Nigeria’s Securities and Exchange Commission (SEC) has issued a new circular outlining the implementation of International Financial Reporting Standards (IFRS) sustainability standards for listed companies. The document details the SEC’s monitoring role over regulated entities as they transition to mandatory reporting and sets a compliance timeline for the new requirements.
According to the circular, the SEC will oversee the adoption of the sustainability standards, ensuring that companies meet the prescribed reporting obligations. The timeline and specific compliance duties are intended to align Nigerian listed entities with global best practices in environmental, social and governance disclosure.
However, the announcement has sparked concern among listed companies. Many firms have expressed that the circular raises a number of questions and uncertainties, prompting them to seek further clarification from the regulator on how the new rules will be applied and enforced.
The article, written by Innocent Okwuosa for Premium Times Nigeria, highlights the anxiety among market participants and calls for clearer guidance from the SEC to ease the transition to the mandatory sustainability reporting regime.
<small>Source: Premium Times Nigeria — read the original story there.</small>
