NGX Regulation Limited (NGX RegCo) held its annual Issuers’ Engagement Forum on Wednesday, focusing on the adoption of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards.

Themed “Adopting the IFRS Sustainability Disclosure Standards: Strategies and Expectations,” the event brought together industry leaders, regulators, and representatives of Nigeria’s top listed companies to chart a path toward enhanced corporate transparency and sustainability practices.

The forum acknowledged early adopters of the IFRS S1 and S2 sustainability reporting standards, including Access Holdings Plc, Fidelity Bank Plc, MTN Nigeria Communications Plc, and Seplat Energy Plc. These companies implemented the standards in their 2023 financial reports, sharing their experiences during the event.

Read also: NGX sustains rally as investors buy insurance, oil & gas stocks

Delivering the opening remarks, Olufemi Shobanjo, Chief Executive Officer, NGX RegCo emphasized the significance of sustainability disclosures for the future of Nigeria’s financial markets and corporate governance.

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Shobanjo stated, “Today’s forum is not just about compliance with new standards; it’s about transforming how businesses operate, fostering transparency, and creating long-term value for stakeholders.”

NGX RegCo has actively prepared issuers for the transition to sustainability reporting standards through initiatives such as webinars and collaborative engagements with the ISSB (International Sustainability Standards Board) and FRCN. Earlier this year, NGX RegCo hosted the unveiling of Nigeria’s roadmap for adopting IFRS S1 and S2, which outlined a phased approach to compliance.

The adoption of these standards, Shobanjo noted, is vital for aligning Nigerian companies with global best practices and meeting the increasing demands of investors for greater transparency on environmental, social, and governance (ESG) practices.

Shobanjo called on stakeholders to collaborate in implementing the standards, investing in necessary technologies, and fostering a culture of sustainability. He urged participants to leverage insights from the forum to navigate the transition and ensure compliance.

“By embracing sustainability disclosures, we can build resilient capital markets, attract investment, and contribute to a sustainable future for our industries and society,” Shobanjo concluded.

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By Iheanyi Nwachukwu • December 12, 2024

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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