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Olufemi Shobanjo, Chief Executive Officer of NGX Regulation, has underscored the necessity for a unified Environmental, Social, and Governance (ESG) regulatory body in Nigeria. Speaking at the 2024 FITC Sustainability ESG Summit, Shobanjo addressed the theme, ‘From Vision to Action – Leading with Sustainability and ESG: Building a Sustainable Future and Green Finance.’
In his statement, Shobanjo emphasized the urgent need for a streamlined and enforceable ESG compliance framework across all sectors. “A unified ESG regulatory body is essential to drive consistent compliance and create a sustainable business environment,” he asserted.
Shobanjo praised the FITC Board and Management, including Phillip Ikeazor, a Fellow of the Institute of Chartered Accountants of Nigeria, and Chizor Malize, CEO of the Financial Institutions Training Centre, for their pioneering launch of the ESG Sustainability Institute. This initiative, he noted, provides a vital platform for promoting and advancing sustainability practices within Nigeria.
“The establishment of the ESG Sustainability Institute represents a major advancement in our sustainability efforts. It exemplifies how integrating ESG principles into core business strategies can drive transformative change,” Shobanjo commented.
Despite existing frameworks like the Climate Change Act and the Federal Competition and Consumer Protection Act, Shobanjo acknowledged ongoing challenges in achieving comprehensive regulatory compliance. “While progress has been made in the financial services sector, other industries are still lagging in the adoption of ESG standards,” he observed.
He argued that a unified ESG regulatory framework would ensure consistent compliance across all sectors, align with both national and global standards, and enhance transparency and accountability. “A cohesive ESG regulatory body will position Nigeria as a leader in global ESG performance,” he stated, reaffirming NGX Regulation’s commitment to working with stakeholders to realize this objective.
Shobanjo concluded by highlighting Nigeria’s potential to set a benchmark for ESG adoption across Africa. “Our dedication to sustainability is vital for the economic development and well-being of future generations,” he affirmed.
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