SEC to implement global sustainability disclosure standards in phases

This move was announced by the Director-General of the SEC, Dr. Emomotimi Agama, during a recent investors' roundtable on the International Sustainability Standards Board (ISSB) framework.

Dr. Agama stated that while the ISSB framework is highly commendable, Nigeria will not adopt it wholesale. Instead, the SEC will pursue a tailored approach that aligns with local realities.

This strategy is built on key pillars: ensuring that issuers, auditors, and preparers are trained and prepared for the new requirements; a phased implementation, starting with larger listed entities before being extended to others; developing a robust system to verify compliance; and aligning the framework with local realities.

This strategic adoption is aimed at boosting investor confidence and strengthening the capital market's global appeal, particularly given Nigeria's vulnerability to climate change and its push for sustainable finance.

According to Dr. Agama, the move is critical for achieving global comparability, fostering investor trust, and managing systemic risk.

The SEC boss concluded that this initiative is not just about compliance but about building "a more stable, transparent, and sustainable financial future for Nigeria, Africa, and the world."