TheCable

The Securities and Exchange Commission (SEC) has extended the deadline for companies to submit their third-quarter financial statements by 30 days.

According to a circular on its website, the capital market regulator said the quarterly financial statements will now be due November 30 from the initial October 30 deadline.

In October, the #EndSARS protest was hijacked by hoodlums, leading to vandalisation and looting of private and public property.

“The Securities and Exchange Commission (SEC) has noted the recent general disruption to business operations across the country and the challenges this may have posed on businesses, ” the statement read.

“The SEC is also aware that the disruption to business operations may have prevented public companies, capital market operators, and other regulated entities from convening meetings for the purpose of considering quarterly financial statements that were due to be filed/released by October 30, 2020.

“In view of the above, the SEC hereby grants public companies, capital market operators and other regulated entities, a thirty-day grace period for the submission of their quarterly financial statements.

“The quarterly financial statements are now due for submission by Monday, November 30, 2020.”

SEC recently issued corporate governance guidelines and a template (revised form 01) for reporting compliance with the Securities and SEC Corporate Governance Guideline (SCGG) which becomes effective on January 1, 2021.