SEC Sets October Deadline for Companies' Sustainability Plans

Nigeria’s Securities and Exchange Commission (SEC) has set a deadline of October 15, 2026, for public companies and significant public interest capital-market operators to submit their plans for adopting the IFRS Sustainability Disclosure Standards. This directive was issued in a circular dated September 23, 2026, under the Investments and Securities Act 2025.

The SEC's initiative aims to assess the readiness of regulated entities for mandatory sustainability reporting, which will commence on January 1, 2028. Companies are required to detail their implementation strategies for IFRS S1 and IFRS S2, which are the sustainability and climate-related disclosure standards established by the International Sustainability Standards Board.

The plans must include aspects such as board and management oversight, gap assessments, implementation timelines, and systems for collecting and reporting sustainability data. Additionally, companies must outline internal controls, assurance arrangements, capacity-building, staff training, and anticipated challenges during implementation, along with the expected year for starting sustainability reporting as per the Financial Reporting Council of Nigeria’s roadmap.