SEC Gives Firms One Month Extension To Submit Quarterly Financial Statements

Nigeria’s capital market regulator, the Securities and Exchange Commission, has extended the deadline for filing quarterly financial statements by one month due to business disruption from the #EndSARS protest.

The Commission said in a statement on Friday that the one month extension was due to the losses from business disruptions caused by the EndSARS protest.

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

The regulator acknowledged the challenges the protest may have posed on businesses across the country.

The protest against police brutality which lasted for over two weeks ended in a looting spree.

Companies have counted losses with the Lagos State government counting over N1trn in loss from the disruption of business and the destruction of properties, after the protest was hijacked by hoodlums.

The commission said, “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.”