FRC warns corporate entities against falsifying statements
Executive Secretary/Chief Executive, Financial Reporting Council (FRC) of Nigeria, Dr. Rabiu Olowo, yesterday warned corporate and government entities in the country that the council would not tolerate ‘greenwashing’ in reporting sustainability. Olowo gave the warning while speaking at the opening of the regulatory roundtable to commemorate the visit of the Chairman, International Sustainability Standards Board […]
Executive Secretary/Chief Executive, Financial Reporting Council (FRC) of Nigeria, Dr. Rabiu Olowo, yesterday warned corporate and government entities in the country that the council would not tolerate ‘greenwashing’ in reporting sustainability.
Olowo gave the warning while speaking at the opening of the regulatory roundtable to commemorate the visit of the Chairman, International Sustainability Standards Board (ISSB), Mr. Emmanuel Faber and his team to Nigeria.
He vowed that the council would leverage the efforts and rich expertise of the Adoption Readiness Working Group (ARWG) on the subject matter to deliver top-notch regulatory supervision in the country’s interests.
He said the group had finalised the roadmap document, which would be a tool to mainstream the implementation of sustainability reporting in the country in phases and with assurance and timelines.
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He pointed out that though most of the world’s economies are failing to advance the social, environmental, and climate goals set in the 2030 Agenda and the Paris Agreement, Nigeria was taking steady and progressive steps.
He said this is exemplified by the roadmap report for adopting the International Sustainability Standards IFRS S1 and S2 by the FRC and the establishment of the Inter-ministerial Committee on Carbon Market Activation Plan by President Bola Tinubu.
Faber, however, said the ISSB standards would assist banking supervision committees in assessing the risks in banks’ portfolios.
Also, President, Institute of Chartered Accountants of Nigeria (ICAN), Mr. Innocent Iweka Okwuosa, while commending the FRC for spearheading the adoption of the reporting standards in the country, said, “We have created massive awareness within ICAN and all our members are onboard”.