Olufemi Shobanjo, the Chief Executive Officer of NGX Regulation Limited, has praised the Financial Reporting Council of Nigeria (FRCN) for leading the charge in establishing sustainability reporting standards across Africa.
During the recent Regulatory Roundtable for Sustainability Reporting in Nigeria, held in Abuja, Shobanjo commended FRCN’s efforts in advancing corporate reporting.
He emphasized that these initiatives have positioned Nigeria as a frontrunner in corporate reporting on the continent.
Shobanjo outlined the long-term benefits of adopting these standards, such as increased investor confidence, enhanced corporate governance, and improved comparability of sustainability information across different markets.
He highlighted that companies like Seplat Energy and MTN Nigeria have already incorporated these standards into their reporting practices.
Additionally, Shobanjo mentioned that NGX Regco, in collaboration with the International Sustainability Standards Board (ISSB) and FRCN, is evaluating the readiness of listed companies.
Here are some companies in Nigeria that have adopted sustainability reporting standards:
Seplat Energy: Seplat Energy has integrated sustainability standards into their reporting practices, showcasing their commitment to environmental, social, and governance (ESG) principles.
MTN Nigeria: MTN Nigeria has also adopted these standards, reflecting their dedication to transparent and responsible corporate reporting.
Access Bank: Access Bank is among the early adopters, aligning their reporting with the new sustainability standards to enhance investor confidence and corporate governance.
Fidelity Bank: Fidelity Bank has started complying with the new sustainability standards, demonstrating their commitment to sustainable business practices.
These companies are leading the way in Nigeria, setting a benchmark for others to follow in terms of sustainability and corporate responsibility.
The roundtable aimed to provide stakeholders with a comprehensive understanding of the new requirements, Shobanjo noted.
