NGX RegCo,  FRC, ISSB  to  Champion  Sustainability Reporting

Kayode Tokede

NGX Regulation Limited, the International Sustainability Standards Board (ISSB) as well as the Financial Reporting Council (FRC) of Nigeria have all said they remain committed to championing the drive of sustainability and climatic disclosure reporting among companies to ensure investors in the Nigerian capital market are protected.

They made the commitment during the three-day virtual workshop on IFRS Sustainability Disclosure Standards for companies as well as investors in the capital market in Lagos yesterday

In her opening remarks, the Chief Executive Officer, NGX RegCo, Ms Tinuade Awe,    said the workshop was organised to help investors understand the basic concepts of the SASB standards and make effective decisions based on the standards.

Expressing her excitement, Awe noted that NGX RegCo remained committed to promoting a fair, transparent and orderly market that thrives on full and timely information needed for the protection of investors in the Nigerian capital market.

She said: “As a member of the NGX Group, our commitment towards driving sustainability and climate disclosures dates back in time and continues as we partner with organisations such as the FRC and so we are pleased to have these sessions as they are important and we look forward to having more collaborations with the FRC as well as other organizations.”

 Awe further revealed that there is an adoption readiness strategy mapped out to help accountants and auditors in sustainability and climatic reporting.

“The adoption readiness working group is a creation of the FRC supported by the ISSB where basically a group of people are being put together in order to advise or help the FRC on a roadmap for getting to the adoption of these standards to work in Nigeria,” she said.

 Earlier in his welcome remarks, the Executive Secretary, FRC Nigeria,  Shuaibu Adamu, revealed that Nigeria is the only African country that has been selected to launch the IFRS S1 and IFRS S2, adding that key to the launching of these standards has been awareness and capacity building.

 Commending NGX RegCo and ISSB, Adamu said: “It is encouraging that African countries are coming together to collaborate in this capacity building programme because it is clear that Africa does not want to be left behind.

“We want to appreciate NGX RegCo for agreeing to partner with us and they have been so far worth partners in this endeavor. It is clear that ISSB wants implementation of these standards globally and they have taken time to ensure Africa is not left behind.”