The Securities and Exchange Commission (SEC) and the Chartered Institute of Management Accounting (CIMA) are joining forces to ensure public institutions adhere to stringent financial reporting standards.
This collaboration aims to foster transparency and integrity within Nigeria’s capital market.
During a recent meeting in Abuja, Mr. Emomotimi Agama, the Acting Director General of SEC, emphasised the importance of ethical practices and the role of SEC in maintaining financial transparency among public companies.
“SEC is committed to ensuring that public institutions uphold the highest standards of financial reporting. It is now a legal requirement, and there are repercussions for non-compliance,” he stated.
He highlighted the necessity for public institutions to leverage their association memberships to drive innovation within the Nigerian capital market. Mr. Agama’s comments underline SEC’s dedication to upholding ethical standards and fostering an environment of transparency and accountability.
CIMA’s President, Mrs. Sarah Ghosh, echoed these sentiments, outlining the association’s priorities of inclusivity, sustainability, and innovation. She highlighted CIMA’s efforts to engage with various regulatory bodies to promote its values and enhance the quality of financial reporting by public firms.
“CIMA is reaching out to more regulatory authorities to ensure that everyone understands the association’s mission and its impact on improving financial statement reporting among public companies,” Ghosh said. She highlighted the importance of public awareness about CIMA’s role in advancing financial reporting standards.
This collaboration between SEC and CIMA marks a significant step towards strengthening Nigeria’s financial regulatory framework. Both organisations are committed to ensuring that public institutions adhere to ethical standards and contribute to a transparent and innovative capital market.
