•As ICAN inducts 1,851 chartered accountants
By Providence Ayanfeoluwa
Accountants must lead the development of Environmental, Social and Governance, ESG compliant financial disclosures and climate risk reporting.
ESG-driven investments reached $41 trillion globally in 2023, Nigeria must catch up with this trend.
As of now, only 18 percent of publicly listed Nigerian companies issue sustainability reports despite pressure from global investors.
Chairman, Keystone Bank Limited, Lady Ada Chukwudozie, said these during the 75th induction ceremony of 1,851 chartered accountants by Institute of Chartered Accountants of Nigeria, ICAN.
She said that ICAN can issue sector-specific ESG reporting guidelines, especially for oil & gas, manufacturing and agribusiness.
Chukwudozie said: “In an era of increasing ESG consciousness, accountants in Nigeria must be at the forefront of integrating sustainability considerations into financial disclosures. This is not merely a matter of compliance but an imperative move for attracting responsible investment and ensuring the long term viability of Nigerian businesses.
“ICAN should collaborate with organizations like the Nigerian Exchange Limited, NGX to develop guidelines and promote the adoption of standardized sustainability reporting frameworks relevant to the Nigerian context.
“The future of accountancy in Nigeria extends beyond mere number crunching. It lies in the ability to extract meaningful insights from financial data to act as strategic business partners, to be tech-savvy analysts and to champion ESG principles.
“Whether through establishing niche consulting firms catering to specific industries, driving innovation within fintech companies, leading public financial management reforms at the sub-national level or mastering complex international reporting standards, there is always a unique niche to carve and dominate, contributing significantly to Nigeria’s economic advancement.