NGX REGCO BACKS FRC ON NEW REPORTING STANDARDS
The Chief Executive Officer of NGX Regulation Limited, Olufemi Shobanjo, recently praised the Financial Reporting Council of Nigeria (FRCN) for its leadership in advancing sustainability reporting standards across Africa. This recognition came during a Regulatory Roundtable for Sustainability Reporting held in Abuja, where Shobanjo highlighted the benefits of adopting these new standards.
Shobanjo noted that Nigeria's commitment to promoting corporate reporting has positioned the country as a leader in this field within the continent. He also emphasized the long-term advantages of adopting sustainability reporting standards, such as enhanced investor confidence, improved corporate governance, and better comparability of sustainability information across different markets.
Furthermore, companies like Seplat Energy and MTN Nigeria have already started integrating these standards into their reporting frameworks. In collaboration with the International Sustainability Standards Board (ISSB) and FRCN, NGX Regco is assessing the readiness of listed companies and has established a phased roadmap for the adoption of these standards starting in March 2024.
The roundtable aimed to provide stakeholders with a clearer understanding of the new reporting requirements, ensuring that they are well-prepared for the upcoming changes.
The Chief Executive Officer of NGX Regulation Limited, Olufemi Shobanjo, recently praised the Financial Reporting Council of Nigeria (FRCN) for its leadership in advancing sustainability reporting standards across Africa. This recognition came during a Regulatory Roundtable for Sustainability Reporting held in Abuja, where Shobanjo highlighted the benefits of adopting these new standards.
Shobanjo noted that Nigeria's commitment to promoting corporate reporting has positioned the country as a leader in this field within the continent. He also emphasized the long-term advantages of adopting sustainability reporting standards, such as enhanced investor confidence, improved corporate governance, and better comparability of sustainability information across different markets.
Furthermore, companies like Seplat Energy and MTN Nigeria have already started integrating these standards into their reporting frameworks. In collaboration with the International Sustainability Standards Board (ISSB) and FRCN, NGX Regco is assessing the readiness of listed companies and has established a phased roadmap for the adoption of these standards starting in March 2024.
The roundtable aimed to provide stakeholders with a clearer understanding of the new reporting requirements, ensuring that they are well-prepared for the upcoming changes.