In a bid to elevate financial reporting standards within Nigeria’s public institutions, the Securities and Exchange Commission (SEC) has announced a strategic partnership with the Chartered Institute of Management Accounting (CIMA).
This collaboration aims to enforce adherence to financial reporting regulations and foster a culture of transparency and accountability across various sectors.
Emomotimi Agama, the Acting Director General of the Securities and Exchange Commission, revealed this development during a recent meeting with a delegation from CIMA in Abuja.
Agama said the SEC ensures ethical financial practices and compliance with reporting standards mandated by law.
He stressed that the commission would vigilantly monitor adherence to these standards and impose penalties for any violations.
“It is a great time that you have come to Nigeria. SEC is saddled with the responsibility of making the initial decision of ensuring that what is right is done and transparency in reporting financial statements by public companies is ensured. It is now law to do so and there are consequences for breaking the law,” Agama remarked.
Sarah Ghosh, the President of CIMA, echoed Agama’s sentiments, emphasizing inclusivity, sustainability, and innovation as the association’s core priorities.
Ghosh highlighted CIMA’s commitment to engaging with regulatory authorities to promote awareness of the association’s values and its potential to enhance financial reporting practices among public firms.
“CIMA is approaching more regulatory bodies to ensure that everyone is allowed to understand what the association stands for and its contribution to enhancing reporting on financial statements of public companies,” Ghosh declared.
The collaboration between SEC and CIMA signifies a proactive approach towards strengthening financial governance and fostering investor confidence in Nigeria’s capital market.
By leveraging CIMA’s expertise and SEC’s regulatory authority, the partnership aims to instill a culture of integrity and accountability in financial reporting processes, ultimately contributing to the country’s economic development.