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Nigerian Companies Prepare to Adopt ISSB Standards

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ISSB Standards Nigerian companies

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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Sierra Leone’s President Maada Bio Replaces Tinubu as ECOWAS Chairman

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By Modupe Gbadeyanka

The President of Sierra Leone, Mr Maada Bio, has been elected as the new chairman of the Economic Community of West African States (ECOWAS) Authority of Heads of State and Government, replacing President Bola Tinubu of Nigeria after his two-term tenure.

Mr Bio took over the leadership of the group at the ECOWAS Authority’s 67th Ordinary Session held in Abuja on Sunday.

In his acceptance speech, he promised to lead a renewed, people-centred, and action-oriented ECOWAS in the face of unprecedented challenges and opportunities for the West African region.

President Bio said his leadership would focus on restoring constitutional order and deepening democracy, revitalising regional security cooperation, unlocking economic integration, and building institutional credibility.

“We must engage transitional governments constructively and support member states in building stronger democratic institutions rooted in the rule of law.

“We must overhaul our collective security architecture—from intelligence sharing to rapid response capabilities—to confront new threats with unity and resolve.

“The ECOWAS Trade Liberalisation Scheme, regional infrastructure, and cross-border value chains must become engines of job creation, trade, and resilience, especially for our women and youth.

“ECOWAS must reform itself to become more transparent, efficient, and responsive to the needs of its people. This is how we will rebuild trust in regional cooperation,” he said.

Mr Bio commended Mr Tinubu for laying a solid foundation of regional dialogue, economic recovery, and peacebuilding, saying, “I am humbled to build upon the strong foundation you have established.”

Acknowledging the complexities of the current moment, the Sierra Leonean leader noted that West Africa stands at a crossroads, grappling with terrorism, illicit arms flow, political instability, and transnational crime, particularly in the Sahel and coastal states.

“The democratic space is under strain in parts of our region. In some countries, the constitutional order has been disrupted. Yet, across West Africa, citizens—especially our youth—are demanding not just elections, but also accountability, transparency, and a fair stake in national life,” the Sierra Leonean leader said.

On his part, President Tinubu described it as a profound honour and privilege to have led the esteemed body, adding that he remained deeply humbled by the trust and support extended to him throughout his two-term tenure.

“As I now hand over the mantle of leadership to my great friend and dear brother, President Bio of Sierra Leone, the new Chairman of the ECOWAS Authority of Heads of State and Government, I do so with a deep sense of fulfilment and optimism for the future of West Africa.

“I remain confident that with the continued cooperation of all its members, ECOWAS will scale greater heights in our collective pursuit of peace, security, stability, and prosperity for our people and our region,” he said.

Reflecting on his tenure, President Tinubu noted the complex political and security challenges the region has faced in recent years while calling on leaders to remain committed to the evolving needs of West African citizens.

“Let us deepen cooperation, uphold diplomatic principles, and foster inclusive growth that leaves no one behind—especially our youth, women, and vulnerable populations, who remain central to the future of our region,” he said.

President Tinubu emphasised the need to preserve democratic values and ensure that political stability is not separated from economic development.

“Our organisation must continue to strike a fine balance between its core regional mandate of economic integration and the complex political, security, and governance challenges, including the preservation of democratic values in our region.”

“Economic integration cannot be superimposed on an untenable political environment. That is why we must remain steadfast in our resolve to rise to these emerging challenges,” the Nigerian leader declared.

He commended the ECOWAS Commission, community institutions, and technical staff for their dedication and professionalism in supporting the Authority’s work and organising a successful summit, reaffirming his commitment to the region’s shared mission and urged continued unity among member states.

“As you return to your respective countries, let us remain resolute in our shared mission to deepen our integration, protect our people, and build a prosperous, secure, and united West Africa,” he said.

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ENL Consortium Quells Panic on Cargo Fire Reports

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ENL Consortium

By Adedapo Adesanya

The management of ENL Consortium, operators of one of Nigeria’s cargo terminals at the Lagos Port Complex Apapa, has debunked reports alleging that a cargo ship was gutted by fire at its facility on Saturday.

It had been reported (Business Post excluded) that the fire aboard the vessel could lead to disruption of services.

In a statement issued by the company, ENL Consortium clarified that there was no fire incident aboard the vessel in question, explaining that what occurred was the emission of smoke from one of the hatches of the ship—a situation that was swiftly identified and effectively curtailed without escalation.

“There was no naked fire on the ship. The smoke was quickly traced, and our emergency response team acted immediately in line with established safety protocols. The situation was promptly brought under control,” the statement read.

The firm further noted that no lives were at risk, and there was no damage to cargo, equipment, or infrastructure at the terminal, emphasising its unwavering commitment to safety, operational excellence, and emergency preparedness.

ENL Consortium stated that the quick and professional handling of the incident highlights its strong safety culture and the effectiveness of its rapid response systems.

While expressing concern over what it described as inaccurate and exaggerated reports, the terminal operator urged the public and media outlets to seek verified information and refrain from sensationalising incidents that have been properly managed.

“Port operations at ENL Terminal remain safe, stable, and fully operational,” the statement added, noting that it remains one of Nigeria’s leading port terminal operators, handling thousands of tonnes of cargo annually with a track record of safety and efficiency.

The company reiterated its dedication to ensuring that both personnel and cargo are protected at all times through strict adherence to global safety standards.

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NERC Gives Gencos December 31 Deadline to Adopt SCADA System

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NERC

By Adedapo Adesanya

The Nigerian Electricity Regulatory Commission (NERC) has directed all grid-connected Power Generation Companies (Gencos) to fully integrate their operations into the National Supervisory Control and Data Acquisition (SCADA) system by December 31, 2025.

SCADA/Energy Management System (EMS) serves as the central nervous system of grid operations—enabling automated controls, real-time fault detection, and live monitoring of power generation output.

According to the commission, Gencos that fail to comply with this directive will face significant financial penalties and possible disconnection from the national grid.

The directive contained in a newly released regulatory framework titled: Order on the Mandatory Integration of Grid-Connected Generating Units into the New SCADA/EMS for the Nigerian Electricity Supply Industry, and published on NERC’s website on Friday and took effect from May 22.

It was signed by NERC Chairman, Mr Garba Sanusi, and Vice Chairman, Mr Musiliu Oseni.

According to the regulator, the integration will include real-time data transmission of the following parameters: active power, reactive power, frequency, voltage, status of circuit breakers, and fault alarms.

It also said that the document further provided many other details required from the Gencos and other operators in the sector.

The organisation said the order seeks to strengthen real-time monitoring of the power grid, improve operational efficiency, enhance load dispatch, and reduce nationwide system disturbances by ensuring full visibility of electricity generation across the country.

”The national grid has in recent years experienced several collapses, often traced to inadequate coordination between generation, transmission and distribution assets.

‘Functional SCADA/EMS acts as the central nervous system of grid operations, enables automated controls, timely fault detection, and live monitoring of generation output.

”However, many GenCos are still not fully connected to this system, ”it said.

The commission said that the new order compelled power generators to install SCADA- compliant data acquisition devices, ensure compatibility with the TCN’s protocols and allow remote visibility by the Nigerian Independent System Operator.

“Pursuant to Section 12.2 of the Grid Code for the Nigeria Electricity Transmission System (the “Grid Code” or the “Code”), all the generation companies are mandated to provide real-time operational data to the Nigerian Independent System Operator through the SCADA/EMS to facilitate effective grid management.

”Section 20.16 further requires the Gencos to ensure seamless communication and data exchange with the Transmission Company of Nigeria SCADA/EMS for accurate system monitoring, fault detection, and load dispatch.

”Section 20.16.1 of the Grid Code stipulates that SCADA Remote Terminal Units shall be required in all the control rooms of the System Operator and at the Off-taker’s boundary site and the generator’s control room for the transmission of signals and indications to and from the National Control Centre.” it said.

NERC also noted that Section 20.16.2 of the code further provided that interface cabinets shall be installed in the relevant control room, and the user shall provide and maintain wiring and signalling from the user’s plant and apparatus to the interface cabinet.

It said that the SCADA/EMS/System Telecommunications project being executed by the TCN had progressed substantially to a level that required the integration of the power generation units to have a complete functional and efficient SCADA/EMS for the NESI”

It said that the order aimed to, through the full integration of Gencos, enhance grid visibility and operational efficiency through real-time monitoring of grid operations to ensure compliance with the provisions of the Grid Code for the Nigerian Electricity Transmission System.

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