Olufemi Shobanjo, CEO of NGX Regulation Limited, praised the Financial Reporting Council of Nigeria (FRCN) for its pioneering role in establishing sustainability reporting standards across Africa.
During the recent Regulatory Roundtable for Sustainability Reporting in Abuja, Shobanjo highlighted FRCN’s contributions to corporate reporting, noting that these efforts have positioned Nigeria as a continental leader in this domain.
He emphasized the long-term benefits of adopting these standards, such as increased investor confidence, improved corporate governance, and better comparability of sustainability information across different markets.
Shobanjo pointed out that prominent companies like Seplat Energy and MTN Nigeria have already integrated these sustainability standards into their corporate reporting.
In collaboration with the International Sustainability Standards Board (ISSB) and FRCN, NGX Regco is currently assessing the readiness of listed companies for the new standards, with a phased roadmap for adoption starting in March 2024.
The roundtable, according to Shobanjo, served to provide stakeholders with a clear understanding of the new sustainability reporting requirements, ensuring that companies are well-prepared for the upcoming changes.