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Public companies and major capital-market operators have until October 15 to submit IFRS sustainability reporting plans to the SEC.
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Mandatory sustainability disclosures for public interest entities begin on January 1, 2028, under Nigeria’s phased adoption roadmap.
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Companies must outline governance, data systems, internal controls, training and key challenges ahead of the reporting regime.
September 24, (THEWILL) – Nigeria’s Securities and Exchange Commission has given public companies and significant public interest capital-market operators until October 15, 2026, to submit plans for adopting the IFRS Sustainability Disclosure Standards.
The directive was contained in a circular dated September 23, 2026, issued under the Investments and Securities Act 2025. The SEC said the plans are part of its efforts to assess the preparedness of regulated entities ahead of mandatory sustainability reporting from January 1, 2028.
SEC Seeks Company-Specific Readiness Plans
Under the directive, covered entities must explain how they intend to implement IFRS S1 and IFRS S2, the sustainability and climate-related disclosure standards issued by the International Sustainability Standards Board.
The implementation plans are expected to cover board and management oversight, a gap assessment against the standards, implementation timelines, and the systems required for collecting and reporting sustainability data.
Companies must also provide details of internal controls and assurance arrangements, capacity-building and staff training, as well as the major challenges they expect to face during implementation.
The plans must state the expected year in which the entity will begin sustainability reporting under the Financial Reporting Council of Nigeria’s roadmap.
The requirement gives companies just over 15 months between the October 15 submission deadline and the January 1, 2028 start of mandatory reporting for public interest entities.
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Reporting Moves From Voluntary To Mandatory
Nigeria adopted the IFRS Sustainability Disclosure Standards in June 2023, the same month the ISSB launched IFRS S1 and IFRS S2.
The FRCN roadmap initially encouraged early adoption for eligible entities reporting for periods ending on or before December 31, 2023.
Voluntary adoption then applied to entities not yet subject to mandatory reporting for periods beginning on January 1, 2024, through periods ending on or before December 31, 2027.
Mandatory sustainability reporting for public interest entities begins for reporting periods starting on or after January 1, 2028, while mandatory reporting for small and medium-sized entities is scheduled for January 1, 2030.
Exchanges And Clearing Houses Are Also Covered
The SEC deadline extends beyond listed companies to significant public interest capital-market operators and market infrastructure providers.
Covered entities include exchanges, central securities depositories, clearing houses and trade repositories, among other operators performing important trading, clearing, settlement and market-data functions.
The requirement comes as companies face differing levels of preparedness for the new reporting regime. Earlier industry reporting had pointed to stronger ESG preparation among banks, while some insurers were still developing basic sustainability-reporting capabilities.
The SEC said it would continue engaging regulated entities and monitoring compliance with the implementation timetable.
The regulator’s latest directive, therefore, shifts the focus from a broad industry transition to company-specific preparation, requiring each covered entity to demonstrate how it intends to meet the 2028 sustainability disclosure deadline.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
