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NGX RegCo, FRCN Unveil Roadmap for SFRS Adoption

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The NGX Regulation Ltd. (NGX RegCo), the regulating body of the Nigerian Exchange Group and Financial Reporting Council of Nigeria (FRCN), at the weekend, jointly launched the roadmap for the adoption of the Sustainability Financial Reporting Standard in Nigeria.

This significant initiative was marked by a regulatory roundtable event, coinciding with the visit of Mr. Emmanuel Faber, Chair of the International Sustainability Standards Board (ISSB), and his team to the Nigerian Exchange.

Speaking during the event, the Chief Executive Officer, NGX RegCo, Femi Shobanjo commended the ISSB for their efforts in ensuring the successful adoption of the Sustainability Financial Reporting Standard in Nigeria.

He emphasized the historical significance of this event, marking a new chapter in Nigeria’s sustainability journey. Shobanjo reiterated NGX RegCo’s commitment to promoting fair and transparent markets, emphasizing the importance of timely information disclosure for investor protection.

He expressed optimism that all financial market stakeholders would remain committed to good Corporate Governance Practices and abide by the rules of NGX and other extant laws in the country.

According to him, “signaling progress in our sustainability journey as a nation, today’s noteworthy event will launch the roadmap on address adoption of the issues sustainability disclosure standards and touching upon strategic developments in the field of sustainability reporting, as well as the importance of the standards and supporting investors and meeting the capital needs to unlock capital flows into Africa.”

The Chief Executive Officer, FRCN, Mr Rabiu Olowo said that the launch of the roadmap asserts Nigeria’s leadership role in the adoption of the ISSB’s sustainability standard.

Olowo revealed that President Bola Tinubu during a visit of the ISSB’s team to him in Abuja earlier, expressed affirmation in his commitment for the adoption of ISSB’s proposition and framework for the sustainability standard in Nigeria.

He explained that the unveiling of the roadmap, is in line with ISSB’s launch of its two inaugural sustainability standards, namely; IFRS S1, for disclosure of sustainability related financial information and IFRS S2 for climate related disclosure in June 2023.

According to him, the FRCN also issued the exposure draft on the roadmap for sustainability reporting in Nigeria on Feb.1, which period of exposure ended on March 14.

Olowo said that sustainability financial reporting standard unlocks capital flow, improves transparency across value chains, leading to greater and healthy competitiveness for companies.

He noted that the financial reporting standard also leads to increase Foreign Direct Investments (FDIs), portfolio investment, job creation, promote economic and social resilience, in line with the economic policies of the present government.

The FRCN boss said the visit of Faber to Nigeria underscores the importance Nigeria attaches in aligning with global framework, especially as it affects corporate practices, of which sustainability has become a critical component.

Olowo appreciated the Adoption Readiness Working Group (ARWG) and other stakeholders for coming together to build the framework that would help the country unto its journey of sustainability financial reporting standard.

According to him, the roadmap for the implementation of the sustainability standard reporting is in different phases, between 2024 and 2030 for big and small businesses; in the area of sustainability reporting and assurance of timeline.

Olowo assured that FRCN would provide resources and support for the seamless transition into the new financial reporting through advocacy, technical support, capacity building, training for easy preparation of financial reports to attract investors’ confidence in businesses.

Commending the FRCN, NGX RegCo, the Chairman of ISSB, Emmanuel Faber stressed the importance of incorporating sustainability standards into financial reporting, especially in addressing climate change and transition risks.

Faber expressed confidence that the ISSB’s sustainability financial reporting standard would enhance transparency and credibility within Nigeria’s business community and supply chains.

He thereafter pledged full support from ISSB to Nigeria in implementing the roadmap, aiming to build more resilient business models and economic stability.

 


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FG May Forfeits $4m from World Bank Loan over Audit Flop

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Federal government may lose $4 million from a World Bank loan after failing to get a pass mark on key audit standards in its revenue-generating agencies, such as the Federal Inland Revenue Service (FIRS) and the Nigeria Customs Service.

FG May Forfeits $4m from World Bank Loan over Audit Flop

This is according to a World Bank restructuring paper dated June 2025.

The amount, which is the equivalent of around N6.2 billion with an exchange rate of N1,568 per dollar, could have helped to address one of Nigeria’s infrastructural deficits.

The fund formed part of the $103 million Fiscal Governance and Institutions Project, a public financial management initiative financed through a credit facility from the International Development Association.

Accordingly, the revenue assurance audit covering the FIRS and Customs for the 2018 to 2021 financial years was assessed as not achieved because the reports submitted did not meet international auditing standards.

“Revenue assurance audit of Main Income Generating Agencies, including the Federal Inland Revenue Service and the Nigeria Customs Service for FY 2018–2021, with an allocation of $4m.

“These Intermediate Results to be implemented by the Office of Auditor-General of the Federation were assessed as not achieved by the Independent Verification Agent because the reports submitted for verification did not meet the requisite international auditing standards.”

Also, the unsuccessful audit was one of ten performance-based conditions under the project that the government could not deliver before the closing date of June 30, 2025. Consequently, the Federal Ministry of Finance formally requested the cancellation of $10.4 million in project funds.

“The FMF has requested cancellation of $0.9m of unused funds for technical assistance and $9.5m, which is the amount allocated to 10 performance-based conditions, which will not be achieved by the close of the project on June 30, 2025,” the document read.

Further analysis shows that $4.5 million was tied to the uncompleted Revenue Assurance and Billing System, while $1 million was allocated to the development of a National Budget Portal.

According to the document, the Budget Office of the Federation, which was responsible for the portal, did not submit any evidence of achievement. In addition, $0.9 million in technical assistance funding was left uncommitted and has also been cancelled.


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CDCFIB Warns against Recruitment Racketeers

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Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) has warned job seekers to be wary of fraudsters circulating inappropriate recruitment information.

CDCFIB Warns against Recruitment Racketeers

The warning came against the backdrop of social media publications that President Bola Tinubu has ordered massive recruitments into some government agencies.

The agencies listed in the report were the Nigeria Immigration Service (NIS); the Nigeria Security and Civil Defence Corps (NSCDC); the Nigeria Correctional Service (NCoS) and the Federal Fire Service (FFS)..

The agencies are all under the Ministry of Interior, headed by Dr Olubunmi Tunji-Ojo.

However, while responding to the reports, the Civil Defence, Correctional, Fire and Immigration Services Board (CDCFIB) cautioned Nigerians against falling into the traps of job racketeers.

The Board acknowledged a Presidential approval for the recruitment of personnel in the four (4) Paramilitary Services under its purview, but insisted that due process would be followed on the matter.

Major Gen. Abdulmalik Jibrin (rtd), board secretary, said in a statement that “there are series of processes which leads to the actual recruitment exercise.”

“The Board wishes to reiterate that for all its recruitment processes, appropriate notifications would be done via adverts in the national dailies and it would be carried out in a fair and transparent process devoid of payment of any fee.

“To this effect, members of the public should be weary of the activities of recruitment racketeers who may want to take advantage of unsuspecting job seekers to rob them of their hard-earned resources”, Gen Jibrin said.


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Concerned Nigerians Ask EFCC  to Release Abiodun, CBEX Promoter

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Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme, who voluntarily surrendered to the Economic and Financial Crimes Commission (EFCC) in April following a ruling by Justice Emeka Nwite of the Federal High Court in Abuja, is still languishing in the custody of the anti-corruption agency.

Concerned Nigerians Ask EFCC  to Release Abiodun, CBEX Promoter

Adefowora Abiodun, one of the alleged promoters of the CBEX investment scheme,

Concerned Nigerians who have been following the matter have urged the EFCC to release him unconditionally since he honoured their invitation without being arrested.

The court had approved the EFCC’s request to arrest and detain six individuals connected to the scheme, including Abiodun.

Alongside Abiodun, five other individuals—Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim—were declared wanted by the EFCC for their involvement in the alleged fraudulent investment scheme, which was valued at over $1 billion.

Fadila Yusuf, EFCC’s legal counsel, had submitted evidence that led to their public declaration as wanted individuals.

After the announcement, Abiodun, who was shocked by the declaration, alongside his legal team, presented himself to the EFCC headquarters in Abuja, expressing his willingness to cooperate with the investigation.

Babatunde Busari, his legal counsel, explained that Abiodun’s decision to submit voluntarily was made in order to clear his name and address the media narratives circulating about the case.

Despite the return of investor funds and CBEX’s assurance that withdrawals would be allowed by June 25, Abiodun has been in detention for over a month, triggering speculation about the EFCC’s high-handedness and rights abuse.

His legal team is now advocating for his release on administrative bail, emphasizing that the ongoing detention is unwarranted under the circumstances since he submitted himself for investigation.

According to one of the family sources, “Keeping him in a cell for over one month would send a negative signal to other Nigerians who would be declared wanted by the EFCC in the future. It would discourage Nigerians who have clear cases from surrendering themselves voluntarily to security agencies if, at the end of the day, they don’t receive mutual respect for surrendering themselves.”

He added that CBEX is not a Ponzi scheme.

Reacting to the agitation by concerned Nigerians, Dele Oyewole , EFCC spokesman hinted that the agency obtained a remand order to keep him beyond 48 hours.

According to him, “Anybody that we are holding beyond 48 hours, be rest assured that we have a lawful remand order from the magistrate court to hold him beyond 48 hours.

“We are a law-abiding commission. Concerning that suspect, we are holding him on the basis of that remand order.”

 

 


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