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NGX Regulation Limited, the International Sustainability Standards Board (ISSB) as well as the Financial Reporting Council of Nigeria (FRC) have partnered to drive sustainability and climate disclosure reporting among Nigerian companies to ensure investors in the Nigerian capital market are protected.
Chief Executive Officer, NGX Regulation, Ms Tinuade Awe, disclosed this at the opening of a 3-day virtual workshop on IFRS Sustainability Disclosure Standards for companies as well as investors in the capital market in Lagos on Tuesday (June 6, 2023).
She said the workshop was organized to help investors understand the basic concepts of the Sustainable Accounting Standards Board, SASB, and make effective decisions based on the standards.
Awe noted that NGX Regulation remains 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 FRC, and so we are pleased to have these sessions as they are important and we look forward to having more collaborations with FRC as well as other organisations.”
Also speaking, the Executive Secretary, FRC, Amb. Shuaibu Adamu, revealed that Nigeria is the only African country that has been selected to launch IFRS S1 and IFRS S2, adding that key to the launching of these standards has been awareness and capacity building.
Commending NGX Regulation 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.”
Also speaking, Board Member, ISSB, Ndidi Nnoli-Edozien, said that IFRS standards are used across 140 countries and the objective is to enable companies to provide comprehensive, decision useful sustainability and climate information to global capital markets, develop a common language of sustainability related disclosures.
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