SEC Speaks On Not Auditing Financial Statements Since 2014

SEC has denied reports of not auditing Financial Statements since 2014.

 

NewsOnline Nigeria reports that the Securities and Exchange Commission (SEC), denied media reports claiming it has not audited its financial statements since 2014.

 

In a statement released on Friday signed by its management, the SEC revealed it is a strong promoter of world-class corporate governance standards, and hereby restates its commitment to upholding such ideals.

False Claims

SEC stated that its attention had been drawn to some reports in the electronic and print media, insinuating that the Commission had not audited its financial statements since 2014, adding:

• “ 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.

The said agencies they have submitted statements to are 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.

SEC also noted that it is 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 the Commission via email to sec@sec.gov.ng, to which the Commission would respond accordingly.

• “The dissemination of factual information is critical to complement the efforts of the Federal Government for the growth and development of the capital market and Nigeria’s economy.

SEC in the news

NewsOnline Nigeria reported recently that the Securities and Exchange Commission (SEC) said that it is collaborating with the Standards Organization of Nigeria (SON) to develop standards for commodities.

Director General of the SEC, Mr. Lamido Yuguda added that Nigeria has various commodities that could be exported in a bid to grow the economy, provide jobs for Nigerians as well as provide the nation with forex.

Yuguda said that the agricultural sector in the country is expected to grow significantly soon.

• ‘’In its desire to ensure that agricultural produce is of exportable standards and quality, the Commission is collaborating with the Standards Organization of Nigeria to develop standards for commodities”, he said.

Developed standards being exposed to different markets

He also disclosed that because of the collaboration with SON, some of the standards have been developed and exposed to different markets close by and they have been received very well.

The DG said that the development of these standards will pave the way for the export of these products to the international market and in turn, boost the Nigerian economy.

He said that the Commission is pleased about the new government’s mention of supporting the commodities sector as it will further boost the SEC’s efforts at developing the Commodities sector.