The Financial Reporting Council of Nigeria has unveiled the Roadmap Report for the Adoption of IFRS Sustainability Disclosure Standards in Nigeria 2004 (Amendment 2026) and Sustainability Reporting Guideline 1 (SRG 1) 2026 to provide enhanced clarity and implementation guidance for entities adopting IFRS Sustainability Disclosure Standards, including IFRS S1 and IFRS S2, in Nigeria.
The unveiling took place at the FRC Lagos Office on Monday, 23 February 2026.
The 2026 Amendment updates the Roadmap originally issued in 2024, which positioned 41 Nigerian entities on the verge of full compliance with the ISSB standards, including four early adopters. The update responds to market inquiries and emerging implementation issues. It provides clarity on recent amendments to IFRS S2, reporting timelines, assurance requirements, and the categories of professionals eligible to undertake sustainability reporting for general-purpose financial reporting and corporate reports. The amended Roadmap also clarifies regulatory expectations for adopting entities.
Sustainability Reporting Guideline 1 (SRG 1) 2026 complements the amended Roadmap by providing operational explanations of adoption methodologies. It explains the Adoption Readiness Test Assessment, designed to guide entities in evaluating preparedness for compliance with IFRS Sustainability Disclosure Standards.
The Council followed a structured and transparent process in finalising the documents. Exposure drafts were released in December 2025 with a 21-day public comment period directed at key stakeholders and the general public. The Council collated and reviewed submissions to align recommendations with stakeholder feedback. This was followed by a technical session in Abuja to obtain further expert input before final approval and release on 23 February 2026.
Speaking at the unveiling, the Executive Secretary and Chief Executive Officer of the FRC, Dr. Rabiu Olowo, stated that the updated Roadmap and Sustainability Reporting Guideline became necessary to address areas of concern raised by adopting entities. He noted that the documents provide regulatory clarity and practical guidance to support seamless implementation of IFRS Sustainability Disclosure Standards in Nigeria.
Dignitaries present at the event included:
- Mallam Haruna N. Yahaya, mni, Ph.D, FCA, 61st President of the Institute of Chartered Accountants of Nigeria
- Dr. Musibau Lanre Olasunkanmi, FCA, Registrar and Chief Executive of the Institute of Chartered Accountants of Nigeria
- Mr. Jamiu Adeyemi Olakisan, FCA, ICAN Council Member
- Mr. Oduware Uwadiae, Partner, Deloitte West Africa, Business Process Solutions Leader
- Mrs. Grace Fatogbe, Managing Partner, Unioncrest Capital Limited
- Members of the FRC Management Team
With the release of the amended Roadmap and SRG 1 2026, the Financial Reporting Council of Nigeria reinforces its commitment to high-quality sustainability reporting aligned with global best practices and the ISSB standards, while ensuring clarity, consistency, and regulatory certainty for Nigerian entities.
No Comment! Be the first one.