Accountants Urge Private Sector to Lead Climate Action Awareness

Image

By Sodeinde Temidayo David

The private sector in Nigeria has been urged to take a leading role in the fight against environmental collapse and help promote climate action in the country.

This advice was given by the Institute of Chartered Accountants in England and Wales (ICAEW) during the special screening of its new climate action film in Nigeria titled Our Planet: Our Business. The movie was inspired by a similar narrated Netflix series by David Attenborough.

At the screening, ICAEW’s Director of Sustainability, Mr Richard Spencer, highlighted the risks of climate change to businesses across the African continent and how companies can minimise the impact they have on the planet.

A report by the African Climate Policy Centre had projected that the gross domestic product (GDP) in Africa might suffer significantly as a result of a global temperature increase.

“Climate change is a defining issue of our time, and is having a growing impact on the African continent,” Mr Spencer stated.

He emphasised that the climate emergency represents the greatest risk of modern times, and urged accountancy professionals to also act now and play their part in saving the planet and challenged business leaders to fully recognise the critical link between nature and business prosperity and the leading role the private sector must play in tackling the threat of climate change.

The speakers at the event stressed the importance of including sustainability reports as part of financial statements and stated that corporate reporting should cover sustainability issues critical to businesses.

The information included in sustainability reports must also be prepared to the same high standard as financial performance issues and reporting, they opined, noting that these reports should be an integral part of a company’s performance and accountability in today’s world.

ICAEW’s sustainability experts called for businesses to revaluate how they are affecting the environment both negatively and positively, and ensure that they implement policies around educating their staff how the business is contributing socially and environmentally.

They also agreed that transitioning to zero carbon is the biggest way companies can contribute to climate change and sustainability efforts across the world.

ICAEW is reputed to be the first major professional body to become carbon neutral, offsetting all of its emissions and working towards shrinking its carbon footprint.

As part of ICAEW’s ongoing commitment, the organisation has now created the Sustainability and Climate Change Community with the aim of providing inspiration, insights and collective ambition for professionals delivering on sustainability and acting on climate change.

Share
Related Stories
Image
29-February-2024

Nigerian Navy Impounds Stolen N8.6bn Crude, Others in Three Weeks

By Adedapo Adesanya The Nigerian Navy, through the Troops of Operation Delta Sanity, has deactivated 41 illegal refining sites and impounded stolen crude oil and other products worth N8.6 billion in three weeks. The Director of Naval Information, Mr Adedotun Ayo-Vaughan, a Rear Admiral, made the disclosure in a statement, saying that various Nigerian Navy platforms were deployed for the operation meant to combat oil theft and illegal oil bunkering plaguing Nigeria’s maritime environment. He said that between February 5 and February 22, a total of 51 wooden boats and three fibre ones were apprehended, while 104 illegal refining ovens,

Image
01-March-2024

Reps Investigate Nigeria’s Public Private Partnerships, Concessions Since 1999

By Adedapo Adesanya The House of Representatives is investigating and executing performance assessments of Public Private Partnerships (PPP) and concession agreements in the country since 1999. At a hearing of the Joint Committees on Public Assets and Special Duties on Thursday in Abuja, the Speaker of the House, Mr Tajudeen Abbas, said the objective was to meticulously dissect the triumphs, challenges, and overall impact of PPPs and concession agreements on our public infrastructure and services. “While PPPs have indeed played a crucial role in propelling development, it is imperative that their effectiveness undergoes a comprehensive analysis. “Therefore, this hearing presents

Image
04-March-2024

Aradel Emerges Best Fully Integrated Energy Firm at NIES Awards

By Adedapo Adesanya Local oil and gas investment giant, Aradel Holdings Plc, has won the Best Fully Integrated Energy Company of the Year Award at the just-concluded 7th edition of the Nigerian International Energy Summit (NIES) 2024 energy industry awards. The prestigious NIES award is a highlight in the energy industry calendar that recognises individuals and organisations that have established themselves through technical contributions, professional excellence, industry leadership, career achievements, and a commitment to fostering Nigerian content. The awards honour those who have demonstrated the ability to envision innovative solutions that not only transform lives and communities but also contribute

Image
26-February-2024

Tinubu to Implement Oronsaye Report on Leaner Government

By Adedapo Adesanya President Bola Tinubu has resolved to implement the Stephen Oronsaye report that called for a leaner government by merging some ministries, departments, and agencies (MDAs) and scrapping some others 12 years after it was suggested. The President’s decision was announced by a presidential spokesperson, Mr Bayo Onanuga, in a post on X. “Twelve years after the Steve Oronsaye panel submitted its report on restructuring and rationalizing federal government parastatals and agencies and a white paper issued two years after, President Tinubu and the Federal Executive Council today decided to implement the report,” Mr Onanuga wrote. “Many agencies

More Stories
Image
06-December-2017

Nigeria to Raise N100b from Bond Auction Dec 13

By Modupe Gbadeyanka Africa’s largest economy, Nigeria, has expressed its intention to raise about N100 billion from the local bond market next Wednesday. The exercise, precisely slated for December 13, 2017, would be conducted using the Dutch auction system. A circular released by the Debt Management Office (DMO) disclosed that N50 billion would be raised in each of the two maturities, 5-year and 10-year. According to the circular obtained by Business Post, the debt office would be offering N50 billion for the FGN JUL 2021 note at 14.50 percent, and N50 billion also for the FGN MAR 2027 paper at

Image
21-May-2022

FrieslandCampina, Capital Bancorp Chop Off N20.61bn from NASD

By Adedapo Adesanya   The NASD Over-the-Counter (OTC) plunged by 1.95 per cent on Friday, May 21 as negative price movements in FrieslandCampina WAMCO Nigeria Plc and Capital Bancorp Plc chopped off N20.61 billion from the bourse. Consequently, the market capitalisation of the unlisted stock exchange finished at N1.04 trillion compared with the preceding session’s N1.06 trillion, while the NASD Unlisted Securities Index (NSI) decreased by 15.74 points to wrap the session at 793.05 points compared with 808.79 points recorded in the previous session. Business Post reports that the share price of Friesland went down yesterday by N11 or 9.24 per

Image
22-August-2019

Nigeria’s on Verge of Crisis, Economy Still Fragile–Finance Minister

By Adedapo Adesanya Nigeria’s newly sworn-in Minister of Finance, Mrs Zainab Ahmed, has warned that the Nigerian economy could go into fiscal crisis if the country fails to increase its revenue. Mrs Ahmed disclosed this at the headquarters of the ministry shortly after the inauguration of the new ministers by President Muhammadu Buhari yesterday. She said, “As you know, our nation is facing a near fiscal crisis, and it is up to us to make sure that it is arrested and ensure that we don’t slip into a crisis. “We have to increase revenues; if not, our country will slip

Image
09-June-2018

CBN issues Guidelines for $2.5b Currency Swap Deal

By Dipo Olowookere The Central Bank of Nigeria (CBN) on Thursday released guidelines for the sale of the $2.5 billion currency swap deal signed between Nigeria and China recently. The deal, which has a 3-year tenor, was sealed to allow purchase of goods using currencies of both nations instead of the Dollar, the globally recognised currency for transactions. With this, a Chinese who wants to purchase goods from Nigeria can pay in Naira, while a Nigerian interested in acquiring products from China has the opportunity to pay with the Yuan. On the mode of payment, the central bank said importers

Image
23-June-2022

AfDB, Sovereign Investors to Develop Climate Resilient Projects

By Adedapo Adesanya The African Development Bank (AfDB), Africa50 and Africa Sovereign Investors Forum (ASIF) have signed a letter of intent to collaborate on developing green and climate resilient infrastructure projects across Africa. The three entities will work together to galvanize financing and drive the development of skills and expertise within the infrastructure sector. The signing took place on June 20, 2022, in Rabat, Morocco, during an event to launch the Africa Sovereign Investors Forum. Under the high patronage of His Majesty King Mohammed VI of the Kingdom of Morocco, 10 African sovereign investors including Nigeria, agreed to set up

Image
21-January-2023

Oil Gains 1% as China Boosts Market Confidence

By Adedapo Adesanya Oil settled up about $1 a barrel on Friday as China’s economic prospects brightened, boosting expectations for fuel demand in the world’s second-biggest economy. Brent crude settled at $87.63 a barrel after it grew by $1.47 or 1.7 per cent, while the United States crude settled at $81.31 a barrel, as it gained 98 cents or 1.2 per cent. The benchmarks notched a second straight weekly gain as a result. For the week, Brent logged a 2.8 per cent increase, and the US benchmark saw a 1.8 per cent rise. China, which has become the latest mover

Image
18-October-2021

Weekly Forex Turnover at I&E Skyrockets to $1.1bn

By Sodeinde Temidayo David In one week, the total value of transactions recorded at the Investors and Exporters (I&E) window of the foreign exchange (forex) market in Nigeria rose to $1.1 billion. Data obtained by Business Post from the FMDQ Securities Exchange showed that the weekly forex turnover at the I&E was 18.73 per cent or $183.56 million higher than the $980.1 million recorded a week earlier. The FMDQ exchange, which tracks trades on the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) platform, revealed that the significant spike in the value of the transactions was due to the high FX

Image
17-November-2021

BAZE University Teaching Hospital Lauds Stanbic IBTC’s N6.7bn Support

By Aduragbemi Omiyale Stanbic IBTC Bank Plc has been commended for providing a N6.7 billion facility for the building of BAZE University Teaching Hospital in Abuja. The money was made available by the financial institution, a subsidiary of Stanbic IBTC Holdings Plc, to boost the education and healthcare systems in Nigeria. It is part of its desire to help the two critical sectors of the nation. At the commissioning of the teaching hospital, the Vice-Chancellor of BAZE University, Professor Tahir Mamman, commended Stanbic IBTC for its contributions, saying it helped to actualize the building of the hospital. Mr Mamman also

Ad
Ad
Recent Stories
Image
05-March-2024

Investors Mop up Nigerian Stocks on Economic Optimism

By Dipo Olowookere The Nigerian Exchange (NGX) Limited witnessed a 0.10 per cent growth on Monday amid optimism that the trip of President Bola Tinubu to Qatar over the weekend will yield positive results. At the Nigeria-Qatar Business and Investment Forum in Doha, Mr Tinubu assured Qatari investors that they would not face any bottleneck while attempting to repatriate their funds. This assurance was welcomed by stock investors, who saw light at the end of the tunnel for the nation’s economy, which is currently suffering because of the shortage in the supply of foreign exchange (FX) into the market. Since

Image
04-March-2024

UK Announces £37.3m to Boost Livelihoods in Nigeria, Others

By Adedapo Adesanya The United Kingdom has announced new funding for the Mobile for Development Programme to help more people access mobile and digital technologies to find new opportunities and boost their livelihoods in Nigeria and other developing countries. UK’s Minister for Development and Africa, Mr Andrew Mitchell MP, during a speech at Mobile World Congress last week, announced that the UK is providing £37.3 million of new support for the Mobile for Development Programme. The new UK funding for innovative mobile phone technology will help change lives in developing countries around the world by harnessing AI technology to provide

Image
04-March-2024

Newly-Listed Transcorp Power Targets N500bn Revenue by 2031

By Adedapo Adesanya The latest company to join the Nigerian Exchange (NGX) Limited, Transcorp Power Plc, has announced a revenue target of N500 billion by 2031, tapping opportunities in the capital market and sustainable energy. This was disclosed by the Managing Director of the firm, Mr Peter Ikenga, during the Facts Behind the Listing held at bourse on Monday. The firm, owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu, listed its stocks on the Main Board of the nation’s flagship exchange by introduction. It listed 7,500,000,000 ordinary shares of 50 Kobo each at N240.00 per share. Speaking

Image
04-March-2024

DisCos Must Promptly Respond to Customers’ Complaints—FCCPC

By Aduragbemi Omiyale Electricity distribution companies (DisCos) in the country have been charged to respond to customers’ complaints quickly for better service delivery. This task was given to the energy firms by the Federal Competition and Consumer Protection Commission (FCCPC), which said the companies must design a quick response mechanism to address issues from their customers. Speaking last Saturday at a four-day one-stop-shop for addressing billing, metering, transformer, connection, disconnection, customer service and other electricity consumer issues in Ikeja Electric coverage areas, the acting executive chairman of FCCPC, Mr Adamu Abdullahi, said the highest number of complaints received by the

Image
04-March-2024

Omokungbe Wants Implementation of Initiatives on Women’s Entrepreneurship

By Aduragbemi Omiyale A former Rector of Yaba College of Technology (YabaTech), Lagos, Mr Obafemi Omokungbe, has called for the implementation of programmes and initiatives designed to promote women’s entrepreneurship in Africa. Speaking at the just-concluded 10th anniversary of the African Women Foundation for Nation Building (WINBAFRICA) in Lagos, Mr Omokungbe, a fellow of the Nigerian Society of Engineers (NSE), also appealed to African countries to renew their commitment to women’s empowerment, saying it is a crucial step towards nation-building. According to him, the journey toward women’s empowerment in Africa involves a comprehensive approach that spans various sectors, including education,

Image
04-March-2024

NGX Group Declares 75 Kobo Final Dividend Amid 57.4% Surge in FY’23 Earnings

By Aduragbemi Omiyale A final dividend of N1.5 billion, amounting to 75 Kobo per share has been declared by the board of the Nigerian Exchange (NGX) Group Plc for the 2023 financial year. This brings to N1 the total dividend to be paid by the company after paying 25 Kobo (N495.5 million) as interim dividend at mid-year. In its audited financial statements for the year ended December 31, 2023, the NGX Group said its gross earnings increased by 57.4 per cent to N11.8 billion in FY 2023 from N7.5 billion in FY 2022 because its performances in core revenue and

Image
04-March-2024

Red Line Rail: Labour Party Demands Value for Money

By Aduragbemi Omiyale The Lagos State chapter of the Labour Party has tasked Governor Babajide Sanwo-Olu to ensure the recently commissioned Red Line Rail does not turn out to be another failure due to poor maintenance culture. In a statement by its Publicity Secretary, Mrs Olubunmi Odesanya, the opposition party appealed to the state government to ensure its sustainability. While greeting residents of the metropolis on the project, which was commissioned last Tuesday by President Bola Tinubu, the Labour Party faulted the timing of its completion, saying the ruling All Progressives Congress (APC) ought to have put the initiative in

Image
04-March-2024

Access Bank to Give 700,000 MSMEs Access to N50bn Via YouThrive

By Modupe Gbadeyanka An initiative known as YouThrive designed to give entrepreneurs in the micro, small and medium enterprises (MSMEs) access to a N50 billion credit facility has been introduced by Access Bank Plc. The lender disclosed at a media briefing in Lagos that about 700,000 MSMEs would benefit from this programme, which is open to business owners between the ages of 21 and 40 years. YouThrive is a transformative initiative designed by Access Bank to empower, uplift, and accelerate the next generation of MSMEs. According to the Deputy Managing Director of Access Bank, Mr Victor Etuokwu, who addressed journalists

Image
04-March-2024

Peter Obi Laments Nigeria’s Dependence on War-Torn Ukraine for Food

By Adedapo Adesanya The presidential candidate of the Labour Party in the 2023 polls, Mr Peter Obi, has lamented Nigeria’s dependence on Ukraine, a country ravaged by war, for food aid. Mr Obi, in a statement on Monday, expressed dissatisfaction at the current economic realities and recounted times when the Nigerian economy was faring better than that of Ukraine in 2015. “Ukraine cultivates over 60 per cent of its arable land, whereas Nigeria has over 60 per cent uncultivated arable land. “Despite the conflict, Ukraine feeds itself, and exports agricultural products worth over $25 billion which is about the same

Image
04-March-2024

AfDb Injects $134m Into Rice, Maize, Cassava, Soybean Production in Nigeria

By Adedapo Adesanya The African Development Bank (AfDB) is supporting Nigeria in the cultivation of rice, maize, cassava and soybean to boost food production with the provision of $134 million to achieve this. The president of the multilateral lender, Mr Akinwunmi Adesina, said on Saturday after visiting the Centre for Dryland Agriculture (CDA) at Bayero University, Kano, that the bank would support Nigeria to cultivate 300,000 hectares each of rice and maize, 150,000 hectares of cassava and 50,000 hectares of soybeans during the 2024 planting season. The CDA is a World Bank-supported centre established to serve as a regional training