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NGX RegCo, FRCN Unveil Roadmap for SFRS Adoption
The NGX Regulation Ltd. (NGX RegCo), the regulating body of the Nigerian Exchange Group and Financial Reporting Council of Nigeria (FRCN), at the weekend, jointly launched the roadmap for the adoption of the Sustainability Financial Reporting Standard in Nigeria.
This significant initiative was marked by a regulatory roundtable event, coinciding with the visit of Mr. Emmanuel Faber, Chair of the International Sustainability Standards Board (ISSB), and his team to the Nigerian Exchange.
Speaking during the event, the Chief Executive Officer, NGX RegCo, Femi Shobanjo commended the ISSB for their efforts in ensuring the successful adoption of the Sustainability Financial Reporting Standard in Nigeria.
He emphasized the historical significance of this event, marking a new chapter in Nigeria’s sustainability journey. Shobanjo reiterated NGX RegCo’s commitment to promoting fair and transparent markets, emphasizing the importance of timely information disclosure for investor protection.
He expressed optimism that all financial market stakeholders would remain committed to good Corporate Governance Practices and abide by the rules of NGX and other extant laws in the country.
According to him, “signaling progress in our sustainability journey as a nation, today’s noteworthy event will launch the roadmap on address adoption of the issues sustainability disclosure standards and touching upon strategic developments in the field of sustainability reporting, as well as the importance of the standards and supporting investors and meeting the capital needs to unlock capital flows into Africa.”
The Chief Executive Officer, FRCN, Mr Rabiu Olowo said that the launch of the roadmap asserts Nigeria’s leadership role in the adoption of the ISSB’s sustainability standard.
Olowo revealed that President Bola Tinubu during a visit of the ISSB’s team to him in Abuja earlier, expressed affirmation in his commitment for the adoption of ISSB’s proposition and framework for the sustainability standard in Nigeria.
He explained that the unveiling of the roadmap, is in line with ISSB’s launch of its two inaugural sustainability standards, namely; IFRS S1, for disclosure of sustainability related financial information and IFRS S2 for climate related disclosure in June 2023.
According to him, the FRCN also issued the exposure draft on the roadmap for sustainability reporting in Nigeria on Feb.1, which period of exposure ended on March 14.
Olowo said that sustainability financial reporting standard unlocks capital flow, improves transparency across value chains, leading to greater and healthy competitiveness for companies.
He noted that the financial reporting standard also leads to increase Foreign Direct Investments (FDIs), portfolio investment, job creation, promote economic and social resilience, in line with the economic policies of the present government.
The FRCN boss said the visit of Faber to Nigeria underscores the importance Nigeria attaches in aligning with global framework, especially as it affects corporate practices, of which sustainability has become a critical component.
Olowo appreciated the Adoption Readiness Working Group (ARWG) and other stakeholders for coming together to build the framework that would help the country unto its journey of sustainability financial reporting standard.
According to him, the roadmap for the implementation of the sustainability standard reporting is in different phases, between 2024 and 2030 for big and small businesses; in the area of sustainability reporting and assurance of timeline.
Olowo assured that FRCN would provide resources and support for the seamless transition into the new financial reporting through advocacy, technical support, capacity building, training for easy preparation of financial reports to attract investors’ confidence in businesses.
Commending the FRCN, NGX RegCo, the Chairman of ISSB, Emmanuel Faber stressed the importance of incorporating sustainability standards into financial reporting, especially in addressing climate change and transition risks.
Faber expressed confidence that the ISSB’s sustainability financial reporting standard would enhance transparency and credibility within Nigeria’s business community and supply chains.
He thereafter pledged full support from ISSB to Nigeria in implementing the roadmap, aiming to build more resilient business models and economic stability.
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Participants at the event
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
While 85 per cent of Nigeria is in darkness, Tanzania, an African country has shut down five hydroelectric stations in a bid to reduce excess electricity in the national grid.
Kassim Majaliwa, prime minister, Tanzania, has said the main plant, Mwalimu Nyerere Hydroelectric Station, alone generated enough electricity to power major cities, including Dar es Salaam, the country’s commercial hub.
It is the first time Tanzania, which suffers chronic power shortages, has closed hydroelectric stations due to excess production.
“We have turned off all these stations because the demand is low and the electricity production is too much, we have no allocation now,” an official from state-run power company, Tanesco, said.
The 2,115MW Julius Nyerere Hydropower Dam is said to be almost filled with water following heavy rains that started early this year.
Meanwhile, while the country has an installed capacity of 1,938MW and the grid installed capacity of 1,899MW, Nigeria which has an installed capacity of 13,000MW is struggling to electrify 85 per cent of its electricity consumers.
President Bola Tinubu has approved the appointment of Jim Ovia, renowned banker and businessman, as the Chairman, Board of the Nigerian Education Loan Fund.
Jim Ovia
Ovia’s appointment is contained in a State House statement titled, ‘President Tinubu appoints Jim Ovia as Chairman of the Nigerian Education Loan Fund,’ and issued on Friday by Ajuri Ngelale, special adviser to the President, Media & Publicity.
The statement noted that “Ovia is the founder of one of Nigeria’s leading banks and a respected business leader, with a surfeit of efforts and benefaction towards nurturing and empowering young Nigerians.
“He is an alumnus of Harvard Business School and holds a Master’s in Business Administration from the University of Louisiana.”
The National Student Loan Programme is a pivotal intervention that seeks to guarantee sustainable higher education and functional skill development for all Nigerian students and youths.
The Nigerian Education Loan Fund, the implementing institution of this innovation, demands excellence and Nigerians of the finest professional ilk to guide and manage.
“The President believes Mr. Ovia will bring his immense wealth of experience and professional stature to this role to advance the all-important vision of ensuring that no Nigerian student suffers a capricious end to their pursuit of higher education over a lack of funds,” the statement partly read.
Ovia’s appointment will also ensure “that Nigerian youths, irrespective of who they are, have access to higher education and skills that will make them productive members of society and core contributors to the knowledge-based global economy of this century.”
Legit.ng, Shade of Life Foundation Partner to Advance Autism Awareness in Nigeria
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