NGX Regco backs FRC on new reporting standards

The Chief Executive Officer of NGX Regulation Limited, Olufemi Shobanjo, has commended the Financial Reporting Council of Nigeria for spearheading sustainability reporting standards across Africa.

Speaking at the Regulatory Roundtable for Sustainability Reporting in Nigeria held in Abuja recently, Shobanjo lauded FRCN’s role in promoting corporate reporting, stating that those efforts had positioned Nigeria as a leader in corporate reporting on the continent.

He highlighted the long-term benefits of adoption, including improved investor confidence, better corporate governance, and enhanced comparability of sustainability information across markets.

He noted that companies like Seplat Energy and MTN Nigeria had already integrated those standards into their reporting.

 He added that, in collaboration with ISSB and FRCN, NGX Regco was working on assessing the readiness of listed companies and had set a phased roadmap for standard adoption starting in March 2024.

Shobanjo emphasised that the roundtable aimed to provide stakeholders with a clear understanding of those new requirements.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]