By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Nigeria’s Securities and Exchange Commission (SEC) Tuesday said it will sanction all public companies that are yet to comply with its directive to do so.

The commission in a circular posted on its website said at the expiration of June 30, 2014, all public companies whose securities are not registered with the SEC Nigeria will be sanctioned appropriately.

SEC said registering of public companies securities is in compliance with the provisions of Section 54 (1) of the Investments and Securities Act No. 27, 2007 and Rule 279 (1) (a) of the SEC Rules and Regulations, to the effect that all securities of public companies shall be registered with the Commission.  

All Public Companies in Nigeria are expected to register their securities with the Commission upon incorporation or conversion from a private company. The Securities and Exchange Commission has however observed that some public companies in Nigeria are yet to comply with the above stated provisions. 

Therefore, all existing public companies with securities not registered with the Commission are strongly advised to comply with the provisions of the law by registering their securities with the commission before June 30, 2014; failure which they would be sanctioned appropriately.