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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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Tinubu Confirms Killing of Abu-Bilal Al-Manuki by Nigerian, US Forces

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By Modupe Gbadeyanka

President Bola Tinubu on Saturday confirmed the killing of a senior ISIS leader, Mr Abu-Bilal Al-Manuki, in an overnight operation carried out by the United States and Nigeria.

President Donald Trump had earlier announced the elimination of the notorious terrorist via a post on his Truth Social.

Later, in a statement today, Mr Tinubu praised the action, describing it as “a significant example of effective collaboration in the fight against terrorism.”

“Our determined Nigerian Armed Forces, working closely with the Armed Forces of the United States, conducted a daring joint operation that dealt a heavy blow to the ranks of the Islamic State,” he said in the statement.

According to him, early assessments confirm the elimination of the wanted IS senior leader, Abu-Bilal Al-Manuki, also known as Abu-Mainok, along with several of his lieutenants, during a strike on his compound in the Lake Chad Basin.

He commended the partnership between Nigeria and America in waging war against terrorists, thanking his US counterpart “for his leadership and unwavering support in this effort.”

“I commend the personnel involved on both sides for their professionalism and courage, and I look forward to more decisive strikes against all terrorist enclaves across the nation,” the Nigerian leader added.

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Nigeria Steps up AI Surveillance, Anti-Drone Systems for National Security

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By Adedapo Adesanya

Nigeria is set to strengthen its defence architecture by deploying artificial intelligence-powered surveillance systems and advanced anti-drone technology as part of efforts to modernise the country’s military capabilities, according to the Minister of Defence, Mr Christopher Musa.

He disclosed this during a high-level visit to Monaco, where he led a Nigerian delegation to conclude discussions on the multi-domain Hybrid Intelligence Shield (HIS) project.

According to Mr Musa, the initiative is designed to enhance border security, protect urban centres and improve the country’s response to emerging security threats.

The project is expected to introduce AI-driven surveillance systems capable of identifying threats rapidly through smart algorithms, while anti-drone technology will be deployed to intercept and neutralise unmanned aerial threats.

The government also plans to establish national and regional command-and-control centres to improve real-time coordination and response to security incidents across the country.

Mr Musa said the initiative would place strong emphasis on technology transfer and local capacity development through the establishment of a military Centre of Excellence in Nigeria.

He added that the federal government would leverage partnerships with international firms, including Marss UK Ltd, while simultaneously building indigenous capabilities to address insurgency, illegal mining, piracy and other security threats.

Nigeria has continued to battle multiple security challenges in recent years, including insurgency in the North-East, banditry and kidnappings in the North-West, farmer-herder clashes in the North-Central region, crude oil theft in the Niger Delta and piracy in the Gulf of Guinea.

Nigeria is stepping up its defence as the border region of Nigeria, Benin and Niger on the southern edge of the Sahel region is becoming a new stronghold for jihadists, as militants turn forests and pastoral networks in West Africa into bases for recruitment and international attacks.

Attacks in Nigeria have also risen, with data from the website of the Armed Conflict Location & Event Data (ACLED), a conflict-monitoring group, affirming that the number of suicide bombings in Nigeria by March already matched the annual average over the past six years.

The Nigerian military has also been dealt a blow to its military bases and senior figures targeted. In April, Brigadier-General Oseni Omoh Braimah was killed when Islamist fighters attacked a base in Borno State.

To also meet the defence goal, Nigeria is stepping up efforts to build domestic arms-manufacturing capacity.

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Nigeria, Morocco to Seal Atlantic Gas Pipeline Deal by Q4 2026

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By Adedapo Adesanya

Nigeria and Morocco are set to sign a major intergovernmental agreement later this year to push forward the long-delayed Nigeria-Morocco Gas Pipeline project, a multi-billion-dollar energy corridor expected to reshape gas trade across West Africa and Europe.

The agreement, expected to be signed in the fourth quarter of 2026 by President Bola Tinubu and King Mohammed VI of Morocco, follows the completion of preliminary technical studies for the ambitious project, according to officials from both countries.

The pipeline, also known as the African Atlantic Gas Pipeline, is projected to stretch about 6,900 kilometres along offshore and onshore routes across West Africa, making it one of the largest gas infrastructure projects on the continent.

With an estimated cost of $25 billion, the pipeline is designed to transport up to 30 billion cubic metres of gas annually once completed.

Discussions on the project gained fresh momentum during a telephone conversation between Nigeria’s Minister of Foreign Affairs, Mr Bianca Odumegwu-Ojukwu, and her Moroccan counterpart, Mr Nasser Bourita.

The project would not only strengthen energy cooperation between the two countries but also improve regional economic integration and expand Africa’s access to European energy markets.

According to Morocco’s hydrocarbons and mining agency, ONHYM, part of the gas supply will support Morocco’s domestic energy demand, while large export volumes will be directed to Europe.

The project, first proposed about a decade ago, is seen as a strategic alternative gas supply route amid rising global energy security concerns and Europe’s search for more diversified energy sources.

Beyond the pipeline, Nigeria and Morocco are also exploring broader economic partnerships, particularly in fertiliser production and distribution to support food security across Africa.

Both countries also agreed on the need to revive the Nigeria-Morocco Business Council to strengthen trade and investment relations under the African Continental Free Trade Area framework.

Analysts noted that the project could significantly boost gas monetisation opportunities for Nigeria, expand regional infrastructure development, and deepen economic ties between West African nations and Europe if successfully executed.

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