SEC considering gradual implementation of ISSB Standards – Agama
Orisemeke Benjamin
The Director General of the Securities and Exchange Commission (SEC), Dr. Emomotimi Agama, has disclosed that the Commission is considering a gradual implementation of the global sustainability disclosure standards developed by the International Organisation of Securities Commissions (IOSCO).
Dr. Agama, who spoke at an investors’ roundtable on the International Sustainability Standards Board (ISSB) over the weekend, explained that Nigeria, having participated in the taskforce that developed the standards, would continue to support the four pillars on which they were built.
He noted that Nigeria, with its vast natural resources and growing population, “is particularly vulnerable to climate change and is simultaneously pursuing an ambitious sustainable finance agenda”.
While commending the ISSB framework, Agama stressed that Nigeria would not simply “copy and paste” the standards, but would adopt a carefully tailored approach.
“This means: capacity building—working with issuers, auditors, and preparers to ensure they understand and are ready for the new requirements; phased implementation—considering a graduated approach, perhaps beginning with larger, listed entities before expanding to others; assurance framework—developing a robust system for the verification of disclosures to guarantee their credibility; and alignment with local realities—ensuring the global baseline is applied in a way that is appropriate and proportional for our market, while maintaining the core goal of global comparability,” he explained.
Agama added that the Commission opted for this method “because we believe that embracing this global baseline will enhance the attractiveness of the Nigerian capital market. It signals to international investors that we are serious about transparency, governance, and managing long-term risk. It has transformed the ISSB from a promising new initiative into the definitive global framework for sustainability disclosures.”
According to him, “the case for adoption is clear: for global comparability, for investor trust, for managing systemic risk, and for reducing complexity. This is no longer a question of if, but of how and when. The journey to a sustainable global economy requires a common language. The ISSB has provided that lexicon. IOSCO has called us to speak about it. At SEC Nigeria, we have answered that call.”
He reaffirmed the Commission’s commitment to working with stakeholders domestically and across the IOSCO network to implement the standards effectively.
“The global perspective is one of unity and decisive action. By adopting the ISSB standards, we are not just complying with a global trend; we are actively building a more stable, transparent, and sustainable financial future for Nigeria, for Africa, and for the world,” he said.
