Companies get November 30 deadline for earnings results

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Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) has granted all public companies, capital market operators and other regulated entities a one-month extension for the submission of their latest quarterly financial statement.

The apex capital market regulator stated that the extension was due to “the recent general disruption to business operations across the country and the challenges this may have posed on businesses”.

According to the Commission, the disruption to business operations might 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 or 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 stated.

Public companies and other regulated companies at the capital market are required to submit their quarterly financial statement not more than 30 days after the end of the relevant quarter. Most companies use the Gregorian calendar as business year, thus the financial statement for the third quarter ended September 30, 2020 was due for submission on October 30, 2020.

Source: The Nation

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