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
PoS agents, operators worrying over new CBN policy
Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”

The National President of the Association of Mobile Money and Bank Agents of Nigeria, Fasasi Sharafadeen, says that the new policy of the Central Bank of Nigeria on agent banking will likely put 40 percent Point-of-Sale operators out of business.
The CBN released recently a new operational guidelines for agent banking, which pegged the daily cumulative transactions per PoS agent at N1.2 million.
The CBN warned that any agent found using non-designated accounts for operations would be in violation of the regulation and would face sanctions.
Agents involved in misconduct or fraud will be blacklisted or have their agreements terminated.
The framework further limits individual customer transactions to N100,000 daily, while agent devices must be geo-fenced to prevent unauthorised mobile use.
The CBN announced that implementation of the new agent location and exclusivity rules would begin on April 1, 2026.
Reacting, Sharafadeen, said that one of the most worrying aspects of the policy is the introduction of exclusivity, which restricts agents to operate under only one principal or service provider.
He explained that this move would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently
He emphasised that the introduction of exclusivity, which restricts agents to operate under only one principal or service provider would not only reduce the income of PoS agents but also drive many out of business due to the loss of flexibility and customer trust that currently defines agency banking operations.
“Today, there are over 3 million PoS terminals in circulation, and about two million active agents. Many of these agents operate multiple terminals from different service providers to ensure efficiency and customer satisfaction. The new exclusivity rule will destroy that balance.”
He added that PoS operators usually relied on multiple platforms to ensure steady transactions when one network fails.
“Some agents choose a particular provider because of incentives like free bank transfers, while they use another provider that is faster in withdrawals,” he explained.
This mix guarantees customer experience because even when one service is down, they can still serve their customers through another provider.
”The association president noted that the CBN’s argument for introducing exclusivity to enable easier monitoring and sanctioning of providers in cases of fraud, overlooks the realities of informal sector operations.
Business
Forex Trading: Ventezo Winds Up, Blocks Nigerian Clients’ Withdrawals
Last year, many traders from the Philippines and Iran reported issues related to fund withdrawals and poor customer service.

Cover image: Naira to Dollar
Seychelles-based Ventezo, a forex market trading broker, has ceased its operations, resulting in financial losses for Nigerian clients.
Last year, many traders from the Philippines and Iran reported issues related to fund withdrawals and poor customer service.
“My trading broker, Ventezo, folded up with $1,500 (about N3 million) with them over two months.
Now, we never hear from them.
“They keep promising that they will refund Nigerian clients, but till now, I have never seen anything,” lamented one of its dealers.
Background checks by this Reporter reveal that Ventezo is an electronic communication network (ECN) forex broker offering online trading services in currencies, oil, precious metals, stock indices, and cryptocurrencies.
Established in 2021, Ventezo is registered with the St. Vincent and the Grenadines Financial Services Authority (SVG FSA).
According to Wikibit, although Ventezo claims to have a team of experienced traders and financial professionals, there is a lack of transparency surrounding its ownership and management structure.
The company’s official website (currently offline), provides minimal information about its founders or key personnel, which is a common trait among potentially fraudulent brokers.
Business
“Nigeria Is Bigger Than PENGASSAN, Any Trade Union – Shettima
Shettima stated this in Abuja on Monday during the Nigerian Economic Summit (NES31), themed: “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030”.

•Vice President Kashim Shettima
Vice President Kashim Shettima says that Nigeria is bigger than any trade union.
Shettima stated this in Abuja on Monday during the Nigerian Economic Summit (NES31), themed: “The Reform Imperative: Building a Prosperous and Inclusive Nigeria by 2030”.
Shettima’s comment comes on the heels of the industrial action by oil workers under the aegis of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) over a dispute with the 650,000 barrels per day Dangote Refinery.
While stating that Dangote Refinery must be protected at all costs, he added that the $20 billion facility is a national asset that must be supported to function.
He said, “Aliko Dangote is not an individual, he’s an institution, and he’s a leading light in Nigeria’s economic parliament.
And how we treat this gentleman will determine how outsiders will judge us. If he had invested $10 billion in Microsoft, Amazon, or Google, he probably might be worth $70 to $80 billion by now.
“But he opted to invest in his country, and we owe it to future generations to jealously protect, promote, preserve, and protect the interests of this great Nigeria.
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