The failure of the Securities and Exchange Commission (SEC) to publish its annual accounts since 2014, a development that violates the Investment and Securities Act (ISA) 2007, Code of Corporate Governance and extant rules at the capital market has continued to cause anxiety in the market.
But SEC has attributed the situation to the prolonged delay by the federal government in reconstituting a board for the commission, almost three years after the previous board was dissolved.
The inability of SEC to render its accounts, which is traceable partly to lack of a board, is already casting a moral burden on the commission in the area of corporate governance.
Explaining the non-publication of its accounts, the Acting Director General of SEC, Ms. Mary Uduk, said recently that it was because they were yet to be signed.
THISDAY, August 14, 2018
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