NGX RegCo seeks uniform ESG regulations

The Chief Executive Officer of NGX Regulation, Olufemi Shobanjo, has called for the establishment of a unified ESG regulatory body in Nigeria.

In a statement made available to The PUNCH on Sunday, Shobanjo made this call while speaking on the theme, ‘From Vision to Action – Leading with Sustainability and ESG: Building a Sustainable Future and Green Finance, at the 2024 FITC Sustainability ESG Summit.

Shobanjo highlighted the urgent need for streamlined and enforceable ESG compliance across all industries.

“A unified ESG regulatory body is essential to drive consistent compliance and foster a sustainable business environment,” Shobanjo stated.

During the panel discussion, Shobanjo commended the FITC Board and Management, including a Fellow of the Institute of Chartered Accountants of Nigeria, Phillip Ikeazor, and the CEO of the Financial Institutions Training Centre, Chizor Malize, for their innovative launch of the ESG Sustainability Institute.

He noted that this initiative has provided a platform for promoting and discussing sustainability practices in Nigeria.

“The launch of the ESG Sustainability Institute marks a significant milestone in advancing our sustainability goals. EcoTech’s transformation is a testament to the power of integrating ESG into core business strategies,” Shobanjo remarked.

Despite existing frameworks like the Climate Change Act and the Federal Competition and Consumer Protection Act, Shobanjo noted that challenges in regulatory compliance remain. “While we have made strides in the financial services sector, other industries need to catch up in adopting ESG standards,” he observed.

He argued that a unified ESG regulatory body would ensure consistent compliance across industries, align with national and global standards, and enhance transparency and accountability.

“A unified ESG regulatory framework will position Nigeria as a leader in global ESG performance,” he stated, adding that NGX Regulation is committed to collaborating with stakeholders to achieve this goal.

Shobanjo emphasised that Nigeria has the potential to set a benchmark for other African countries in ESG adoption and sustainable practices.

“Our commitment to sustainability is crucial for the economic growth and well-being of future generations,” he stated.