Economy
SEC orders public companies to publish financial statements online by Jan 2025
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The Securities and Exchange Commission (SEC) has issued a new directive requiring all publicly listed companies in Nigeria to publish their financial statements on their official websites, effective January 2025.
This was disclosed in a circular issued by the Commission on Thursday, stressing the importance of the move for investor confidence and regulatory compliance.
The SEC warned that non-compliance with this directive would attract strict sanctions, demonstrating its commitment to improving transparency and accessibility in the Nigerian equities market.
According to the SEC, “The Securities and Exchange Commission (‘the Commission’) has observed that public companies file their periodic returns with the Commission and relevant securities exchanges without simultaneously publishing the same on their websites. This omission contravenes Rules 39 and 41 of the Commission’s Rules and Regulations.”
The Commission noted that while publicly listed companies routinely file periodic returns with it and relevant securities exchanges, many fail to make these financial statements accessible to the investing public on their websites. This practice, it noted, violates the requirement to ensure that financial disclosures are readily available to guide investors in making informed decisions.
SEC explained the rationale for the directive, stating that publishing financial statements online provides seamless access for the investing public. This ease of access, the Commission said, is essential for encouraging sound investment decisions and ensuring investor confidence in the market.
“Timely disclosures remain a key component of shareholder engagement,” the Commission stated. “The publication of periodic returns on their websites is aimed at providing seamless access by the public to such information, which would serve as a guide to making sound investment decisions.”
The Commission further noted that effective from January 2025, any public company that fails to simultaneously file its periodic returns with the SEC and relevant securities exchanges and publish them on its website will face penalties.
A total sum of N2.300 trillion, being the May 2026 Federation Account Revenue, has been shared between the federal government, states, and the local government councils.
In a statement on Wednesday by the spokesperson of the Office of the Accountant General of the Federation, Bawa Mokwa, the revenue was shared at the June 2026 Federation Account Allocation Committee FAAC meeting held in Abuja.
The N2.300 trillion total distributable revenue comprised distributable statutory revenue of N1.611 trillion and distributable Value Added Tax (VAT) revenue of N688.785 billion.
A communiqué issued by the Federation Account Allocation Committee (FAAC) indicated that the total gross revenue of N3.395 trillion was available in the month of May 2026. Total deduction for cost of collection was N123.546 billion, while total transfers and refunds were N971.610 billion.
According to the communiqué, gross statutory revenue of N2.651 trillion was received for the month of May 2026. This was higher than the sum of N2.378 trillion received in the preceding month by N273.623 billion.
Gross revenue of N743.668 billion was available from the Value Added Tax (VAT) in May 2026. This was lower than the N806.617 billion available in the month of April 2026 by N62.949 billion.
The communiqué stated that from the N2.300 trillion total distributable revenue, the federal government received a total sum of N818.680 billion, and the state governments received a total sum of N759.141 billion.
The local government council received N534.277 billion, while the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting state as derivation revenue.
On the N1.611 trillion distributable statutory revenue, the communiqué stated that the federal government received N749.801 billion and the state governments received N380.309 billion.
The local government councils received N293.202 billion, and the sum of N188.132 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N688.785 billion distributable Value Added Tax (VAT) revenue, the federal government received N68.879 billion, the state governments received N378.832 billion, and the local government councils received N241.075 billion.
In May 2026, Companies Income Tax (CIT), CGT, SDT, Petroleum Profit Tax (PPT), Hydrocarbon Tax (HT), and Oil and Gas Royalty increased significantly, while Import Duty, Value Added Tax (VAT), Excise Duty, and CET Levies decreased considerably.
The Federal Government, states and local government councils shared a total sum of N2.257 trillion from the Federation Account in April.
Director, Press and Public Relations, Office of the Accountant General of the Federation, Bawa Mokwa, disclosed this in a statement on Monday.
The revenue was shared at the May 2026 Federation Account Allocation Committee, FAAC, meeting held in Abuja.
The N2.257 trillion total distributable revenue comprised distributable statutory revenue of N1.260 trillion , distributable Value Added Tax, VAT, revenue of N747.088 billion, and augmentation of N250.000 billion.
This indicated that total gross revenue of N3.184 trillion was available in the month of April 2026. The total deduction for cost of collection was N113.756 billion, while total transfers, refunds, and savings were N813.839 billion.
According to the statement, gross statutory revenue of N2.378 trillion was received for the month of April 2026. This was higher than the sum of N1.699 trillion received in the preceding month by N678.224 billion.
Gross revenue of N806.617 billion was available from VAT in April 2026. This was higher than the N664.425 billion available in the month of March 2026 by N142.192 billion.
The communiqué stated that from the N2.257 trillion total distributable revenue, the Federal Government received a total sum of N787.351 billion, and the state governments received a total sum of N772.360 billion.
The local government councils received N540.152 billion, while the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
On the N1.260 trillion distributable statutory revenue, the statement stated that the Federal Government received N580.942 billion and the state governments received N294.661 billion.
The local government councils received N227.172 billion, and the sum of N157.254 billion (13% of mineral revenue) was shared with the benefiting states as derivation revenue.
From the N747.088 billion distributable VAT revenue, the Federal Government received N74.709 billion, the state governments received N410.898 billion, and the local government councils received N261.481 billion.
The Federal Government received N131.700 billion of the N250.000 billion, the state governments received N66.800 billion, and the local governments received N51.500 billion.
In April 2026, Companies Income Tax, CIT, CGT, SDT, import duty, oil and gas royalty, and VAT increased significantly, while Petroleum Profit Tax, PPT, and hydrocarbon tax, HT, decreased considerably.
Excise duty and CET levies decreased marginally.
Nigeria’s company income tax, CIT, decreased in the first quarter of 2026 to N1.37 trillion.
The National Bureau of Statistics, NBS, disclosed this in its CIT report released on Monday.
The report showed that the country’s CIT dropped by 8.98 percent when compared to N1.449 trillion collected in Q4 2025.
Further breakdown showed that domestic CIT stood at N538.91 billion, while foreign payments accounted for N828.82 billion in the period under review.
“Company Income Tax (CIT) in Q1 2026 stood at N1.37 trillion, indicating a decrease of 8.08 percent on a quarter-on-quarter basis from N1.49 trillion in Q4 2025.
“Of the total CIT collected, domestic CIT contributed N538.91 billion, while foreign CIT payment accounted for N828.82 billion during the quarter,” the NBS stated.
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