The NGX Regulation Limited, IFRS Foundation, and Financial Reporting Council of Nigeria have jointly restated their commitment to sustainability reporting initiatives among listed companies.
The commitment was made during the NGX Issuers Engagement Forum held at The NGX Group House in Lagos recently.
The Chief Executive Officer of NGX Regulation Limited, Tinuade Awe, said, “We have taken an active role with sustainability since 2010, we could foresee a future which is now unfolding and we wanted to be in a position we would be able to help our listed companies to cross into that future.
“A future where numbers alone are insufficient,” she added.
The Executive Secretary of FRC Nigeria, Dr Rabiu Olowo, for his part expressed delight about the ongoing engagement with listed companies and its effects on investors’ confidence.
He said, “By engaging with listed companies, we are not only demonstrating our commitment to sustainability but also enhancing investor confidence and fostering a more resilient and sustainable economy.”
On her part, a board member of the International Sustainability Standards Board, Dr Ndidi Nnoli-Edozien, underscored the significance of aligning ISSB standards with IFRS accounting standards under the IFRS Foundation.
She pointed out that the objective was to streamline disclosures, alleviate compliance burdens, and ensure the standards become instrumental in identifying material aspects and opportunities.
“One of the things I want us to remember always is that the ISSB standards are set alongside the IFRS accounting standards under the IFRS Foundation because we are trying to reduce the alphabet sweep of disclosure, reduce the undue cost and burden of compliance and make sure that these standards are useful in terms of identifying material risks and opportunities,” she said.
Experts said that the collaboration of the NGX RegCo, IFRS Foundation, and FRC Nigeria signified a crucial step towards ensuring transparency, resilience, and sustainable practices within Nigeria’s capital market as the emphasis on sustainability reporting not only safeguards investor interests but also positions the market for long-term viability and responsible corporate practices.
In June, the collaborating entities had organised a three-day workshop on IFRS Sustainability Disclosure Standards for companies and investors in the capital market.
SOURCE: PUNCHNG
