Business

JUST IN: FG Orders Companies to begin Sustainability Reporting 2024

Published

3 years ago

June 7, 2023

543 Views

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.”

Related Topics:Companies FG Sustainability Report

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Court jails illegal forex dealer two months

The EFCC stated that the defendant pleaded guilty after the charge was read to him.

Published

10 hours ago

August 5, 2026

OCHEFA

9 Views

A Federal High Court sitting in Ikoyi, Lagos, has convicted and sentenced a bureau de change operator, Dabo Malam Ardi, to two months’ imprisonment for engaging in illegal foreign exchange transactions.

The Economic and Financial Crimes Commission, in a statement on its official X account , said that Ardi was arraigned before Justice F. N. Ogazi by the Lagos Zonal Directorate 1 of the EFCC on a one-count charge bordering on illegal foreign exchange transactions.

The charge read, “That you, Dabo Malam Ardi, sometime in 2026 in Lagos State, within the jurisdiction of this Honourable Court, engaged in a foreign exchange transaction other than through the official foreign exchange market and thereby committed an offence contrary to Section 11(1)(a) of the National Economic Intelligence Committee (Establishment, etc.) Act, 1994, and punishable under Section 11(2) of the same Act.”

The EFCC stated that the defendant pleaded guilty after the charge was read to him.

Following the guilty plea, the prosecution counsel, S. I. Suleiman, reviewed the facts of the case and urged the court to convict and sentence the defendant accordingly.

Justice Ogazi subsequently found Ardi guilty and sentenced him to two months’ imprisonment, with an option of an N80,000 fine.

Business

Zenith Bank sends cyber-attack alerts to customers

It warned customers to ignore suspicious emails, text messages, and phone calls requesting sensitive banking information.

Published

10 hours ago

August 5, 2026

OCHEFA

11 Views

Zenith Bank has confirmed that hackers gained unauthorised access to part of its database, exposing limited customer information.

The bank says funds and accounts remain safe, and its banking systems have not been compromised.

The disclosure came in an email to customers on Tuesday, part of a coordinated global campaign targeting organisations across multiple sectors.

Zenith Bank said the attackers accessed a limited amount of customer information, including email addresses and phone numbers.

According to the bank, there is no evidence that hackers reached customers’ accounts, passwords, PINs, One-Time Passwords (OTPs), or funds.

The statement reassured customers that mobile and internet banking platforms, ATMs, and digital channels remain secure and fully operational.

Zenith Bank said it immediately activated its incident response protocols and cybersecurity safeguards after detecting the breach.

Investigations are ongoing, with security teams working to determine the full scope and strengthen protections against future threats.

The lender urged customers to stay vigilant against phishing attempts that often follow data breaches. It warned customers to ignore suspicious emails, text messages, and phone calls requesting sensitive banking information.

As reported by TheCable, Zenith Bank also reminded customers never to disclose passwords, PINs, OTPs, card details, or other security credentials to anyone, regardless of claims that the request comes from the bank. Cybersecurity experts have long warned that stolen contact details are often used for targeted phishing campaigns.