NGX Regulation Limited (NGX RegCo) held its annual Issuers’ Engagement Forum on Wednesday, focusing on the adoption of the International Financial Reporting Standards (IFRS) Sustainability Disclosure Standards.
Themed “Adopting the IFRS Sustainability Disclosure Standards: Strategies and Expectations,” the event brought together industry leaders, regulators, and representatives of Nigeria’s top listed companies to chart a path toward enhanced corporate transparency and sustainability practices.
The forum acknowledged early adopters of the IFRS S1 and S2 sustainability reporting standards, including Access Holdings Plc, Fidelity Bank Plc, MTN Nigeria Communications Plc, and Seplat Energy Plc. These companies implemented the standards in their 2023 financial reports, sharing their experiences during the event.
Delivering the opening remarks, Olufemi Shobanjo, Chief Executive Officer, NGX RegCo emphasized the significance of sustainability disclosures for the future of Nigeria’s financial markets and corporate governance.
Shobanjo stated, “Today’s forum is not just about compliance with new standards; it’s about transforming how businesses operate, fostering transparency, and creating long-term value for stakeholders.”
NGX RegCo has actively prepared issuers for the transition to sustainability reporting standards through initiatives such as webinars and collaborative engagements with the ISSB (International Sustainability Standards Board) and FRCN. Earlier this year, NGX RegCo hosted the unveiling of Nigeria’s roadmap for adopting IFRS S1 and S2, which outlined a phased approach to compliance.
The adoption of these standards, Shobanjo noted, is vital for aligning Nigerian companies with global best practices and meeting the increasing demands of investors for greater transparency on environmental, social, and governance (ESG) practices.
Shobanjo called on stakeholders to collaborate in implementing the standards, investing in necessary technologies, and fostering a culture of sustainability. He urged participants to leverage insights from the forum to navigate the transition and ensure compliance.
“By embracing sustainability disclosures, we can build resilient capital markets, attract investment, and contribute to a sustainable future for our industries and society,” Shobanjo concluded.