The Financial Reporting Council (FRC) of Nigeria, IFRS Foundation and NGX Regulation Limited (NGX RegCo) have come together to reaffirm their commitment to sustainability reporting initiatives among listed companies. This commitment was reiterated during the 2024 Issuers’ Engagement Forum held at the NGX Group House in Lagos on Thursday, February 1, 2024.
Dr. Rabiu Olowo, Executive Secretary/CEO, FRC, while delivering his welcome address, expressed his enthusiasm for the ongoing engagement with listed companies, highlighting its positive impact on investors’ confidence. He emphasized the significance of strengthening collaborative efforts with NGX Regulations Ltd, particularly with the recent launch of the International Sustainability Standards Board (ISSB) inaugural International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards on June 26, 2023, at NGX. Dr. Olowo emphasized that these globally recognized standards provide a comprehensive framework for organizations to effectively assess their environmental, social, and governance performance, promoting transparency and accountability.
Ms. Tinuade Awe, Chief Executive Officer of NGX Regulation Limited, underscored the organization’s proactive approach to sustainability, envisioning a future where mere numbers are insufficient, and guiding listed companies seamlessly into this future.
Dr. Ndidi Nnoli Edozien, a Board member of the International Sustainability Standards Board (ISSB), highlighted the importance of aligning ISSB standards with IFRS accounting standards under the IFRS Foundation. She emphasized the need to streamline disclosures, alleviate compliance burdens, and ensure the standards are instrumental in identifying material aspects and opportunities.
The event also included a panel session on the ISSB Standards and the presentation of the proposed Adoption Roadmap by Dr. Iheanyi Anyahara, Coordinating Director, Directorates of Accounting Standards (Public & Private) & Sustainability Reporting Unit, FRC. Dr. Anyahara emphasized the significance of the roadmap report and invited stakeholders to share their feedback and input to further refine the document.
The collaboration of the FRC, IFRS Foundation, and NGX RegCo represents a crucial step towards ensuring transparency, resilience, and sustainable practices within Nigeria’s capital market. This emphasis on sustainability reporting not only safeguards investor interests but also positions the market for long-term viability and responsible corporate practices.