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Olufemi Shobanjo, Chief Executive Officer of NGX Regulation Limited (NGX RegCo), has praised the Financial Reporting Council of Nigeria (FRC) for its leadership in advancing sustainability reporting standards across Africa.
During the recent Regulatory Roundtable for Sustainability Reporting in Nigeria held in Abuja, Shobanjo acknowledged FRC’s pivotal role in elevating corporate reporting practices. He remarked that these efforts have solidified Nigeria’s position as a frontrunner in corporate reporting on the continent.
Shobanjo underscored the long-term advantages of adopting these standards, which include boosting investor confidence, enhancing corporate governance, and improving the comparability of sustainability information across different markets.
He noted that companies like Seplat Energy and MTN Nigeria have already begun integrating these standards into their reporting frameworks. Furthermore, in collaboration with the International Sustainability Standards Board (ISSB) and FRC, NGX RegCo is actively assessing the readiness of listed companies and has established a phased roadmap for adopting the standards, set to commence in March 2024.
Shobanjo emphasized that the roundtable was designed to equip stakeholders with a clear understanding of the new sustainability reporting requirements.
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