Consolidated ESG regulatory body key to fostering sustainable business environment — Shobanjo

Olufemi Shobanjo, CEO of NGX Regulation, has called for the establishment of a consolidated Environmental, Social, and Governance (ESG) regulatory body in Nigeria to drive consistent compliance and foster a sustainable business environment.

This was addressed during the 2024 FITC Sustainability ESG Summit themed ‘From Vision to Action – Leading with Sustainability and ESG: Building a Sustainable Future and Green Finance.

He emphasised the importance of creating clear and enforceable ESG regulations for all businesses.

“The launch of the ESG Sustainability Institute marks a significant milestone in advancing our sustainability goals. EcoTech’s transformation is a testament to the power of integrating ESG into core business strategies,” Shobanjo said.

Read also: A tale of two stories – ESG at work

The CEO acknowledged that while regulations like the Climate Change Act and the Federal Competition and Consumer Protection Act exist, businesses encounter difficulties in adhering to their requirements.

“While we have made strides in the financial services sector, other industries need to catch up in adopting ESG standards,” he said.

During the panel discussion, Shobanjo commended the FITC board and management, including Phillip Ikeazor, Fellow of the Institute of Chartered Accountants of Nigeria, and Chizor Malize, CEO of the Financial Institutions Training Centre for the launch of the ESG Sustainability Institute.

He highlighted that the initiative has provided a platform for promoting and discussing sustainability practices in Nigeria.

“A unified ESG regulatory framework will position Nigeria as a leader in global ESG performance. NGX Regulation is committed to collaborating with stakeholders to achieve this goal,” he said.

Shobanjo emphasised that Nigeria has the potential to set a benchmark for other African countries in ESG adoption and sustainable practices.

“Our commitment to sustainability is crucial for the economic growth and well-being of future generations,” he said.