Business
JUST IN: FG Orders Companies to begin Sustainability Reporting 2024
Companies involved in the climate change fight have been asked to begin disclosure of financial accounts starting from January 1, 2024.
According to the Federal Government, this initiative which is in line with the International Sustainability Standards Board is to promote transparency and accountability of financial information to investors.
The Executive Secretary of the Financial Reporting Council of Nigeria, Shuaibu Ahmed, made this known on Wednesday during the inauguration of the Adoption Readiness Working Group in Abuja.
The early adoption of the policy was part of recommendations made during the COP 27 Climate Change Conference held last year in Egypt.
Ahmed noted that the latest development followed an explosion in the burden of non-financial reporting requirements on companies.
Speaking during his address, Ahmed said, “I am very delighted to welcome you all to this programme today which could not have come at a more auspicious time other than now when the primary users of general purpose financial statements (i.e. investors, lenders, creditors and other stakeholders) globally are calling for more transparent, comparable and verifiable sustainability-related financial information to help them assess an entity’s enterprise value.
“We are now in a world where reliable sustainability information is becoming as important as financial information. The focus on Financial Statements is a viable way to an integrated approach to financial information, Environmental, social and governance or Sustainability information and broader non-financial information.”
He added that with the issuance of two sustainability standards; General Requirements for Disclosure of Sustainability-related Financial Information and Climate-Related Disclosures, investors will be knowledgeable about risks and opportunities facing an entity to inform their decisions on providing resources.
Earlier in her address, the Permanent Secretary, Ministry of Trade and Investment, Evelyn Ngige, commended the forward-thinking ambition of the agency and urged to ensure adequate implementation of the policy when passed.
The perm sec represented by the Director, Policy, Planning, Research and Statistics, Alhaji Baba Gana Alkali, said, “There is a global understanding that the implementation of IFRS S1 & S2 will enhance corporate reporting and unlock capital, especially to emerging markets like Nigeria. Therefore, I implore all of you to work tirelessly to ensure that these standards are appropriately implemented.”
Business
MTN Pushes Back Fast Data Depletion Complaints To Subscribers
MTN Nigeria’s General Manager of Network Performance and Quality Assurance, Mr Mike Ndukwe, said video streaming, social media activity and automatic downloads were among the main causes of fast data depletion.
MTN Nigeria has blamed poor phone settings and unmanaged data consumption for the rapid depletion of subscribers’ data bundles.
The company spoke at its Data on Trial experience in Abuja on Monday, where executives urged users to check how their devices and apps use data.
MTN Nigeria’s General Manager of Network Performance and Quality Assurance, Mr Mike Ndukwe, said video streaming, social media activity and automatic downloads were among the main causes of fast data depletion.
He advised subscribers to disable automatic media downloads, restrict background data usage and set apps to download large files only when connected to Wi-Fi.
Ndukwe argued that data depletion generally comes from users’ online activities or phone settings, not unexplained deductions.
He urged subscribers to understand how their devices and applications consume data.
MTN Nigeria CEO Mr Karl Toriola linked data pricing to the operational costs telecom operators face.
He said operators spend heavily on electricity, transportation and other infrastructure needed to keep telecom sites running.
Toriola said MTN spent about N4.05 trillion on power in the preceding year.
He pushed back against the view that data is always more expensive in Nigeria. “Even within the context of data being perceived as more expensive in Nigeria, the UK is the example I was giving,” Toriola said. “Please, understand that in this country, as well as some other African countries, we are providing power and transportation to all our sites. The cost of electricity, for instance, is higher here than in the UK.”
Business
Investors from 120 countries participate in Dangote Refinery’s IPO
Investors from all 54 African countries and five other continents participated in the offering, the company said.
Africa’s richest man Aliko Dangote has closed the continent’s biggest initial public share offering for the oil refinery, claiming to have raised funds from investors in 120 countries.
The IPO for the Dangote Petroleum Refinery was initially due to close on October 13 but was extended by two weeks to allow more Africans to participate. It closed today, Wednesday, October 27.
The company did not disclose how much money was potentially raised by the offering, after saying its target was $1.6 billion.
But Aliko Dangote said earlier this month that it had exceeded that goal by “more than three, four times”.
“This is a historic achievement for Africa. It shows what is possible when we believe in our continent, work together and invest in our shared future,” he said in a statement late Tuesday.
The massive refinery has a capacity of 700,000 barrels per day and aims to double its output to 1.4 million barrels per day, potentially making it the world’s largest refinery, surpassing the Jamnagar refinery in India.
Investors from all 54 African countries and five other continents participated in the offering, the company said.
“Investor applications spanning 120 countries demonstrate the extraordinary international interest in our business and the confidence that investors are placing in the future of this refinery,” Aliko Dangote said.
“The opportunity to own a stake in a major African industrial enterprise has reached investors across every African country and all six inhabited continents,” he added.
Business
Dangote Refinery’s IPO Ends Tomorrow
“The level of investor interest reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.
[File photo] Opening ceremony of Dangote Refinery’s IPO on the NGX, September 14,2026
Dangote Petroleum Refinery & Petrochemicals has confirmed that its Initial Public Offering (IPO) will close on Tuesday, 27 October 2026 as scheduled, with no extension.
In a statement, the management said that the IPO has become a historic ownership moment, an opportunity for Africans at home and abroad to own a stake in one of the continent’s most strategic industrial assets.
“Investors recognise that this refinery is not merely an energy asset. It is a platform for industrial growth, foreign-exchange generation, regional trade, energy security and economic development across Africa,” management said.
The offer was structured to ensure ordinary investors participate alongside institutions, broadening ownership of the world-class asset.
“The level of investor interest reflects growing confidence in our business and in the strong financial results we have delivered,” the company said.
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