NGX RegCO, IFRS Foundation, FRC reaffirm commitment to sustainability reporting

In a significant stride towards fortifying investor protection in the Nigerian capital market, NGX Regulation Limited (NGX RegCo), the IFRS Foundation, and the Financial Reporting Council of Nigeria (FRC) have jointly reaffirmed their dedication to spearheading sustainability reporting initiatives among listed companies.

The commitment was made during the NGX Issuers Engagement Forum held on Thursday at The NGX Group House, Lagos. Tinuade Awe, Chief Executive Officer of NGX Regulation Limited emphasised the pivotal role NGX RegCo has played since 2010 in actively championing sustainability. She stated, “We have been taking a proactive approach to sustainability since 2010, envisioning a future where mere numbers are inadequate. Our aim is to guide our listed companies seamlessly into this future.”

Rabiu Olowo, Executive Secretary of FRC Nigeria, expressed excitement about the ongoing engagement with listed companies, noting that the collective efforts, especially with new entrants joining the sustainability reporting fold, underscore their commitment to sustainability. He highlighted that such initiatives not only ensure investor confidence but also contribute to building a more resilient and sustainable economy.

Ndidi Nnoli-Edozien, a Board Member of ISSB, underscored the significance of aligning ISSB standards with IFRS accounting standards under the IFRS Foundation. She pointed out that the objective is to streamline disclosures, alleviate compliance burdens, and ensure the standards become instrumental in identifying material aspects and opportunities.

The collaborative effort of NGX RegCo, IFRS Foundation, and FRC Nigeria signifies a crucial step towards ensuring transparency, resilience, and sustainable practices within Nigeria’s capital market. The emphasis on sustainability reporting not only safeguards investor interests but also positions the market for long-term viability and responsible corporate practices.

As the financial landscape evolves, the commitment of these regulatory bodies ensures that Nigerian companies are well-equipped to navigate the challenges of a future where sustainability remains front and center.