employers Consultative Association, NECA, as faulting SEC for imposing financial sanctions on companies that failed to file their quarter four unaudited interim results.
According to SEC, failure to file the reports as at when due leaves investors, especially retail investors, in the dark with regards to making sound investment decision and also hampers its determination to ensure an orderly market by narrowing the information gaps.