*FRC, NIRC signal settlement to boost advocacy seamless implementation, others
James Emejo in Abuja
Government Secretary/Chief Government, Monetary Reporting Council (FRC) of Nigeria, Dr. Rabiu Olowo, yesterday, mentioned sustainability reporting and follow may assist the nation to unlock overseas capital inflows, appeal to investments in addition to enhance the well-being of Nigerians.
He mentioned on condition that solely three per cent of local weather finance finds its option to Africa, adopting sustainability practices may enhance inflows, influence companies and profit the frequent man amongst others.
Olowu spoke because the FRC and Nigeria Built-in Reporting Committee (NIRC), signed a Memorandum of Understanding (MoU) to spice up advocacy and capability growth in the direction of the seamless implementation of Sustainability Reporting Requirements within the nation.
He mentioned with the nation’s adoption of the brand new reporting templates, a variety of work had been performed by the Adoption Readiness Group –with roadmap for Nigerian corporates to comply with from 2024 and 2028 when the usual turns into necessary.
The FRC boss described the partnership as one of many important steps the council is taking in the direction of making certain efficient and seamless implementation of sustainability reporting within the nation.
He mentioned, “This might not have come at higher time contemplating the truth that the roadmap report for the adoption of the IFRS S1 and S2 will probably be launched on March 22, 2024 simply exactly in two weeks through the go to of Mr. Emmanuel Faber, Chair, ISSB and his workforce to Nigeria as a part of his three nation African tour.
“As you’re all conscious, Nigeria, by our council, took a daring step by declaring her intent to early undertake the Worldwide Sustainability Requirements Board (ISSB) requirements at CoP 27 in Egypt in 2022.
“We adopted our declaration by establishing the Adoption Readiness Working Group (ARWG), hosted the launch of IFRS S1 and S2 in collaboration with the NGX Laws Restricted on June 26, 2023, and issued the Roadmap report for feedback on February 1, 2024 with cut-off date for feedback on March 14, 2024 simply six days away.”
Olowo emphasised that the collaboration additional demonstrated the council’s dedication to make sure sufficient and complete advocacy to herald efficient company behavioural change that can drive the sustainability reporting in Nigeria.
He mentioned, “In keeping with statutory provision of the FRC Act 2011 as amended, that empowers the Council to enter into Memorandum of Understanding (MoU) in the direction of the achievement of her mandate, we couldn’t have gotten a greater associate for our advocacy drive than the Nigeria Built-in Reporting Committee (NIRC), an unbiased forerunner within the company reporting journey.”
He mentioned the FRC is taking part in a important half within the actualisation of President Bola Tinubu-led administration’s Renewed Hope Agenda pushed by Digitisation, Operational Excellence, Stakeholders Engagement and Enforcement (DOSE).
He mentioned, “This may take FRC to better heights and unlock capital for the nation, which in flip, will create employment. This occasion at this time is a part of the stakeholder’s engagement and there’s going to be extra of it.
“I’m delighted to notice the dedication of the members of ARWG who diligently made plenty of sacrifices to make sure that Nigeria grew to become an excellent reference level globally on the adoption of sustainability reporting.
“We’re certainly grateful to your efforts, which we consider will probably be additional required on this journey. It’s by collaboration and shared information that we are able to drive significant change and create a extra dependable monetary report.”
He instructed THISDAY, “The query is what are we going to do between from time to time? There’s a necessity for advocacy coaching in order that accountants or all those that contribute to monetary reporting perceive and admire, and that’s why we’ve gone into partnership with NIRC to allow them to assist with the advocacy and capability constructing for the adoption to be seamless.”
On his half, Chairman, NIRC, Dr. Harmless Okwuosa, mentioned embracing sustainability reporting means it’s not enterprise as traditional for entities in Nigeria, including that greater than revenue making, precedence can be given to the setting, individuals and the planet.
He mentioned, “With the MoU, the NIRC will help FRC in advocacy, capability constructing, in reaching out to related stakeholders and organisations together with the Worldwide Sustainability Requirements Board (ISSB) to make sure that we collect assets sufficient to implement sustainability reporting in Nigeria.
“And like we mentioned, it’s not nearly reporting, it’s about built-in pondering, it’s a couple of change in behaviour because it’s not enterprise as traditional since you now take into consideration individuals, planet and revenue. It isn’t nearly revenue alone however you additionally take into consideration the setting and human beings.”
