NEWS
ADDRESS BY PRESIDENT BOLA TINUBU AT JOINT SESSION OF NATIONAL ASSEMBLY IN COMMEMORATION OF DEMOCRACY DAY, 2025
Protocol:With profound honour, I stand before this joint session of our National Assembly; a parliament that embodies the will of the Nigerian people.2. Today, as I entered this grand edifice built from the sweat and toil of our democratic yearning, my heart stirred.
It was a blend of accomplishment and resolve. 3. I felt a sense of collective accomplishment when I realised how far wehad come as a nation. Since 1999, democracy has risen from the ashes anddestitution of military rule to take its rightful place as the only mode ofgovernance of our resilient and beloved people.4. With every footstep I took through these hallowed halls up to themoment I now stand before you, I remembered that we still have muchfurther to go.5. To achieve this progress, we sought an elective office to lead thisnation forward. Thus, I hereby affirm before our Merciful and Almighty Godand all men my resolve to do all that I can to safeguard and build ourdemocracy as the Divine hand intends for us to do.6. Since 2018, we have celebrated Democracy Day on this day; tocommemorate the sacrifices of the men and women who fought to restoredemocratic governance to Nigeria.7. Let me pay tribute to former President Muhammadu Buhari forreaching back into history to rectify a national misdeed by making June 12Democracy Day and by officially acknowledging Chief Moshood KashimawoOlawale Abiola and his running mate, Babagana Kingibe, as the victors andthus duly elected President and Vice President respectively of Nigeria afterthe June 12, 1993 elections.8. Year by year, election after election, every time we debate instead ofbattle, discuss instead of fight, and argue instead of destroy, we preservethe institutions of democracy. More importantly, we weave the culture ofdemocracy into the very fabric of our nation.9. Whilst Chief MKO Abiola is June 12’s central figure, we must not forgetthe long list of those who equally deserve to be called heroes of Nigeriandemocracy.10. We must celebrate the courage of Alhaja Kudirat Abiola and Pa AlfredRewane, both of whom were murdered by agents of military repression. Wealso remember the many civil rights activists, journalists, and politiciansimprisoned, exiled, tossed aside, tortured and beaten by the military regime.11. We remember Chief Anthony Enahoro, Commodore Dan Suleiman,Chief Abraham Adesanya, Ayo Adebanjo, Chief Gani Fawehinmi, BalarabeMusa, Ganiyu Dawodu, the journalist Bagauda Kaltho, and CommodoreNdubuisi Kanu. I mention these names not to exclude or degrade theprofound contributions of anyone else, but to illustrate, through these fewheroes, the universality of our pursuit of democracy.12. The struggle was never the province of any one group or section of thecountry, it was pan-Nigerian in its conception and will be even more pan-Nigerian as we strive to perfect it.13. It is fitting that I come to this chamber. You are the authors of thepeople’s law, and I must be their faithful implementer. While we may notalways agree, we must forge a way to work together because this is whatdemocracy demands of us. I pledge myself to this cooperation and ask thatyou do the same for the good of our people.14. Mr. Chairman, the National Assembly has acted to uphold democraticideals at every critical moment in our national history. In 2006, the 5thNational Assembly protected our democracy against an unseemly third-termbid that would have ripped our constitution apart. In 2010, the NationalAssembly, through the doctrine of necessity, opened the door for then-VicePresident Goodluck Jonathan to become the acting President following theillness of his predecessor.15. Even under the military, the National Assembly tried to protect ourdemocracy. After General Abacha took over power on November 17, 1993,and dissolved the National Assembly, some of us, led by Senator AmehEbute, the Senate President in the 3rd Republic, defied the General and hisgoons to reconvene in the Old Parliament Building in Lagos. We were jailedfor our defiance.16. On behalf of a grateful nation, I commend your invaluable role inlawmaking, oversight, and constituency representation.17. At this point, I plead for your indulgence so that I may put a terrible rumour to bed.18. To those who ring the alarm that the APC is intent on a one-party state,I offer you a most personal promise. While your alarm may be as a result ofyour panic, it rings in error. At no time in the past, nor any instance in thepresent, and at no future juncture shall I view the notion of a one-party stateas good for Nigeria. I have never attempted to alter any political partyregistration with INEC. Equally, my friends, we cannot blame anybodyseeking to bail out of a sinking ship even without a life jacket.19. Look at my political history. I would be the last person to advocate sucha scheme. In 2003, when the then-governing party tried to sweep the nationclean of political opposition through plot and manipulation, I was the last ofthe progressive governors standing in my region.20. In all their numbers and false grandeur, they boasted of ruling, notgoverning, Nigeria for the next half century or more. Where are they now?21. Yet, I stood alone. My allies had been induced into defeat. Myadversaries held all the cards that mortal man could carry. Even with all ofthat, they could not control our national destiny because fate is written fromabove. A greater power did not want Nigeria to become a one-party stateback then. Nigeria will not become such a state now.22. The failed effort to create a one-party state placed progressive politicalforces on a trajectory to form the APC. It put me on the trajectory which hasbrought me before you today. I dare not do such a favour to any politicaladversary by repeating the same mistake of political overreach.23. A one-party state is not in the offing. Nor should it ever be. That said,we would be guilty of political malpractice if we closed the door on those fromother parties who now seek to join the APC and I sincerely welcome ourparty’s newest members from Delta and Akwa Ibom States led by GovernorSheriff Oborevwori and Pastor Umo Eno and other members of this NationalAssembly.24. Political parties fearful of members leaving may be better served byexamining their internal processes and affairs rather than fearfully conjuringup demons that do not exist. For me, I would say try your best to put yourhouse in order. I will not help you do so. It is, indeed, a pleasure to witnessyou in such disarray.25. We must welcome and accept the diversity and number of politicalparties just as we welcome and embrace the diversity of our population. Ourefforts must never be to eliminate political competition but to make thatcompetition salutary to the national well-being by working across the politicalaisle whenever possible.26. One area in which democracy calls us to work together, whether in thelegislative or executive branch, whether in this or other political parties, isthat of economic and social development.27. Upon assuming office, my team and I moved to reform our ailingeconomy. We introduced fundamental reforms to correct structuralimbalances that prevented maximum growth.28. We are already seeing results. GDP grew by 3.4 per cent in 2024, withQ4 hitting 4.6 per cent, the highest quarter of growth in over a decade.Inflation is easing gradually, steadying the price of food staples like rice andbeans. Our net foreign reserves have increased fivefold, and the Nairaexchange rate has stabilised. Our balance of payments position is positive;our sovereign credit rating is improving as we continue to promote oil andnon-oil exports. States now do not need to go about borrowing to paysalaries.29. In less than one year, over one hundred thousand Nigerians, including thirty-five thousand civil servants, have benefited from affordable consumer credit through the Nigerian Consumer Credit Corporation (CREDICORP), enabling them to purchase vehicles, light up and improve their homes and purchase life essentials. This July, we will launch a bold new initiative to empower four hundred thousand young Nigerians, including youth corpers, with consumer credit.30. We are committed to giving more opportunities to young people through job creation and skills development. Through such programs as NELFUND, we are investing in education, vocational training, apprenticeships, and internships to ensure our youth are job-ready andfuture-ready.31. In addition, we have embarked on an ambitious project to lay fibre optic cables across the nation, a transformative step toward bridging the digital divide and fostering greater connectivity. This initiative promises not only to enhance the speed and reliability of internet access but also to revolutionize how businesses operate, how students learn, and how communities stay connected. By extending this critical infrastructure, we are empowering entrepreneurs, enabling digital education, and providing the tools for our youth to compete in a globalized world.32. Our “Nigeria First” policy will further enhance progress as we consolidate market-driven growth. The improved economic performance is encouraging and validates the soundness of our policy measures. Our medium-term growth target remains an economy growing at a 7 per cent clip with a stronger manufacturing base. We must learn to produce and grow most of our food and we are on the path to achieving food sovereignty.33. These and other reforms have placed the economy on a more rational footing where critical decisions regarding large-scale investment can now be made.34. I ask you, the legislature, to join me as we enter the second half of our term to put forth innovative legislation that further encourages industrial development and job creation in our urban centres while also drafting laws that improve food security and production.35. To further underpin our economic vision, we introduced a comprehensive Tax Reform Package, a vital component of our economic re- engineering. I am deeply grateful to both chambers for your thorough consideration and deliberation of these bills, and I look forward to signing them into law soon.36. Again, your collaboration across party lines on these bills has been a model of democratic partnership.37. As elected leaders, we must continue to do more to make real the dream of Nigeria’s political and economic democracy.38. We must be vigilant in expanding the political space. We must always value dialogue over dictatorship, persuasion over suppression and rights over might. Be tolerant and broad-minded in your legislative action regarding speech and civil liberties.39. Do not be afraid to hear an unkind word spoken against you. Some of the best advice a politician gets sometimes comes from his most ferocious opponents. We dare not seek silence because the imposed silence of repressed voices breeds chaos and ill will, not the harmonics of democracy in the long term.40. While malicious slander and libel should not go unattended, no one should bear the brunt of injustice for merely writing a bad report about me or calling me names. Democracy requires a fair degree of tolerance for harsh words and stinging insults. Call me names, call me whatever you will, and I will still call upon democracy to defend your right to do so. Mr. Senate President, Mr. Speaker, Distinguished Senators and Honourable Members.41. Our nation is not perfect, but it is strong. Our democracy is not invincible, but it is alive. And this means our dream of a prosperous, happy nation is still within reach and worth fighting for.42. Mr. Chairman, Nigeria is at an inflexion point, undergoing structural and fundamental change toward a secure future.43. Our administration is fully committed to boosting the economy’s productive base. Through investment in critical infrastructure, roads, expansion of port operations, rail, and power we are creating a new environment in which industry and manufacturing can thrive. Our tax and fiscal policy reforms will streamline tax administration and eliminate burdensome and multiple taxes enabling our industrialists and entrepreneurs to operate in a more conducive environment.44. Governance must work and deliver value to the people. As part of our tax reforms, we have provided small businesses with an exemption and established the Office of the Tax Ombudsman to ensure transparency and protect taxpayer rights. Digital tools now help us track performance and reduce waste. The Diaspora Bond and Non-Resident BVN are bringingNigerians abroad into the national development fold.45. In line with my promise during my New Year address to the nation, I recently appointed the board of directors of the newly established National Credit Guarantee Company. The company backed with 100 billion naira in initial capital; with BOI, which, by the way, is performing very well in supporting SMEs, NSIA, CreditCorp, and MOFI as stakeholders, will play a significant role in transforming the nation’s industrial landscape and reducingcorruption.46. National Security is the foundation of peace and progress. We have intensified security operations to reclaim communities from criminals and terrorists. We are better at coordinating intelligence, and inter-agency cooperation has improved. Our highways are safer, and we invest in technology and training to secure every inch of this country.47. Let us take this opportunity to thank the men and women of our Armed Forces for their bravery in service of the nation. Their selfless dedication to protecting our sovereignty and ensuring the safety of citizens should serve as an inspiration to us all. As we celebrate the progress of our democracy, we must not forget the pivotal role they play in safeguarding our freedoms. For their courage and commitment, they deserve not only our gratitude butalso our continued support, prayers and recognition.48. Fellow compatriots, our achievements are not the work of one man. They are the result of a collective effort to make possible the Nigerian Dream. Yet, the journey is not over. We must work even harder to translate broad macroeconomic gains into tangible improvements in the lives of ordinary Nigerians. We must stay the course, reject cynicism, and believe Nigeria can and will rise again.49. As we mark a twenty-sixth year of unbroken democracy, it is right to honour those who have made sacrifices in the past, braving all the odds and the guns to ensure we have a regime of democracy in our country.50. In this light, I announce the conferment of the posthumous national honour of CFR on Kudirat Abiola, the heroine of the June 12 struggle.51. I also confer posthumous national honours on Shehu Musa Yar’Adua (GCFR), Prof. Humphrey Nwosu (CON), Rear Admiral Ndubuisi Kanu (CON), Alhaji Balarabe Musa (CFR), Pa. Alfred Rewani (CFR), Bagauda Kaltho (OON), Chima Ubani (OON), Dr. Beko Ransome-Kuti (CON), Alao Aka Bashorun (CON), Chief Frank Kokori (CON), Emma Ezeazu (OON), Bamidele Aturu (OON), Fredrick Fasehun (CON), Professor Festus Iyayi (CON), Dr John Yima Sen (OON), Alhaja Sawaba Gambo (CON), Dr. Edwin Madunagu (CON), Dr. Alex Ibru (CON), Chief Bola Ige (CFR), Pa. Reuben Fasoranti (CFR), Sen. Ayo Fasanmi (CON), Sen. Polycarp Nwite (CON) and Dr. Nurudeen Olowopopo (CON).52. I also confer national honours on Prof. Wole Soyinka (GCON), Prof. Olatunji Dare (CON), the journalist and journalism teacher; Kunle Ajibade (OON); Nosa Igiebor (OON), Dapo Olorunyomi (OON), Bayo Onanuga (CON), Ayo Obe (OON), Dare Babarinsa (CON), Bishop Matthew Hassan Kukah (CON), Senator Shehu Sani (CON), Governor Uba Sani (CON), Barrister Femi Falana, SAN (CON), Prof. Shafideen Amuwo (CON), Barrister Luke Aghanenu (OON), Senator Tokunbo Afikuyomi (CON), Hon. Labaran Maku (OON), Dr. Tunji Alausa (CON), Mr Nick Dazang (OON), Hon Abdul Oroh (OON), Odia Ofeimun (CON), Seye Kehinde (OON), Barrister Felix Morka (CON) Barrister Ledum Mitee (CON), Hon. Olawale Osun (CON), Dr. Amos Akingba (CON), Prof. Segun Gbadegesin (CON), Mobolaji Akinyemi (CFR), Dr. Kayode Shonoiki (CON), Prof. Julius Ihonvbere (CON), Prof. Bayo Williams (CON), Sen. Abu Ibrahim (CFR), and Sen. Ame Ebute (CFR).53. Additionally, I confer the national honour of CON on Uncle Sam Amuka Pemu, a legendary journalist and publisher who remains true to his lifetime calling as he marks his 90th birthday tomorrow, June 13.54. Furthermore, I also confer posthumous national honours on Ken Saro Wiwa (CON), the leader of the Ogoni Nine and his fellow travellers, Saturday Dobee (OON), Nordu Eawo (OON), Daniel Gbooko (OON), Paul Levera (OON), Felix Nuate (OON), Baribor Bera (OON), Barinem Kiobel (OON), and John Kpuine (OON). I shall also be exercising my powers under the prerogative of mercy to grant these national heroes a full pardon, together with others whose names shall be announced later in conjunction with the National Council of State.55. Finally, it is my great privilege to now decorate the presiding officers of the National Assembly with the National Honours earlier conferred upon them last year:Presiding National Assembly OfficersSenator Godswill Obot Akpabio, GCON – SENATE PRESIDENTRt. Hon. Abbas Tajudeen, PhD, GCON – SpeakerSenator Jibrin Ibrahim Barau, CFR – DEPUTY SENATE PRESIDENTRt. Hon. Benjamin Okezie Kalu, CFR – Deputy Speaker56. In conclusion, let us rededicate ourselves to the ideals of June 12; freedom, transparent and accountable government, social justice, active citizen participation, and a just society where no one is oppressed.57. Happy Democracy Day, and may God continue to bless the Federal Republic of Nigeria and protect our troops.Bola Ahmed Tinubu, GCFRPresident, Commander-in-Chief of The Armed Forces,Federal Republic of Nigeria.NEWS
Reps Threaten to Arrest Telecom CEOs Over Poor Network Services
By Ubong Ukpong, Abuja
The House of Representatives on Wednesday threatened to issue warrants of arrest against chief executives of telecommunications companies if they fail to appear before its committee investigating persistent poor network services across the country.
The warning was issued by the House Ad Hoc Committee investigating the quality of telecommunications services after lawmakers rejected an attempt by the Association of Licensed Telecommunications Operators of Nigeria (ALTON) to represent the affected companies through its chairman, Engr.
Gbenga Adebayo.The committee, chaired by Rep.
Olumide Osoba (APC, Ogun State), directed that the chief executives and other top management officials of the affected telecommunications operators appear before it on November 4, 2026, warning that failure to honour the invitation could attract warrants of arrest.The committee had, on October 21, invited MTN Nigeria, Airtel Nigeria, Globacom, Mafab Communications and other licensed operators to explain persistent complaints about dropped calls, slow internet connectivity, failed transactions and inadequate network coverage.
However, the operators reportedly delegated Adebayo to represent them at the hearing, a move that drew the committee’s disapproval, with lawmakers insisting that each company must personally account for its service delivery and address complaints relating to its operations.
Moving a motion on the matter, Rep. Sunday Umeha argued that the telecommunications companies were individually licensed by the Federal Government and could not rely on their membership of an industry association to avoid appearing before the legislature.
Umeha also faulted a letter reportedly written by ALTON questioning the committee’s authority to compel the operators to attend the hearing, describing the position as inconsistent with the constitutional responsibilities of the National Assembly.
“I was shocked with what I saw in the letter. I saw a situation where ALTON is saying that they are not bound to appear before this committee. They see their appearance as a privilege to this committee and not as a statutory obligation,” he said.
Citing Section 88 of the 1999 Constitution, as amended, Umeha maintained that the National Assembly had the authority to investigate matters within its legislative competence, including the implementation of government policies affecting telecommunications services.
He argued that the committee was not bound by ALTON’s internal arrangements and that the operators should appear individually unless the committee expressly accepted an authorised representative.
The position was reinforced when a representative of the Nigerian Communications Commission (NCC) confirmed that the commission had communicated the invitations to the chief executives individually.
The confirmation further angered lawmakers, who maintained that the operators had received sufficient notice and had been given adequate opportunities to honour the invitation.
Umeha recalled that the committee had considered a motion to summon the executives for arrest at its previous sitting but agreed to give them another opportunity to appear.
He said the operators had again failed to honour the invitation despite additional communication facilitated through the NCC.
Seconding the motion, the House spokesperson, Rep. Akin Rotimi Jr., also faulted ALTON’s attempt to speak on behalf of the operators, arguing that telecommunications subscribers deal directly with individual service providers and expect each company to be accountable for its network performance.
Rotimi expressed concern over poor network coverage in parts of his constituency in Ekiti State, warning that the absence of mobile signals in some communities and along major routes could have serious security implications.
He alleged that two traditional rulers in his constituency had been killed in an ambush along a stretch of road where mobile network signals were unavailable for approximately 20 minutes.
The lawmaker said such connectivity gaps could leave residents and travellers unable to contact security agencies or seek emergency assistance when confronted with danger.
He further criticised telecommunications operators for concentrating infrastructure in commercially attractive locations while leaving some rural communities and underserved areas with inadequate coverage.
The committee also questioned Adebayo over a reported ₦8.46 billion fine imposed on Globacom, asking whether the ALTON chairman could adequately address regulatory and operational issues concerning an individual company while appearing in a representative capacity.
Following deliberations, Osoba put Umeha’s motion to a voice vote, and the ayes prevailed. The committee subsequently adjourned its sitting until November 4, 2026, when the affected operators are expected to appear.
NCC figures highlight scale of consumer complaints
The investigation comes amid sustained public complaints about deteriorating telecommunications services, including dropped calls, slow internet speeds, failed airtime and data transactions, and persistent gaps in network coverage.
The NCC reportedly disclosed on October 20 that telecommunications operators had compensated 75 million subscribers for poor service in 2026, while nearly three million other subscribers received refunds for failed airtime and data transactions.
The commission also reported that more than 6,500 network interventions had been undertaken during the year to address service-related challenges.
Despite these interventions and compensation measures, consumer complaints have remained significant.
Data for the first half of 2026 showed that the four major operators recorded a combined 413,587 consumer complaints. Airtel Nigeria accounted for 228,992 complaints, followed by MTN Nigeria with 124,405, Globacom with 56,810 and T2mobile with 3,885.
Although the operators reportedly resolved 406,938 complaints, concerns over the consistency and reliability of telecommunications services have persisted, raising questions about the effectiveness of existing measures to protect subscribers.
The House committee is seeking direct explanations from the operators’ leadership on the causes of persistent service failures and the concrete steps being taken to improve network quality.
The November 4 hearing is expected to provide an opportunity for the lawmakers to examine the operators’ infrastructure investments, compliance with regulatory requirements and efforts to extend reliable services to underserved communities.
Cross River Moves to Resettle Community Displaced by 16-year Conflict
The Cross River government has renewed efforts to resettle indigenes of Ebijakara community, Abi Local Government Area, displaced by a protracted communal conflict for about 16 years.
Deputy Governor, Peter Odey, gave the assurance on Wednesday during a meeting with community leaders and security stakeholders at Government House, Calabar.
Odey reaffirmed the government’s commitment to resolving outstanding issues arising from the conflict between Ebom and Ebijakara communities.
The conflict, involving Ebom and Ebijakara, as well as Ediba and Usumutong communities, began around 2005.
Although hostilities officially ended on June 20, 2020, Ebijakara remains largely deserted, with many displaced indigenes yet to return to their ancestral homes.
The renewed intervention seeks to address unresolved issues, facilitate the safe return of displaced residents and restore normal life in the affected community.
The situation has persisted despite recommendations by the 2019 Ndoma-Egba Peace Committee, which sought to establish a framework for resolving the crisis.
The recommendations were also expected to promote peaceful coexistence among the affected communities and provide a lasting solution to their disputes.
The meeting brought together community leaders and security stakeholders to deliberate on advancing the peace process and addressing the lingering consequences of the conflict.
For displaced Ebijakara indigenes, successful resettlement would mark a significant step towards rebuilding their lives, restoring livelihoods and reclaiming homes abandoned for years.
The government’s renewed commitment comes six years after the official end of hostilities, with the community still awaiting the full restoration of normalcy. (NAN)
NEWS
A Guide to IFRS S1 and S2 Sustainability Implementation (4)
By Innocent Okwuosa
The implementation of IFRS S1 and S2 must not be approached strictly from a regulatory compliance perspective. Rather, it should lead to a change in responsible business behaviour.
For there to be this change, sustainability practices must be integrated and embedded in an entity’s operations. Today I want to provide more clarification and guidance on this.One of the documents in the Financial Reporting Council’s (FRC) Phase Two implementation, requires an entity to identify all Sustainability Related Risks and Opportunities (SRROs) that could reasonably be expected to affect its prospect and carry out a materiality assessment of each identified SRRO.
The materiality assessment enables the entity to zero in on those relevant SRROs for prioritisation. Materiality assessment is predicated on the likelihood/probability and magnitude of occurrence.The magnitude of occurrence speaks directly to financial materiality i.e. SRRO’s effect on financial performance, position, cash flow, and access to or costs of capital. Prioritisation should be predicated on the SRROs with the highest financial effect, determined as likelihood/probability of occurrence multiplied by the magnitude. It is not my intention to go into the intricacies involved in this determination, but ultimately the entity would identify and prioritise the SRROs that could affect its prospect.
As such, the integration of sustainability begins with the entity identifying the sustainability practices that address the identified and materially assessed SRROs. Then, the entity must first update its Risk
Register to include all the identified and materially assessed sustainability related risks. By doing this it would have acknowledged that they are part of the risks that it will now have to deal with and manage, going forward. If after Phase Two, an entity has not updated its Risk Register to include sustainability related risks, then there is outstanding work to be done. These form part of the risks to be integrated in the entity’s wider Enterprise Risk Management (ERM) framework. The ERM is a Phase Three document, and so it will be covered in future series.
Let us now focus on the sustainability practices to address the identified and materially assessed sustainability related risks. The implementation of IFRS S1 and S2 should embed sustainability practices within an entity’s operation, but this is not always the case, especially when implementation has been approached from a regulatory compliance perspective. The starting point in addressing the identified sustainability related risks is for the entity to come up with sustainability practices that will help manage these risks.
By instituting practices that address the SRRO, sustainability disclosures will now be about an entity’s sustainability practices. Such practices can be articulated in a document called its Sustainability Practices Framework or Policy. The implementation of IFRS S1 and S2 should result in the production of this Framework or Policy. Let us take the example of a brewery where the industry guidance shows that water is a sustainability risk facing that industry. Having identified and materially assessed this risk, then the question would be what practice the entity is putting in place to manage water. This would then form part of what is contained in the Sustainability Practices Framework or Policy.
Energy management is a material sustainability risk in the hotel business, hence the practices an entity in this industry puts in place to manage energy are part of its sustainability practices. In the financial sector, integration of ESG in credit analysis and investment management is a sustainability risk. What practices a financial institution has put in place to address this forms part of what is captured in its Sustainability Practices Framework or Policy. We can go on and on. You can now understand why identification and materiality assessment holds the key to the integration of sustainability practices in an entity’s operation.
The above explains why IFRS S2 requires the disclosure of certain industry specific metrics as a way of measuring performance on sustainability practices. That is why IFRS S2 will require an entity, for instance, in the food and beverage industry to disclose its energy management practices through metrics like (1) operational energy consumed, (2) percentage grid electricity, and (3) percentage renewable and water management practices through other metrics like (1) total water withdrawn, (2) total water consumed; percentage of each in regions with High or Extremely High Baseline Water Stress. Sustainability practices are what lead to reduction in energy and water consumption, thereby mitigating their impacts on the environment.
Evidence from the field shows that what I have stated above about a Sustainability Practices Framework or Policy is challenged, and I want to dwell a little bit on this. The first challenge stems from the fact that the FRC documentation does not require an entity to submit a Sustainability Practices Framework or Policy. Rather, what FRC requires in Phase Two is a Sustainability Disclosure Policy, and this is understandable since FRC’s focus is on reporting and disclosures, which are its mandate.
During implementation, some entities show that they have ESG or Sustainability Policy or Framework, and when one looks at these, one discovers that they are full of aspirational statements such as: “we believe the environment should be good for all,” “we will ensure we cause no damage to people and the environment and will work harmoniously with communities where we operate,” etc. In all, we see genuine intentions to evolve sustainability practices by these entities, but the missing link is evolving actual practices that address the identified and materially assessed sustainability-related risks, as opposed to just crafting aspirational statements.
Another challenge is that the existing ESG or Sustainability Framework or Policy serves different purposes and does not always mean the same thing from one entity to another. In one entity, it may contain those aspirational statements and embed the entity’s ERM and list of operational and conventional risks the entity is managing. In others, it tends towards a disclosure framework and risk governance structure. Thus, existing ESG or Sustainability Framework or Policy does not strictly address Sustainability Practices deployed to manage identified and materially assessed SRRO.
However, there are some entities in the financial sector that have done very well in articulating practices around how ESG has been integrated into their credit analysis following sustainable banking principles, but limitations still exist as these do not address financed emission, which is understandable. Similarly in other sectors, sustainability practices to manage sustainability risks are in place. In all, they do not always address all identified SRROs which IFRS S1 and S2 implementation will trigger.
Where the entity is now asked to produce the right Sustainability Practices Framework or Policy in line with the exigencies of IFRS S1 and S2 implementation, the challenge becomes the fact that it is not part of what FRC has specified, leaving it at the discretion of the entity to produce as an internal document. Yet, it is advisable for entities to still produce Sustainability Practices Frameworks or Policies, as if it is part of what should be submitted to FRC, even if they are internal documents, as these mark the beginning of embedding sustainability practices within the operation of the entities.
In a future amendment of the Sustainability Reporting Guideline (SRG Two), we will advocate for FRC to include Sustainability Practices Framework or Policy as an additional document to be submitted to it. Sustainability Practices should speak to a Sustainability Strategy to present an overall picture of how an entity is responding to or plans to respond to Sustainability Related Risks and Opportunities. In this lies
the integration of sustainability practices into an entity’s operation and a change in business behaviour, since practices are bound to change behaviour.
Innocent Okwuosa is the immediate past chair, NIRC; the 59th president of the Institute of Chartered Accountants of Nigeria, and an adjunct associate professor at Pan Atlantic University, Lekki, Lagos.
NEWS
2027: Reward Tinubu with Votes for Federal University – Wike
By Laide Akinboade Abuja
The Minister of the Federal Capital Territory, Nyesom Wike, has said the Ogoni people of Rivers State will reward President Bola Tinubu with their votes in the 2027 general elections for giving them a Federal University of Environment and Technology and appointing their sons and daughters into key federal positions.
The Minister, who said the Federal University of Environment Technology will become a major driver of employment, economic growth and development in the Ogoni area, spoke on Wednesday at a Rainbow Coalition town hall meeting with the people of Tai at Gbenegininwa Hall, Saakpenwa, Tai Local Government Area of Rivers State.
He urged residents to appreciate the long-term benefits of the institution, describing its establishment as a significant achievement that could transform the fortunes of the area.
Wike said the university was the product of sustained efforts by the late Senator Barry Mpigi, who worked to secure federal approval for its establishment before his death.
According to Wike, the process of establishing a federal university requires extensive legislative and executive procedures, making the institution a major opportunity for the people of Tai and the wider Ogoni community.
“If you don’t know what it is, even me as a minister, it would be difficult to go through the National Assembly. The National Assembly will pass it, it will now go to the President. Sometimes, the bill will stay there for years,” he said.
The minister urged the people not to underestimate the institution’s potential, noting that its benefits would become more evident as it expanded its academic programmes and operations.
“You don’t know what you have because the university just started. By the time this university stays four years, five years, then you will know the development,” he said.
Wike added that the institution would create employment opportunities for young people and generate economic activities that would benefit residents and businesses in the host community.
He said the university’s presence would provide opportunities for qualified indigenous people to secure jobs while stimulating demand for accommodation, transportation, trade and other services.
At the town hall meeting, Wike also welcomed political associates who had returned to the Rainbow Coalition after disagreements, describing their reunion as an opportunity to strengthen cooperation among leaders and supporters.
He said the group had not broken into separate political parties, adding that the disagreements that arose among members should not prevent them from working together.
“Let me first of all welcome my brothers. They didn’t go anywhere. There was no fight, they didn’t go to any other party, the same party, but there was a small fight and so we’ve all come back together to work as a team,” he said.
The minister commended the local government chairman for his commitment to reconciliation and urged the leadership to ensure that returning members were treated fairly.
He said the reintegration process should be genuine and inclusive, stressing that political differences should not be allowed to undermine the group’s cohesion.
Wike said the meeting was also intended to enable political stakeholders to assess their options and consider what would best serve the interests of Tai, Ogoni and the Rivers South-East Senatorial District.
He urged residents to examine the records of political leaders seeking their support rather than rely solely on campaign promises.
The minister questioned what some political figures had done for the area while occupying public offices, arguing that voters should assess their contributions to the development of Rivers State and the country.
Wike also challenged political leaders in Tai to meet a proposed target of securing 70 per cent of votes for President Tinubu and other candidates supported by the Rainbow Coalition in the forthcoming elections.
He clarified that the target was based on votes cast in favour of the candidates, rather than 70 per cent of registered voters.
The minister recalled that Tai had traditionally been among the first local governments to deliver its election results in the Rivers South-East Senatorial District.
He encouraged the local government to maintain its record, adding that it could receive additional support if it achieved the target.
Wike said the proposed incentive was intended to encourage political mobilisation and strengthen the coalition’s grassroots organisation.
The minister’s remarks came as the Tai Local Government Council disclosed plans to partner with him on an estate project intended to provide accommodation for students, parents and visitors to the institution.
The Council Chairman and Rainbow Coalition Coordinator in Tai, Mbakpone Okpe, said the necessary processes had been concluded, with developers expected to sign an agreement ahead of the project’s commencement.
Okpe also disclosed that the council had constructed the university’s entrance gate and an approximately one-kilometre dual carriageway within the premises to complement the Federal Government’s investment.
The local government chairman had earlier told the gathering that Tai recorded 4,568 collected Permanent Voter Cards during the first-quarter distribution exercise.
Okpe said the coalition was working to integrate former members and mobilise supporters across the local government’s 10 wards.
He also said the council had set aside N100 million in an account in preparation for the proposed incentive scheme.
The meeting also provided an opportunity for the people of Tai to pay tribute to the late Senator Barry Mpigi and thank Wike for his support following the senator’s death in March 2026.
Okpe said the minister took responsibility for the burial arrangements, easing the burden on the deceased’s family and the community.
He described Wike’s intervention as evidence of his long standing relationship with the late senator and the people of Tai.
The chairman also disclosed that his administration spent about N120 million monthly on an empowerment programme benefiting at least 3,400 people.
He said the council would continue to support the university’s development and pursue additional projects to improve infrastructure and living conditions across Tai.


