Nigerian firms risk losing global capital without sustainability reports, Financial Reporting Council warns
via Punch Nigeria6 min read
More than 50 Nigerian companies have begun adopting global sustainability reporting standards, ahead of the country's mandatory implementation deadline in 2028. The Financial Reporting Council of Nigeria FRC has warned that companies failing to embrace sustainability reporting risk losing access to international capital, export markets, and strategic partnerships. Rabiu Olowo, Executive Secretary and Chief Executive Officer of the FRC, stated at the 5th Annual Nigeria Employers’ Summit that transparency is now crucial for investment and competitiveness. Investors, lenders, and customers increasingly assess how businesses manage risks, govern operations, respond to environmental challenges, and create long-term value, beyond just financial statements. Olowo emphasized that sustainability reporting is not merely a regulatory burden but a common language in global finance, helping investors determine which companies are resilient enough to attract long-term capital. The FRC has developed a four-phase roadmap for adopting International Sustainability Standards Board standards, with early adopters including MTN Nigeria, Seplat Energy, Fidelity Bank, and Access Bank. Over 4,500 professionals from more than 215 organizations have been trained to support this transition. Titilope Oguntuga, Director of Sustainability at IHS Nigeria, highlighted that sustainability reporting focuses on how organizations conduct business and manage their societal and environmental impacts. Kemi Adisa, G
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Must ReadOlisa Agbakoba, a former President of the Nigerian Bar Association, has endorsed the proposed introduction of state police in Nigeria, commending President Bola Tinubu for transmitting a bill to amend Section 214 of the 1999 Constitution. Agbakoba, however, warned that the reform's success hinges on constitutionally insulating law enforcement agencies from executive interference. In an open letter to the Secretary to the Government of the Federation, George Akume, Agbakoba suggested that the creation of state police also presents an opportunity to devolve additional responsibilities to state governments, such as driver's license issuance, prison administration, and marriage registration. He cautioned that without institutional protection, state police could become tools of executive power, similar to the challenges faced by State Independent Electoral Commissions. Agbakoba proposed a constitutional framework akin to South Africa's, where independent institutions derive autonomy directly from the constitution, enjoy security of tenure, guaranteed funding, and are accountable to the legislature. He also suggested a shared appointment and removal process for state police leadership, involving the Police Service Commission, the governor, and the State House of Assembly, to prevent political interference. Agbakoba emphasized that establishing state police without these constitutional safeguards would undermine the reform's objective and could lead to oppression.
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Aare Afe Babalola, Chancellor of Afe Babalola University, Ado Ekiti ABUAD, has challenged staff and stakeholders to work towards the institution ranking among the top 50 universities globally. This new target follows ABUAD's recent achievement of being ranked 72nd worldwide in the 2026 Times Higher Education Sustainability Impact Rating, making it the only Nigerian institution in the top 100. Vice Chancellor, Professor Smaranda Olarinde, speaking on behalf of the founder, acknowledged the fulfillment of Babalola's previous aspiration to see ABUAD in the top 100. She stated that the founder has now set an even higher goal for the university to continue its upward trajectory and secure a place among the world's top 50 universities. Professor Olarinde attributed ABUAD's success to visionary leadership, strategic planning, institutional discipline, resilient governance, staff commitment, and the support of students, parents, partners, and stakeholders. She highlighted key pillars driving ABUAD's success, including full accreditation of all programs, over 70 institutional partnerships, state-of-the-art facilities, a stable academic calendar, uninterrupted power supply, a functional Planetarium, extensive scholarship programs, and the founder's prioritization of staff and student welfare, including salary reviews.