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Nigerian Companies Prepare to Adopt ISSB Standards

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By Aduragbemi Omiyale

Some Nigerian companies are gearing up for the earlier adoption of Sustainable Accounting Standards Board (SASB) Standards.

Recently, in preparation for the standard effectiveness of the International Sustainability Standards Board (ISSB), five webinars were held for the imminent release of the ISSB’s first two IFRS Sustainability Disclosure Standards, better known as IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information); and IFRS S2 (Climate-related Disclosures).

The virtual workshops were put together by the ISSB, the Financial Reporting Council of Nigeria (FRCN), and the Nigerian Exchange (NGX) Regulation Limited.

The webinars themed ISSB Industry-based Disclosure: Using the SASB Standards – A Tool for Disclosure of Sustainability-Related Information, were well attended by over 1,500 individuals from Nigeria, Africa and beyond.

They featured presentations on IFRS S1 and IFRS S2 as well as the industry-specific metrics drawn from the SASB Standards, covering four industries: the Oil & Gas, Telecommunications, Financial Services, and Food & Beverages and Consumer Goods sectors.

Commending the FRCN, ISSB and NGX RegCo for their efforts in helping to create awareness around the launch and adoption of IFRS 1 and IFRS 2, the Executive Secretary of the FRCN, Ambassador Shuaibu Adamu, said that it is encouraging that African countries are coming together to collaborate in this capacity building programme because it is clear that Africa does not intend to be left behind and is partnering with the IFRS Foundation to ensure significant further investment in capacity building for African countries is delivered, also to ensure the ISSB standards are truly global in their implementation.

Speaking during the webinar series, the Director, Directorate of Accounting Standards (Public Sector) of the FRCN, Dr Iheanyi Anyahara, commended the joint efforts of the organizers to ensure that Nigerian companies are prepared to early adopt the ISSB Standards when they become effective.

He also noted that the capacity-building engagements will continue even after the webinar series.

Additionally, he stated that the FRCN had inaugurated the Adoption Readiness Working Group (ARWG), which will make recommendations to the FRCN on adopting the IFRS Sustainability Standards in Nigeria.

The chief executive of NGX RegCo, Ms Tinuade Awe, stated that as a member of the NGX Group, NGX RegCo had been involved in furthering the development of sustainability reporting in Nigeria over a period of time.

Expressing her appreciation to the FRC and the ISSB for collaborating with NGX RegCo in this successful effort, Ms Awe noted that the webinars were necessary in order to get Nigerian and African companies ready to comply with IFRS S1 and IFRS S2 when they become effective so that they will not be left behind in the global race to unlock capital for growth and development.

On her part, a Board Member of the ISSB, Dr Ndidi Nnoli-Edozien, said that “the IFRS Accounting standards are used across 140 countries, and the objective of the IFRS Sustainability Standards is to enable companies to provide a global baseline of sustainability-related and climate-related disclosures that are decision-useful, cost-effective and market informed providing comparability across companies, industries and markets and applicable without undue cost and effort.

According to her, sustainability-related disclosures are important to global capital markets and will develop a common language of sustainability-related disclosures that provide decision-useful information to investors with the potential to unlock capital flows.

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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Dangote Unveils Phone Number to Report MRS Stations Selling PMS Above N739

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By Modupe Gbadeyanka

A hotline number, 0800 123 5264, for Nigerians to report any MRS Oil Nigeria Plc filling stations selling Premium Motor Spirit (PMS), commonly known as petrol, above the approved pump price of N739 per litre, has been released by Dangote Petroleum Refinery.

The private refiner said the number was now active nationwide, enabling consumers to promptly report violations and help maintain fair pricing across over 2,000 MRS stations.

This measure follows the refinery’s recent commencement of nationwide PMS sales at N739 per litre—a strategic intervention aimed at stabilising fuel prices and easing the financial burden on Nigerians during the festive season.

“We encourage Nigerians to avoid purchasing PMS at inflated prices when locally refined fuel is available at N739 per litre.

“Report any MRS station selling above this price by calling our hotline. Together, we can ensure that the benefits of this price reduction reach every consumer,” the company stated in a statement.

The organisation stressed its mission to deliver affordable, high-quality fuel while safeguarding national economic interests, reaffirming its commitment to steady supply, backed by a guaranteed daily output of 50 million litres, and warned against attempts to create artificial scarcity or manipulate supply.

Regulatory authorities have been urged to remain vigilant and take decisive action against unpatriotic practices.

By refining locally at scale, Dangote Refinery is reducing Nigeria’s dependence on imports, conserving foreign exchange, stabilising the Naira, and strengthening energy security. This initiative represents a significant milestone in the country’s journey toward sustainable energy solutions and economic recovery.

The refinery also issued a stern warning against attempts by unscrupulous operators to create artificial scarcity in response to the price reduction, calling on government agencies to act decisively.

“Any attempt to create artificial scarcity or manipulate supply to frustrate recent price reductions is unpatriotic and unacceptable. We urge regulatory authorities to remain vigilant and take firm action against such practices, especially during this critical festive period,” the statement added.

Consumers were advised to resist purchasing fuel at inflated prices when cheaper, high-quality alternatives are readily available.

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ANLCA Airport Chapter Scores Salamatu High on Stakeholder Engagement, Trade Facilitation

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By Bon Peters

The Airport Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA) at Omagwa Rivers State has praised the Customs Area Controller for Customs Area 1 Command, Comptroller Salamatu Atuluku.

At the end-of-the-year party attended by stakeholders, including the leader of the association’s chapter, Mr Charles Onyema, said the customs officer has done well in stakeholder engagement and trade facilitation.

At the event held last Friday, he said his association has been enjoying a very cordial relationship with other organisation in the ecosystem.

“You can see what is happening today, everybody is working together and our operations here are seamless,” he noted.

He stated that apart from creating a very robust business environment for his members and other stakeholders to operate, he has taken a decision to build and commission a befitting ANLCA Secretariat which would be completed soon and be commissioned by the ANLCA national president, Mr Emenike Nwokeoji.

The ANLCA chapter chief said since “Comptroller Salamatu Atuluku assumed office at Customs Area 1, Port Harcourt Command, it has been a different ball game, facilitating  trade and increasing Revenue generation.”

“I remember I told her she was a mother during her maiden visit to the airport.

“You know when you have a woman in charge of an affair, food will not lack, compassion will not lack and motherly love will not lack.

“She is very wonderful in stakeholder engagement, revenue generation and trade facilitation,” Mr Onyema enthused.

Projecting into the future, Mr. Onyema said the year 2026 would be better for his members, adding that he has advised them on financial discipline which he said would help them during the trying period.

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FG Declares Holidays for Christmas, New Year Celebrations

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By Adedapo Adesanya

The federal government has declared Thursday, December 25, and Friday, December 26, 2025, as public holidays to mark Christmas and Boxing Day respectively.

The government also declared Thursday, January 1, 2026, for the New Year celebration.

The declaration was contained in a statement issued on Monday by the Permanent Secretary of the Ministry of Interior, Mrs Magdalene Ajani, on behalf of the Minister of Interior, Mr Olubunmi Tunji-Ojo.

According to the statement, the Minister urged Nigerians to reflect on the values of love, peace, humility and sacrifice associated with the birth of Jesus Christ.

Mr Tunji-Ojo also called on citizens, irrespective of faith or ethnicity, to use the festive season to pray for peace, improved security and national progress.

He further advised Nigerians to remain law-abiding and security-conscious during the celebrations, while wishing them a Merry Christmas and a prosperous New Year.

Business Post reports that on these public holidays – the foreign exchange market, the Nigerian Exchange (NGX), as well as the NASD Over-the-Counter (OTC) Securities Exchange will not open to trade.

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