NGX Regulation CEO Calls for Unified ESG Regulatory Body in Nigeria.
Olufemi Shobanjo, the Chief Executive Officer of NGX Regulation (NGX RegCo), has urged the establishment of a unified Environmental, Social, and Governance (ESG) regulatory body in Nigeria. Speaking at the 2024 FITC Sustainability ESG Summit on the theme “From Vision to Action – Leading with Sustainability and ESG: Building a Sustainable Future and Green Finance,” Shobanjo highlighted the pressing need for streamlined ESG regulations across all industries.
“A unified ESG regulatory body is essential to drive consistent compliance and foster a sustainable business environment,” Shobanjo stated, emphasizing the importance of enforceable ESG standards for Nigeria’s economic and environmental future.
During the panel discussion, Shobanjo lauded the Financial Institutions Training Centre (FITC) and its leadership, including Phillip Ikeazor, a Fellow of the Institute of Chartered Accountants of Nigeria, and FITC CEO Chizor Malize, for launching the ESG Sustainability Institute. He praised the initiative as a critical platform for advancing sustainability practices within the country.
“The launch of the ESG Sustainability Institute marks a significant milestone in advancing our sustainability goals. EcoTech’s transformation is a testament to the power of integrating ESG into core business strategies,” Shobanjo remarked, underscoring the importance of embedding ESG principles in business operations.
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Despite existing frameworks such as the Climate Change Act and the Federal Competition and Consumer Protection Act, Shobanjo noted that regulatory compliance challenges persist, particularly outside the financial services sector. He argued that a unified ESG regulatory framework would ensure consistent compliance across all industries, aligning Nigeria with both national and global standards, while also enhancing transparency and accountability.
“A unified ESG regulatory framework will position Nigeria as a leader in global ESG performance,” Shobanjo asserted, reaffirming NGX RegCo’s commitment to collaborating with stakeholders to achieve this goal.
He also highlighted Nigeria’s potential to set a benchmark for other African countries in ESG adoption and sustainable practices, stressing that the nation’s commitment to sustainability is vital for economic growth and the well-being of future generations.
