Fidelity Bank Declares N76.3bn PBT  For H1 2023….To Pay Interim Dividend Of 25 kobo Per Share

Nneka Onyeali-Ikpe, MDCEO Fidelity Bank Plc
Nneka Onyeali-Ikpe, MDCEO Fidelity Bank Plc

Leading financial institution, Fidelity Bank Plc has declared an impressive outing of 204.4% growth in Profit Before Tax for the first half of 2023 to N76.3bn according to the bank’s recently issued financial result.

A review of the results published on the Nigerian Exchange Group (NGX) on Friday, 1 September 2023, showed a positive performance across all financial indices, reaffirming the Bank’s position as one of the fastest growing and well-managed financial institutions in Nigeria. Gross earnings for the period grew by 59.6% to ₦247.1billion from ₦154.8billion reported in June 2022. Profit After tax stood at ₦61.9billion representing a growth of 166.0% over ₦23.3billion recorded in the corresponding period. This translates to an Earning per Share of 194kobo. The Bank’s Net Loans & Advances grew by 25.1% from ₦2.1trillion recorded as of December 2022 to ₦2.6trillion in June 2023 with corresponding growth in Customer Deposits which increased by 23.2% to ₦3.2trillion from ₦2.6trillion in December 2022.

The Bank’s balance sheet remained strong with a 27.4% growth in Total Assets from ₦3.9trillion in December 2022 to ₦5.1trillion. The Bank’s non-performing loans remained low and within regulatory threshold at 3.24% with adequate coverage of 111%. Return on Equity (ROE) and Return on Assets (ROA) closed at 34.9% and 2.8% respectively.

On the back of the strong H1 2023 performance, the board of the bank approved an interim dividend of 25k per share making it the second consecutive year the bank would be paying interim dividends and another demonstration of its capacity to provide shareholders with sustainable value.

Commenting on the Bank’s laudable performance, Nneka Onyeali-Ikpe, MD/CEO, Fidelity Bank Plc noted, “We are pleased to report on another period of quality growth across all financial and non-financial indices. Our performance during the first half of the year reflects the resilience of our bank and the fundamental strength of our business to deliver long-term sustainable value at a time that has been characterized by global economic headwinds. As a bank, we remain committed to our goal of helping individuals to grow, inspiring businesses to thrive and empowering economies to prosper.

The Bank’s impressive H1 2023 results comes to join a string of recent achievements by Fidelity Bank. It would be recalled that the Bank’s stock was reclassified from small-price stock to medium-price stock by the NGX in July 2023 on the back of a consistent impressive performance.

Similarly, the bank recently emerged the company with the highest earnings per share on the NGX based on half year financial figures for the second year running.

To sustain this sterling performance, the bank’s shareholders, at an Extra-Ordinary General Meeting held on 11 August 2023, unanimously approved a capital raising exercise via a Public Offer and Rights Issue.

“We will continue to monitor and pro-actively manage the evolving risks in the economy while ensuring our commitments to our customers and shareholders are fulfilled. The interim dividend of 25kobo per share, a 150% increase compared to the 10kobo interim dividend in 2022FY, attests to the value we place on the unwavering support from our shareholders”, stated Onyeali-Ikpe.

Fidelity Bank is a full-fledged commercial bank operating in Nigeria with over 8 million customers serviced across its 250 business offices and digital banking channels. The bank was recently recognized as the Best SME Bank Nigeria at the 28th annual Euromoney Awards for Excellence 2023; and the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank has also won awards for the “Fastest Growing Bank” and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

Reforms will Rejuvenate the Economy – SEC

Lamido Yuguda, DG Securities and Exchange Commission,SEC
Lamido Yuguda, DG Securities and Exchange Commission,SEC

President Bola Ahmed Tinubu, has been commended for the reforms so far embarked on which are meant to rejuvenate the nation’s economy and improve the standard of living of Nigerians.

Director General of the Securities and Exchange Commission, Mr. Lamido Yuguda who stated this in an interview disclosed that on assumption of office of the President, there was a remarkable 5.23% surge in market capitalization at the NGX on his first day, driven by optimistic anticipation of market reforms.

According to Yuguda, “It is a fact that there are prevailing challenges arising from demanding macroeconomic conditions, constrained consumer spending, and rising operational costs. Despite these challenges, there remains a shared sense of optimism that ongoing rigorous reforms will rejuvenate the nation’s economy. I therefore pledge the resolute support of the Capital Market to the Federal Government in navigating these challenges for the country’s brighter future”.

Yuguda stated that Nigeria had outperformed global indices on gains in the All Share Index (ASI) and market capitalization in the first half of 2023, an indication that the economy is being reflated.He cited that the exceptional performance is attributed to several factors, such as; the appealing dividend yields offered by certain stocks, the recovery of corporate earnings, and a notable improvement in sentiments among domestic retail investors. ‘All the indicators reflecting investors’ involvement – including volume, value, and the number of transactions – had demonstrated consistent month-on-month increases throughout the first half of 2023”. He said.

The SEC Director General also stated that the Investments and Securities Bill (ISB) 2023 which aims to align regulations with the modern dynamics of the market is presently being considered by the 10th National Assembly and expressed the hope that if passed into law, it will enable optimal contribution of the capital market to national development.He acknowledged that the road ahead is undeniably challenging, stating that the capital market must step forward in whatever way to lend its helping hand to the current economic reforms, adding that the market must make sacrifices to help drive the economic transformation that will change the nation’s fortunes for the better.

NGX Ranks Amongst  Best Performing Markets In Three Months  …As Market Cap Hits N1.4trn In August

Temi Popoola, CEO, NGX
Temi Popoola, CEO, NGX

Despite concerns around the soaring inflation, interest rate hikes and weak macroeconomic indices, investors’ confidence in Nigeria’s stock market remained strong, leading to Nigerian Exchange Limited (NGX) emerging one of the best performing exchanges in Africa during a 3-month duration.

According to African markets, a website tracking the performance of exchanges in Africa, Ghana Stock Exchange (+22.84%) emerged first while NGX (+19.33%) emerged second on the list, followed by Malawi stock exchange (+15.79%).

This development has pushed the market to its 15-year high on the back of strong positive sentiments, as the market capitalisation- listed value of equities, which opened the trading month of August at N35.011 trillion, closed the month at N36.422 trillion, hence gaining N1.41 trillion. On the other hand, the All-Share Index (ASI), which is the broad index that measures the performance of Nigerian stocks, opened the trading month at 64,337.52 index points at the beginning of trading on August 3, 2023, and closed at 66,548.99 points at the end the month on August 31, gaining 2,211.47 basis points or 3.44%.

The bullish trend can be attributed to investors’ jostling for low, medium, and high capitalised stocks across some major sectors amid favourable policies introduced by President Bola Tinubu’s new administration such as the removal of fuel subsidies, unification of exchange rate, investors strategically positioning themselves and taking advantage of the recent record earnings posted by quoted firms and the recent formation of the country’s economic cabinet and executives. Interestingly, the market traded in mixed sentiments during the month under review.

Reacting to the performance of the market, market analysts maintained that most investors, particularly domestic investors are optimistic that the economy will take shape soon, hence the reason the stock market is defying current macroeconomic uncertainties.

Cordros Research in their Market review and outlook for financial markets titled; Veering from the watershed point, stated that the equities market resilience reflects heightened investor optimism for domestic growth with the new administration’s promulgation of long-needed policies.

According to the report, the implementation of policy reforms, accommodative monetary policy and resilient corporate earnings have so far supported buying activities in August. The report further said that “Even though foreign investors are expected to stay on the sidelines as long as FX illiquidity issues persist, its baseline expectation is that the market will deliver a positive return of 25.8% in the full year of 2023”.

Moshood Olajide Appointed New Managing Director As Olu Adeosun Resignss as CEO of Ardova Plc.

Olu Aseosun, immediately past MD, Ardova PlC
Olu Aseosun, immediately past MD, Ardova PlC

Ardova Plc’s (AP) Board of Directors has announced that Olu Adeosun, Chief Executive Officer (CEO), will be exiting the Company to pursue new interests and opportunities. Olu’s resignation as CEO, is effective today 31 August 2023, but he has committed to remaining involved with the activities of the company till 31 December 2023 to ensure a seamless transition to the new executive management of the company.

In line with the Company’s established succession planning process, Moshood Olajide has now been appointed as Managing Director to advance the company’s post-delisting transformation into one of Africa’s leading integrated energy company.
“Ardova is the crown jewel in our portfolio and is in an exciting position to create value in the energy industry, with many opportunities ahead,” said AbdulWasiu Sowami, Group Executive Chairman, Prudent Group (owners of Ardova Plc). “I look forward to working closely with our partners and the Ardova leadership to continue executing on the company’s long-term vision & strategy.
On behalf of the Board of Directors and staff, I thank Olu for his contributions to the growth of the company. We wish him well in the future.”

“After over four years of building a market offering leveraging the strength and customer loyalty of the AP brand across multiple channels and partnerships, I believe this is the right point to hand over leadership,” said Olu Adeosun. “I want to thank the incredible Ardova Board, management, team, our customers, and partners – especially our formidable dealers – for their relentless support. I will work with the Chairman and the Board to ensure a smooth transition and I will continue to be a customer, stakeholder, and lifelong fan of Ardova, its products & services.”

Ardova Plc is a leading Nigerian integrated energy company with an extensive network of over 695 retail outlets in Nigeria and storage facilities in Apapa, Lagos, and Onne, Rivers State. Ardova procures and distributes petrol (PMS), diesel (AGO), aviation turbine kerosene (ATK), and liquefied petroleum gas (LPG). We also manufacture and distribute a wide range of quality lubricants from our oil blending plant in Apapa, Lagos.

Inspired by climate change impact and the energy need for a brave new world, Ardova continuously works to advance the efficient delivery of energy solutions to help address our customers’ greatest challenges. By combining our rich history of successful execution, integrity, customer service excellence, and technology, we push the boundaries of innovation to transform business and society for the better.

Zenith Bank Remains Best Commercial Bank In Nigeria For A Third Consecutive Year And Best Corporate Governance Bank At World Finance 2023 Award

R - L: Dr. Ebenezer Onyeagwu, Group Managing Director/ Chief Executive of Zenith Bank Plc and Paul Richardson of World Finance during the presentation of the Best Commercial Bank, Nigeria and Best Corporate Governance Bank, Nigeria Awards to Zenith Bank Plc at the London Stock Exchange recently.
R – L: Dr. Ebenezer Onyeagwu, Group Managing Director/ Chief Executive of Zenith Bank Plc and Paul Richardson of World Finance during the presentation of the Best Commercial Bank, Nigeria and Best Corporate Governance Bank, Nigeria Awards to Zenith Bank Plc at the London Stock Exchange recently.

For a third year running, Zenith Bank Plc has been named the Best Commercial Bank in Nigeria at the World Finance Banking Awards 2023. The bank also emerged as the Best Corporate Governance Bank, Nigeria, in the World Finance Corporate Governance Awards 2023, retaining the award for a second consecutive year.

These awards were presented to Dr. Ebenezer Onyeagwu, the Group Managing Director/Chief Executive Officer of Zenith Bank Plc, at the London Stock Exchange recently.The recognitions celebrate the bank’s tremendous feats and milestones in financial performance, financial inclusion, corporate governance, and sustainability.Commenting on the awards, Dr Onyeagwu said that: “these awards are a testament to our resilience and ability to adapt to the vagaries of the market as well as our innate capability to engender very stellar business performances through our innovative products and solutions.

It also affirms our continued commitment to global best practices in corporate governance, sustainability and corporate social responsibility.”

Dr Onyeagwu dedicated the awards to the Founder and Group Chairman, Jim Ovia, CFR,thanking him for his mentorship and for establishing the basis for a resilient and highly successful institution. He also expressed gratitude to the board for their exceptional leadership, vision, and insight; to the staff for their unwavering commitment and dedication;and to the bank’s customers for making Zenith their preferred bank.

World Finance is a foremost international magazine providing extensive coverage and analysis of the financial industry, international business, and the global economy. Its editorial combines award-winning journalism, covering a vast array of topics from banking and insurance to wealth management and infrastructure investment, with contributions from some of the world’s most esteemed economists and theorists and consultants from government think tanks and the World Economic Forum.

Zenith Bank’s track record of excellent performance has continued to earn the brand numerous awards, with these latest honours coming on the heels of several recognitions,including being recognised as the Number One Bank in Nigeria by Tier-1 Capital, for the 14th consecutive year, in the 2023 Top 1000 World Banks Ranking published by The Banker Magazine; Bank of the Year (Nigeria) in The Banker’s Bank of the Year Awards 2020 and 2022; Best Bank in Nigeria, for three consecutive years from 2020 to 2022, in the Global Finance World’s Best Banks Awards; Best in Corporate Governance’ Financial Services’ Africa, for four successive years from 2020 to 2023, by the Ethical Boardroom;Most Sustainable Bank, Nigeria in the International Banker 2023 Banking Awards; Best Commercial Bank, Nigeria and Best Innovation In Retail Banking, Nigeria in the International Banker 2022 Banking Awards. Also, the bank emerged as the Most Valuable Banking Brand in Nigeria in the Banker Magazine Top 500 Banking Brands 2020 and 2021 and Retail Bank of the Year, for three consecutive years from 2020 to 2022, at the BusinessDay Banks and Other Financial Institutions (BAFI) Awards. Similarly, Zenith Bank was named Bank of the Decade (People’s Choice) at the ThisDay Awards 2020, Bank of the Year 2021 by Champion Newspaper,Bank of the Year 2022 by New Telegraph Newspaper, and Most Responsible Organisation in Africa 2021 by SERAS Awards.

Fidelity Bank Stock Upgrade Excites Investors

Nneka Onyeali-Ikpe, MDCEO Fidelity Bank Plcçç
Nneka Onyeali-Ikpe, MDCEO Fidelity Bank Plc
investors have commended the recent reclassification of Fidelity Bank Plc stock from small price stock to medium price stock, so says The Will newspaper.

Giving his perspective on the development, Mr Boniface Okezie, the National Co-ordinator, Progressive Shareholders Association of Nigeria, commented, “Fidelity Bank has paid its dues in the financial services sector. It has contributed immensely to the development of the small and medium enterprises (SME) sector yet pays dividends to the shareholders. Last year, it took the market by surprise by declaring a dividend of 50k per share which had not happened in previous years. The massive investment in ICT and effective branch network shows it is ready to serve the customers in a better way and make the shareholders happy”.

The NGX Limited, in a recent statement, said the reclassification became necessary because Fidelity Bank shares have been trading above the N5.00 mark since February 2023. Relying on rule 15.29 of the Rulebook of the Exchange, 2015 (Dealing Members’ Rules) NGX Limited noted that equities priced above N5 per share for at least four of the most recent six months of trading, or new security listings priced above N5 per share at the time of listing on NGX are classified as medium price stock.

“Fidelity Bank traded above the N5.00 mark on February 20, 2023 and has remained above the N5 mark up until close of business on 30 June 2023.This indicates that Fidelity Bank has been trading above N5 for at least four months in the last six months. Therefore, it should be reclassified from small price stock to medium price stock,” the NGX pointed out.

The development was an acknowledgement of Fidelity Bank’s robust contribution to the bountiful harvest that bargain hunters have enjoyed in the 62-year-old stock exchange in recent times, buoyed the bank’s corporate strategic plan.

Applauding the Nneka Onyeali-Ikpe-led organization, Prince Anthony Omojola, National Co-ordinator, Independent Shareholders Association of Nigeria (ISAN), asserted that, “Fidelity Bank is moving up in terms of performance. They have joined those paying interim dividends and they have also dipped their hand into big money tills for huge investment. They have borrowed big to be able to handle bigger contracts and be able to reap big. The reclassification is welcomed and I hope they will not disappoint us. If they are able to meet expectations, the benefit will be for Nigeria”.

On his part, Sam Ndata, Doyen of Nigerian Stockbrokers and non-executive director at UIDC Securities Limited commented, “This is a good development. If a company performs well, it will surely be rewarded to earn investors’ confidence. The NGX did very well by recognising and rewarding Fidelity Bank for the impressive performance of its stock”.

Fidelity Bank shares rose by 32 percent this year making it the nation’s best-performing bank share as of half year (June 30). On the back of this strong position, it plans to establish presence in at least five African countries after announcing the proposed acquisition of the London unit of rival Union Bank of Nigeria Plc. According to Onyeali-Ikpe, the bank is negotiating a second purchase which will be completed in the year.

NGX Group Declares Interim Dividend Payment


Following the emergency meeting of the Board of Directors on Tuesday, 25 July 2023, the Nigerian Exchange Group Plc (“NGX) has announced an interim dividend of 25 kobo per ordinary share of 50 kobo each, distributable to shareholders for the first half of financial year 2023.

This dividend, which is the first since the demutualisation of the Nigerian Stock Exchange will be paid to shareholders whose names appear in the Shareholders’ Register as of close of business Monday, 31 July 2023.

Payment will be remitted electronically to qualified shareholders on Thursday, 31 August 2023. The dividend announcement comes as a resolution of the Board following the request from shareholders at the recently held Annual General Meeting on 14 July 2023.

Commenting on the dividend announcement, the Chairman, NGX Group, Alhaji (Dr) Umaru Kwairanga said, “The announcement of the dividend will send a signal to our shareholders that the Company has a listening and responsive Board following the request at the last annual general meeting. We hope to continue enjoying the support of our valued shareholders as NGX Group seeks to execute on its strategy to create sustainable growth in the medium to long term.’

The Group Chief Executive Officer, NGX Group, Mr Oscar Onyema, OON stated, “The proposed payment will not significantly impact the cash position and retained earnings of the Company and will further position the company as investible for a wider class of investors in the capital market. We will continue to focus on maximising value for shareholders just as we champion the development of Africa’s financial markets.”

Reclassification: Fidelity Bank  Now A Medium Price Stock

Following a bullish run in the stock market in recent months, the Nigerian Exchange Limited (“NGX”) on Friday announced the reclassification of Fidelity Bank Plc. from small price stock to medium price stock.

A statement by the NGX said the reclassification became necessary because Fidelity Bank Plc. shares have been trading above the N5.00 mark since February 2023. 

“Rule 15.29 of the Rulebook of The Exchange, 2015 (Dealing Members’ Rules) notes that equities priced above N5 per share for at least four of the most recent six months of trading, or new security listings priced above N5 per share at the time of listing on NGX are classified as medium price stock,” the statement said.

“According to NGX, Fidelity Bank Plc. traded above the N5.00 mark on 20 February 2023 and has remained above the N5 mark up until close of business on 30 June 2023.

“This indicates that FIDELITYBK has been trading above N5 for at least four (4) months in the last six (6) months. Therefore, it should be reclassified from small price stock to medium price stock.”

The Nneka Onyeali-Ikpe-led bank has continued to post commendable financial performance every quarter as it cements its position amongst tier-one banks in the country.

Nneka Onyeali-Ikpe, MDCEO Fidelity Bank Plc
Nneka Onyeali-Ikpe, MDCEO Fidelity Bank Plc

SAHCO Assures Shàreholders Of Enhanced Dividends In 2023

L-R: Dr Oluropo Owolabi, Non-Executive Director, Skyway Aviation Handling Company (SAHCO) PLC; Mr Basil Agboarumi, Managing Director/CEO,SAHCO; Dr Taiwo Afolabi , Chairman, SAHCO; Ms Jesuyemisi Odeyemi, Company Secretary, SAHCO; Mrs Boma Ukwunna, Executive Director, Cargo Services, SAHCO PLC at the SAHCO AGM recently.
L-R: Dr Oluropo Owolabi, Non-Executive Director, Skyway Aviation Handling Company (SAHCO) PLC; Mr Basil Agboarumi, Managing Director/CEO,SAHCO; Dr Taiwo Afolabi , Chairman, SAHCO; Ms Jesuyemisi Odeyemi, Company Secretary, SAHCO; Mrs Boma Ukwunna, Executive Director, Cargo Services, SAHCO PLC at the SAHCO AGM recently.
The Chairman of Skyway Aviation Handling Company PLC (SAHCO), Dr Taiwo Afolabi, has promised better dividends for the shareholders of the company for the  current financial year ending Dec. 31, 2023.

Afolabi gave the promise at the 13th Annual General Meeting  (AGM) of the company for the financial year ended Dec. 31, 2022 on Friday in Lagos.

He said the board was aware of shareholders’ desire for improved dividend.

According to him, the board decided to repeat the 16.5k dividend paid in 2021 because there was a need to channel resources to grow the company, a decision he said was currently yielding positive results.

“Our first quarter financial result shows that we are making more money and we are going to surprise our shareholders next year by giving them may be double this year’s dividend.”

He said that SAHCO in 2022 made massive investments in its bid to enhance its capacity to service its clients through the acquisition of modern equipment, provision of new facilities and capacity development for staff and board  members.

“Training was key for us, as staff members from across various cadres were trained both locally and internationally to improve their skills and competencies.

“We are beginning to see the dividends of these investment with the company recording sound financial and non-business performances.”

As the company prospected for more clients, Afolabi said the management worked very hard to retain existing clients with a combination of superior customer service, bespoke solutions and excellent service delivery. 

“It will interest you to note that this strategy produced great results with 60 per cent of the cargo operations in Nigeria in the year under review handled by our company,” Afolabi said.

Commenting on SAHCO’s operational and business performance for 2022, the Managing Directing, Mr Basil Agboarumi, said the company recorded a revenue of N11.125 billion against N6.707 billion recorded in 2021.

He said the company made gross profit of N4.366 billion in 2022 compared to N3.807 billion recorded in 2021. 

He stated that the total assets for 2022 stood at N29.219 billion against N24.603 billion recorded in 2021.

Agboarumi reiterated that the company during the period under review focused on expansion with the acquisition  of more ground handling equipment.

“As the clientele of SAHCO continues to grow, we have acquired a lot of ultra-modern ground handling equipment to meet our demands. These equipment are fitted with the latest technology in ground support.

“Our plan is to continue to acquire more as the industry demands so we can continue to provide top-notch ground handling services to enable us retain existing clients and to cater for clientele and business expansion which will translate to more future profits for the organisation”, Agboarumi said.

Speaking on the growth projection of SAHCO in 2023, he said the company would remain committed to walking through a path of improved revenue and profitability, satisfied client base and better remunerated shareholders. 

Speaking virtually, a shareholder of the company, Comrade Lawrence Oguntoye, commended the board and management of the company for an impressive performance recorded during the 2022 financial year and urged the board to perform better in the current financial year.

He said the 16.50k dividend declared by SAHCO put smiles on the faces of the shareholders.

FRCN, ISSB And NGX RegCo Boost Stakeholders’ Capacity On SASB Standards

NGX Group logo
NGX Group logo

In preparation for the standard effectiveness of the International Sustainability Standards Board (ISSB), the ISSB, Financial Reporting Council of Nigeria (FRCN), and NGX Regulation Limited (NGX RegCo), recently organized five webinars to prepare companies for the imminent release of the ISSB’s first two IFRS Sustainability Disclosure Standards, better known as IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information); and IFRS S2 (Climate-related Disclosures).

The webinars themed; ISSB Industry-based Disclosure: Using the SASB Standards – A Tool for Disclosure of Sustainability-Related Information, was well attended by over 1,500 individuals from Nigeria, Africa and beyond, and held from June 6 to June 8, 2023. The webinars featured presentations on IFRS S1 and IFRS S2 as well as the industry-specific metrics drawn from the Sustainable Accounting Standards Board (SASB) Standards. These covered four industries: the Oil & Gas, Telecommunications, Financial Services, and Food & Beverages and Consumer Goods sectors.

Commending the FRCN, ISSB and NGX RegCo for their efforts in helping to create awareness around the launch and adoption of IFRS 1 and IFRS 2, the Executive Secretary of the FRCN, Ambassador Shuaibu Adamu, said, that it is encouraging that African countries are coming together to collaborate in this capacity building programme because it is clear that Africa does not intend to be left behind and is partnering with the IFRS Foundation to ensure significant further investment in capacity building for African countries is delivered, also to ensure the ISSB standards are truly global in their implementation.

Speaking during the webinar series, the Director, Directorate of Accounting Standards, (Public Sector) of the FRCN, Dr. Iheanyi Anyahara, commended the joint efforts of the organizers to ensure that Nigerian companies are prepared to early adopt the ISSB Standards when they become effective.

He also noted that the capacity building engagements will continue even after the webinar series. Additionally, Dr. Anyahara stated that the FRCN has inaugurated the Adoption Readiness Working Group (ARWG), which will make recommendations to the FRCN on the adoption of the IFRS Sustainability Standards in Nigeria.

The Chief Executive Officer of NGX RegCo, Ms. Tinuade Awe stated that as a member of the NGX Group, NGX RegCo has been involved in furthering the development of sustainability reporting in Nigeria over a period of time.

Expressing her appreciation to the FRC and the ISSB for collaborating with NGX RegCo in this successful effort, Awe noted that the webinars were necessary in order to get Nigerian and African companies ready to comply with IFRS S1 and IFRS S2 when they become effective so that they will not be left behind in the global race to unlock capital for growth and development.

On her part, Board Member of the ISSB, Dr. Ndidi Nnoli-Edozien, said that “the IFRS Accounting standards are used across 140 countries and the objective of the IFRS Sustainability Standards is to enable companies provide a global baseline of sustainability-related and climate related disclosures that are decision useful, cost-effective and market informed providing comparability across companies, industries and markets and applicable without undue cost and effort.

According to her, the sustainability-related disclosures are important to global capital markets, and will develop a common language of sustainability related disclosures that provide decision useful information to investors, with the potential to unlock capital flows.

Members of the working groups at the webinars which include; General Manager, Sustainability & Shared Value, MTN Nigeria Plc, (a member of the ARWG), Mrs Adekemi Adisa, Chief Financial Officer, Interswitch Limited, (a member of the ARWG), Senior Lecturer in the Department of Accountancy, Nnamdi Azikiwe University, Awka, Dr Onyinye Eneh, all hinged on sustainability reporting as a critical tool for unlocking the capital that companies need and added that the release of IFRS S1 and S2 by the ISSB is a huge relief and would go a long way in addressing this issue for these companies.