NGX urges market stakeholders on financial disclosures – TrendyNewsReporters

NGX urges market stakeholders on financial disclosures

NGX Regulation Limited has urged all market stakeholders to pay closer attention to disclosure, climate-related financial risks and opportunities in their business operations in line with the recommendations of the Financial Standards Board Task Force on Climate-related Financial Disclosures.

The Chief Executive Officer, NGX Regulation Limited, Ms Tinuade Awe, stated this during a virtual training on climate disclosure jointly hosted by Nigerian Exchange Limited and NGX Regulation in collaboration with the United Nations Sustainable Stock Exchanges Initiative, International Finance Corporation and Carbon Disclosure Project in Lagos.

Awe noted that the training is timely due to increased pressures from policymakers on climate disclosure from listed companies.

She said for Nigeria, the policy pressures emanated from the Climate Change Act 2021 which was signed into law by the Federal Government in November 2021

“This is also 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 November 2021,” she said.

She stated that the world is in a race to rapidly decarbonise, and investors and providers of finance were increasingly interested in how companies were moving towards achieving net-zero emissions.


Consequently, she added, companies that do not effectively navigate the climate transition and provide adequate disclosure on climate action may experience increased friction in accessing long-term sustainable capital.

Awe said, “As a leading capital market infrastructure group, we recognise the important role we play in helping oumarkets navigate this transition.”


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