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NGX Regulation Counsels Public, Private Sector on Climate Change

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NGX Rallies Corporates On Sustainability Reporting

 

By Edozie Obasi-Eze

Given Nigeria’s ambitious climate goals to reduce greenhouse gas emissions by 47% by 2030, conditional on international support, the Chief Executive Officer of Nigerian Exchange Regulation Limited, Ms. Tinuade Awe, has urged all critical stakeholders to prioritize implementing initiatives that positively benefit the environment and combat climate change.

Awe stated this during the Financial Reporting Council of Nigeria (FRCN) Stakeholder Engagement Session on Mainstreaming Nigeria’s Collaborative Action on Climate-Related Risks and Disclosures on Thursday, 26 May 2022.

Speaking at the event organized by FRCN in collaboration with Growing Businesses Foundation (GBF), Afrikairos Foundation, and International Financial Reporting Standards (IFRS) Foundation, Awe highlighted the increasing global trend in climate-related disclosure and regulations and encouraged companies to incorporate Environmental, Social and Governance (ESG) factors into their business operations, activities and reporting processes as a critical step to ensuring that they are positioned to align with the rapidly evolving regulations and guidance on sustainability and climate disclosure.

She explained that “In Nigeria, the Federal Government has localized the global call by committing to achieving a net-zero economy by 2060 and signing the Climate Change Act 2021 into law. This policy is consistent with Nigeria’s vision to be a low-carbon, climate-resilient, high growth circular economy that reduces its current level of emissions by 50 per cent by 2050, as captured in the 2050 Long-Term vision for the Nigerian economy which was issued by the Department of Climate Change, Federal Ministry of Environment in 2021.”

On the role that NGX Regulation has played to promote sustainability reporting, Awe said, “At NGX Regulation, we are committed to fostering the adoption of sustainable business practices and disclosure amongst companies listed on Nigerian Exchange Limited.

This is evidenced by our leading role in the development and issuance of the NGX Sustainability Disclosure Guidelines in 2019 which has provided support for companies seeking guidance on sustainability reporting practices.

NGX Regulation also played a leading role in developing guidance for the capital market on the issuance of green bonds in 2016, and championed efforts along with government and industry stakeholders that culminated in the issuance of the maiden N10.69 billion (c. $25.8 million) 13.48 percent 5-year green bond in 2017”.

Speaking on her organization’s plans to promote climate disclosure, She noted that NGX Regulation is well-positioned to lead the capital market to address climate change through effective climate disclosure, saying “we launched the Climate Awareness Initiative in collaboration with Nigerian Exchange Limited in April 2022 and hosted a two-part market-wide training on climate disclosure facilitated by experts from International Finance Corporation (IFC), Sustainable Stock Exchanges (SSE) Initiative and Carbon Disclosure Programme (CDP).

“Our unwavering commitment to address climate change has also inspired us to commence the development of the NGX Climate Disclosure Guidelines, a dedicated set of guidelines for listed companies on global best practice in climate disclosure in line with the recommendations of the Task Force for Climate-Related Financial Disclosure (TCFD) framework leveraging the Action Plan on how stock exchanges can integrate the TCFD recommendations issued by the Sustainable Stock Exchanges Initiative (SSEI) in 2021. We plan to publish our zero drafts in a few months after which we will initiate a public consultation for feedback”.

International News

Ghana To Grant Visa-Free Entry To All African Nationals

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President Nana Addo Dankwa Akufo-Addo has approved a new policy allowing visa-free entry to Ghana for all African nationals, fulfilling a promise he made earlier this year.

The initiative is expected to be implemented before the end of his term on January 6, 2025.

With this move, Ghana will join Rwanda, Seychelles, The Gambia, and Benin as one of the few African nations offering unrestricted visa-free access to all African passport holders.

READ MORE: Christmas: Shettima Assures Of FG’s Commitment To Citizens’ Welfare

The policy is seen as a significant step toward promoting free movement across the continent, enhancing trade, and deepening economic integration under the African Continental Free Trade Area (AfCFTA).

President Akufo-Addo announced the policy during his keynote address at the 2024 Africa Prosperity Dialogues (APD) held in Accra.

Speaking under the theme “Developing Prosperity in Africa: Produce, Add Value, and Trade,” he highlighted the challenges Africans face when traveling within the continent.

“Many of you had to acquire a visa to attend this event,” he said, emphasizing the barriers to intra-African mobility.

He described the visa-free policy as a solution to these challenges and a critical step toward achieving the goals of the AfCFTA.

“The free movement of people is essential for stimulating intra-African trade and fostering collaboration across borders,” Akufo-Addo added, noting that the policy aligns with Ghana’s broader vision of promoting economic growth through integration.

The visa-free initiative is expected to enhance Ghana’s standing in the region, making it easier for African nationals to travel, trade, and collaborate.

By eliminating visa requirements, Ghana aims to position itself as a leader in continental integration, creating opportunities for deeper economic ties with other African nations.

The policy also underscores Ghana’s commitment to the AfCFTA, which seeks to establish a unified market for goods and services across Africa.

Officials believe this move will attract businesses and encourage cross-border trade, ultimately boosting the continent’s economy.

The Ghanaian government has begun taking steps to implement the policy, with full rollout expected before the end of Akufo-Addo’s presidency.

Officials are updating immigration procedures to accommodate the new framework and ensure a smooth transition.

President Akufo-Addo reaffirmed his administration’s commitment to the initiative during his address.

“We are taking concrete steps to ensure that this policy becomes a reality this year,” he stated, signaling that the groundwork for implementation is already underway.

 

 

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Christmas: Shettima Assures Of FG’s Commitment To Citizens’ Welfare

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Nigeria’s Vice President, Kashim Shettima has assured Nigerians of the federal government’s dedication to national security, economic transformation, and welfare of the citizens.

This was detailed in a Christmas message on Wednesday afternoon in Abuja under the signature of the Senior Special Assistant to The President on Media & Communications (Office of The Vice President), Stanley Nkwocha.

According to the Vice President, the administration of President Bola Ahmed Tinubu remains unwavering in its focus on these critical areas, as the country looks forward to the dawn of a new year.

ALSO READ: Tinubu Sends Hearty Christmas Greetings To Christians Worldwide

He said, “In these times of economic transformation, I want to assure you that the President Bola Ahmed Tinubu administration remains steadfast in its commitment to improving the lives of all Nigerians.”

Vice President Shettima particularly urged the citizens to imbibe the virtues of national unity during the yuletide season.

“Nigeria’s diversity remains our greatest strength. Let us avail ourselves of the time provided by the holiday season to strengthen the bonds of brotherhood that unite us across all faiths and regions,” he said.

Senator Shettima assured Nigerians of the continued vigilance of the nation’s security forces, noting that “our brave security personnel will continue to work round the clock during this festive period to keep us safe.”

He said enhanced security measures have been put in place to protect the citizens during the holiday period.

“The relevant agencies have been mobilized to ensure your safety and comfort on all major routes,” he stated, urging travelers to remain vigilant.

VP Shettima expressed optimism about the nation’s trajectory in the coming year, saying, “I am filled with hope and optimism about Nigeria’s future. Together, we will build a more prosperous and united nation.

“To our young people, you are the backbone of our nation. The Renewed Hope administration is implementing various initiatives to create opportunities for you to thrive and contribute to Nigeria’s development,” he added.

 

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Yuletide: Adeleke Rejoices With Christians

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Ademola Adeleke Becomes Sixth Executive Governor of Osun State

 

Osun State Governor, Senator Ademola Adeleke has felicitated Christians in Osun State and beyond on the occasion of the 2024 Christmas celebration, urging them to follow Jesus Christ’s example of compassion and tolerance.

Biztellers reports that Gov Adeleke described the birth of Jesus Christ as a defining moment for mankind, in a statement in Osogbo on Tuesday.

He described the festive season as a solemn reminder of the power of love and how it can save humanity.

ALSO READ: Archbishop Martins Champions Clamour For Better Life For Nigerians

While recognising unity and togetherness as an important message that Jesus Christ’s life resonates, Gov Adeleke charged Osun people, particularly Christians, to draw from the spiritual import of the celebration by sharing love and fostering harmony in communities.

In his words, “I extend my warm wishes to Christian faithful in Osun state and beyond as we mark this year’s Christmas. The birth of Jesus Christ is a manifestation of the power of love and remind us of the essence of compassion,” the Governor noted in his message.

“In the mood of celebration, I urge us to take a moment to reflect on the message of renewal that the birth of Jesus Christ signifies, promoting activities that will unite not divide, build not destroy, and bring peace not conflict.

“It is also my sincere appeal that we extend hands of kindness to the needy and the weak in the society, spreading love and generosity beyond borders. That is the essence of Christmas and it is most essential that at a time like this, no one is left to their fate.”

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