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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”.

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Fire Ravages Gombe Technology Centre, N4m Property Lost

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A fire outbreak has ravaged part of the Technology Incubation Centre near the Police Headquarters in Gombe, destroying property estimated at N4 million.

The incident occurred on Friday and affected five shops at the centre, according to the Federal Fire Service, Gombe State Command.

The command said its prompt intervention prevented the fire from spreading further, enabling firefighters to save property estimated at N15 million.

SEE MORE:Tragedy Strikes Algeria: Orphanage Fire Kills 11, Injures 19

The Federal Fire Service said it received a distress call about the incident at approximately 10:14 a.m., after which a multipurpose water tender was immediately deployed to the scene.

The firefighting operation was led by ASF II Mukhtar Shehu, with IF Bernard serving as the driver.

The crew successfully contained the blaze and extinguished it using one medium jet of water.

According to the command, four of the five affected shops were successfully saved, limiting the extent of the damage.

The command’s Public Relations Officer, ASF MB Muazu, said firefighters carried out a thorough inspection after extinguishing the flames and confirmed that there was no immediate threat of re-ignition.

Muazu said, “The Federal Fire Service, Gombe State Command, has successfully contained a fire outbreak involving five shops at the Technology Incubation Centre, near the Police Headquarters, Gombe.”

He added, “Four of the five affected shops were successfully saved, with property estimated at N15m salvaged, while the estimated loss stood at approximately N4m.”

The fire appliance and crew returned to the station at about 11:09 a.m. after confirming that the fire had been completely extinguished.

The Federal Fire Service reaffirmed its commitment to responding promptly to emergencies and protecting lives and property.

Muazu urged members of the public to report fire incidents promptly and adhere to basic fire safety precautions to prevent avoidable losses.

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OPEC Hails Tinubu’s Reforms, Oil Output on Nigeria’s Economy

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2021 Global Oil Demand Growth Stands at 5.7 mb/d - OPEC

The Organisation of the Petroleum Exporting Countries (OPEC) has expressed the view that Nigeria’s positive economic outlook is predicated on the strategic reforms of the President Bola Ahmed Tinubu administration and improved crude oil output.

The views were expressed in its latest assessment of the Nigerian economy, in which it noted that the country’s economy expanded by 3.9 percent year-on-year in Q1, 2026.

It added that the growth rate was only slightly below the 4.0 percent recorded in the fourth quarter of 2025, a confirmation that economic growth remained close to recent highs.

ALSO READ: NMDPRA Licenses LCFE for Petroleum Liquids Trading

According to the oil producers’ organisation, the non-oil economy continued to provide the main support for growth, with activity driven by agriculture, manufacturing, construction, trade, finance and insurance.

It pointed out that higher oil output had also improved fiscal revenues, foreign exchange inflows and external buffers. “The economy expanded by 3.9 percent, year-on-year, in 1Q26, only slightly below the 4Q25 pace of 4.0 percent, confirming that growth remains close to recent highs,” OPEC stated.

The organisation said survey indicators pointed to continued, though moderating, momentum in private-sector activity. It noted that the Stanbic IBTC Bank Nigeria Purchasing Managers’ Index (PMI) eased to 52.5 in July, from 53.4 in June and 54.1 in May.

The July reading, it said, was the weakest since March but still signalled a sixth consecutive monthly improvement in private-sector conditions. The OPEC said firms again reported a marked increase in new orders, supported by improved customer demand, better pricing and new product launches.

It added that output and employment also rose modestly during the month. The organisation predicted that higher domestic refining capacity, particularly improved fuel supply from the Dangote Petroleum Refinery and Petrochemicals (DPRP), should further support energy availability and reduce some of the pressures associated with petroleum imports.

“Higher domestic refining capacity, including improved fuel supply from the Dangote refinery, should continue to support energy availability and reduce some import-related pressures,” OPEC stated.

The DPRP, with a nameplate capacity of 650,000 barrels per day, has become a major source of locally refined petroleum products as its operations have expanded.

The refinery’s increased supply of petrol and other refined products has also reduced some of the country’s reliance on imported petroleum products, in line with the impact highlighted by the OPEC.

On inflation, the OPEC said pressures had begun to soften, with headline inflation standing at 15.9 percent year-on-year in both June and May. “The July PMI pointed to softening input costs, despite higher fuel and raw material costs,” the organisation stated.

The report said the moderation in input costs was an indication that some cost pressures facing businesses had begun to ease, although higher fuel and raw material costs remained a challenge.

The OPEC said Nigeria’s near-term outlook remained positive, with oil production, reform progress, infrastructure investment and stronger business activity providing support.

“Overall, Nigeria’s near-term outlook remains positive, supported by oil production, progress on reforms, infrastructure investment, and stronger business activity,” it stated.

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State Police Bill: FG Extends Deadline for Nigerians to Submit Memoranda

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The Presidential Working Group on the National Policing Bill has extended the deadline for the submission of memoranda and position papers on the proposed legislation to Friday, August 21, 2026.

The extension, announced on Thursday, is aimed at giving Nigerians, institutions and other stakeholders more time to prepare and submit substantive contributions to the proposed reform of the country’s policing architecture.

SEE ALSO: Tinubu Pushes State Police, Sends Constitutional Amendment Bill to Reps

Chairman of the Working Group and Chief of Staff to President Bola Tinubu, Femi Gbajabiamila, said the additional time was necessary to ensure broad consultation and enable stakeholders to make well-considered and technically sound contributions.

“The Presidential Working Group is committed to ensuring that the process of developing the National Policing Bill benefits from broad consultation and the informed perspectives of Nigerians and relevant stakeholders.

“The proposed legislation is intended to provide the operational, administrative, institutional and funding framework necessary for an effective policing architecture that responds to Nigeria’s evolving security needs while providing appropriate safeguards for accountability, professionalism and the protection of citizens’ rights,” Gbajabiamila said.

The Working Group had initially set August 13 as the deadline for public submissions but has now shifted it to 5:00 p.m. WAT on August 21.

Gbajabiamila urged legal practitioners, civil society organisations, security sector professionals, state governments, professional bodies, academics, experts and other interested members of the public to take advantage of the extension.

“All submissions must be made on or before 5:00 p.m. WAT on Friday, August 21, 2026, exclusively through the official National Policing Bill portal, nationalpolicingbill.com,” he stated.

According to the Working Group, the proposed legislation will address critical areas including sustainable funding, command and control structures, recruitment and training standards, operational jurisdiction, inter-agency coordination, accountability mechanisms and safeguards against political interference or abuse.

Gbajabiamila said these issues make extensive stakeholder engagement essential to producing a policing framework that is effective, accountable, sustainable and responsive to the security needs of communities across the federation.

“The Working Group recognises that developing an effective policing framework requires careful consideration of critical issues, including sustainable funding, command and control structures, recruitment and training standards, operational jurisdiction, inter-agency coordination, accountability mechanisms and safeguards against political interference or abuse.

“These considerations underscore the importance of robust stakeholder engagement in developing a framework that is effective, accountable, sustainable and responsive to the peculiar security needs of communities across the Federation,” he said.

The Working Group, inaugurated by President Tinubu to develop the legal framework for the implementation of state police, is expected to present a final, implementation-ready draft of the National Policing Bill for onward legislative processing.

The proposed bill is being developed alongside the constitutional amendment process required to establish state police, with the legislation expected to provide the detailed operational framework for federal and state policing.

 

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