The Financial Reporting Council of Nigeria (FRC) in collaboration with the Nigerian Integrated Reporting Committee (NIRC) successfully launched an Awareness Workshop on ISSB’s IFRS S1 & S2 standards. The event, held at the Radisson Blu Anchorage Hotel in Victoria Island, Lagos, drew significant attention from stakeholders in the Oil & Gas and Telecommunications industries. The focus was on the critical importance of sustainability reporting within these sectors and the implementation of ISSB’s IFRS S1 and S2 standards.
Dr. Anyahara, representing the Executive Secretary of the FRC, Dr. Rabiu Olowo, kicked off the workshop with an opening address. As the Coordinating Director of the Directorate of Accounting Standards (Public Sector) and Sustainability Reporting Unit, Dr. Anyahara emphasized the urgent need for comprehensive sustainability reporting. He highlighted the pivotal role these reports play in mitigating the adverse effects of climate change. He stressed that sustainability reporting not only helps organizations in documenting their performance in areas like energy efficiency and renewable energy usage but also serves as a tool for telecommunication companies to identify areas of improvement, reduce operational costs, and seize opportunities for innovation and growth.
Dr. Ndidi Nnoli-Edozien, a member of the International Sustainability Standards Board (ISSB), provided a deep dive into the global and local initiatives of the ISSB, which are aimed at establishing a robust framework for sustainability reporting. Her insights were complemented by contributions from Dr. Emomotimi Agama, Director General of the Securities and Exchange Commission (SEC), who shared perspectives on the ARWG Roadmap, Relief Allowed, and the broader concepts of sustainability reporting. The discussions covered the competitive advantages, strategic allocations, and the essential role of stakeholder collaboration in driving positive transformation in both the Oil & Gas and Telecommunications sectors.
The event concluded with a vote of thanks from Dr. Innocent Okwuosa, Chairman of the NIRC and former President of the Institute of Chartered Accountants of Nigeria (ICAN). Dr. Okwuosa underscored the importance of responsible production and consumption by organizations, stressing the need for continued commitment to sustainability practices.
The workshop continues today, promising another day of impactful discussions and knowledge sharing. Stay tuned for more updates.
