Nigeria Stock Exchange launches Facts Behind Sustainability Report to promote ESG Reporting

In its quest to continually champion sustainable practices in the African capital markets, The Nigerian Stock Exchange has launched Facts Behind the Sustainability Report (FBSR). Styled after the NSE’s flagship Facts Behind the Listing and Facts Behind the Figures event series, the Facts Behind the Sustainability Report is designed to further promote the adoption of Environmental, Social and Governance (ESG) practices, reporting, and disclosure and encourage responsible long-term approaches to investment.
 It provides a platform for listed companies to address stakeholders with in-depth analysis of their sustainability initiatives, as well as spotlight stakeholder engagements, materiality, standardization, and overall disclosures.
Dangote Cement Plc (DCP), which presented the Facts Behind its 2018 Sustainability Report at the event, became the first listed company to leverage the platform. The event brought together CSR-Sustainability consultants & assurance providers, investors, stockbrokers, shareholders associations, media, and other investment stakeholders.
Commenting on the launch of the FBSR, the Chief Executive Officer of the NSE, Mr Oscar N. Onyema, OON, who was represented by the Head of Corporate Services Division, NSE, Mr Bola Adeeoko, said that “better ESG reporting is key to strengthening capital markets and achieving a sustainable global economy.
The Exchange is strategically positioned to influence the adoption of globally recognized sustainability standards by Nigerian businesses and we continue to highlight the importance of sustainable business practices in delivering value to our listed companies and investing public to support economic growth”.
“To consolidate our efforts of partnering with listed companies to create value through reporting, we are happy to launch the NSE Facts Behind the Sustainability Report to facilitate more meaningful engagement between investors and listed companies on ESG risks and opportunities. We are pleased that Dangote Cement Plc has chosen to champion the maiden edition of the Facts Behind the Sustainability Report series both to launch and discuss highlights of their first ever stand-alone sustainability report. It is our belief that this giant step taken by DCP will encourage other listed companies, especially those on the Premium Board, to come for their FBSR at The Exchange. This will provide them with a platform to showcase their efforts in sustainability and corporate governance as well as address investors’ requirements on ESG issues”, added Onyema.
Speaking during the event, Group Managing Director, Dangote Cement Plc, Engr. Joseph Makoju said, “we have identified and are leveraging sustainability to drive regulatory compliance, proactive risk management, and building trust and goodwill in the countries, markets, and communities where we operate.”
 In a goodwill message delivered at the event, the Group Managing Director, Dangote Industries Limited, Olakunle Alake stated that “at Dangote Group, the vision of the business from the outset is to create value for all stakeholders and positively impact and transform the economies where we operate. This is what we call ‘The Dangote Way’. If our experiences in the last three decades are anything to go by, we can say with utmost confidence that this sustainable business model has been a win-win. Our people and economy-centric approach to business have no doubt been the fact behind the great success that the Dangote business story has become, and the anchor on which our continued growth, expansion and longevity is anchored.”
Consistent with its commitment, NSE, earlier this year hosted a Sustainability Reporting Implementation Workshop in partnership with Global Reporting Initiative as a way of helping listed companies adopt reporting principles discussed in the recently launched NSE Sustainability Disclosure Guidelines.
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