Business
ESG Compliance, Future For Financial Service – FITC
The Managing Director, Financial Institutions Training Centre (FITC), Mrs. Chizor Malize, has emphasised that the future of Nigeria’s financial services industry will be shaped by substantial regulatory changes driven by the increasing importance of Environmental, Social, and Governance (ESG) factors.
Speaking during a chat in Lagos, Malize emphasised the influence of ESG considerations on the regulatory transformation in Nigeria’s financial services industry.
She stressed the importance of implementing enhanced reporting standards, integrating ESG criteria into risk assessments, and providing incentives for compliance.
Additionally, she noted that financial institutions are witnessing changes in investment patterns, operational adaptations, and evolving consumer demands as they adjust to these developments.
She noted that integrating ESG into operations is not only a regulatory obligation, but also a strategic advantage that enables institutions to excel in an increasing sustainable and responsible financial landscape.
To this end, she indicated that the government and the private sector are challenged to ensure the goal to fully decarbonise the economy, which has prompted sectors across the country to assess the ways in which they can alter their practices to become more climate-friendly and sustainable.
She noted that the financial services industry is also following suit, as banks are now embracing innovative approaches to address ESG challenges and to comply with the Securities and Exchange Commission’s reporting requirements.
She said, “financial service providers are considering offering products and services that support sustainable goals. These include sustainable funds that evaluate investments based on ESG criteria to measure their social and environmental impact, as well as sustainable bonds that facilitate fundraising for initiatives aimed at sustainable development and environmental and social objectives”.
In response, Mrs. Chizor Malize said FITC decided to establish its ESG institute to support financial institutions in meeting their ESG regulatory and reporting requirements.
She said the institute comes as the financial services sector is faced with a growing set of regulatory requirements, adding that it will support such organisations to build internal capabilities to implement company- wide culture for ESG understanding and helping clients to ensure that they remain compliant with the evolving regulatory environment.
According to her, FITC wants to help financial services institutions provide a range of ESG-centric products and services that extend far beyond investment products.
These, she added, include loans, which provide businesses with funding for environmental projects such as energy efficiency.
According to her, while the opportunities for financial institutions in the ESG area are vast, there is need for banks and other institutions to build capacities to explore.
She emphasised the importance of the financial services sector in leading the way towards a sustainable future, stating that FITC is committed to facilitating knowledge transfer to assist banks and other financial institutions in fostering innovation in sustainable financial services.
Additionally, she highlighted the necessity of repositioning the economy to address the challenges posed by the energy crisis.
As Nigeria confronts energy security challenges, she noted that it was important to assist the government in transitioning to a sustainable, green economy in order to address the risks associated with rising carbon emissions and climate change.
To this end, she said FITC is hosting sustainability/ESG Summit in Lagos today to provide fresh impetus as sustainable practices and responsible investments come to the forefront of economic growth discussions.
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The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has asked companies in the oil and gas sector to undertake urgent review of salaries of their workers in view of the prevailing harsh economic conditions in the country.
Also, the pensioners of Chevron Nigeria, under the aegis PenCoN, have lauded the President of PENGASSAN, Comrade Festus Osifo and his executive on their unrelenting efforts toward addressing pension abnormalities faced by retired workers in the oil and gas industry.
The association also appealed to the federal government to take necessary measures to check banditry and terrorist activities in parts of the country.
PENGASSAN President, Osifo who addressed journalists shortly after the National Executive Council meeting of the association in Abuja, at the weekend, said that though a lot of success has been recorded in negotiating salary reviews for its members, there are still organisations that have failed to lift their workers from the present harsh economic situation.
He said within this period, PENGASSAN has signed numerous Collective Bargaining Agreements (CBAs) which has brought smiles to the faces of its teeming members.
“This is because we recognise that our job, literally, is how to protect the job of our members, and how to enhance their pay,” he said.
Osifo said that operators in the oil and gas sectors always go for the best qualified professionals to carry out their operations.
“So, the same way they recruit the best, we also challenge them to provide the best condition of service and provide the best remuneration.
“Yes, today, a lot of companies will have achieved successes, but there are still few that we are still discussing at their CBAs, that we are not yet there.
“We still use this opportunity to call on these companies that are still foot dragging, that are still holding back, even with the massive devaluation that has occurred in our country, that still don’t want to fix the remuneration of our members.
“We are calling on them to do the needful, because for us in PENGASSAN we will push without holding back. We will push, using everything in our arsenal, to ensure that the needful is done,” he said.
Osifo spoke of the dispute with the Dangote Refinery group, saying there are still pending issues to be resolved.
“Gentlemen of the press, during the networking session, we also looked at the issues that are plaguing some of our branches, and you know that recently, we had some challenges in Dangote Refinery and PetroChemicals Ltd.
“And within this period, since our last National Industrial Action, we have been engaging them in a lot of conversations, but the issues are not fully resolved. There are still a lot of pending issues.
“Yes, the NEC decided that, yes, let us still consummate that process by pushing those issues, by engaging in dialogue to resolve the issues, and by also engaging all our social partners and stakeholders to get the issues resolved,” he said.
The Securities and Exchange Commission (SEC) has launched the Regulatory Hub, a new centralized digital platform designed to streamline collaboration, strengthen oversight, and improve transparency across Nigeria’s financial and capital market ecosystem.
The Commission disclosed this in a statement posted on its website.
According to the commission, the platform connects key regulatory and security institutions including the Office of the National Security Adviser (NSA), the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), Federal Inland Revenue Service (FIRS), and Corporate Affairs Commission (CAC), enabling them to exchange information securely and in real time.
The launch of this regulatory hub comes ahead of the implementation of new tax laws in January 2026, with agencies such as the FIRS spreading its tentacles across sector to monitor compliance.
According to the SEC Director-General, Emomotimi Agama, the launch marks a significant step toward modernizing Nigeria’s regulatory framework through technology.
“The Regulatory Hub is a major step in our commitment to leverage technology for stronger regulatory synergy. By connecting regulators on one platform, we are building resilience, enhancing market integrity, and promoting investor confidence,” he said.
The SEC said the platform would help reduce bottlenecks in regulatory processes and facilitate faster, more informed decision-making across agencies.
Reinforcing the DG’s comments, the Executive Commissioner, Operations, Bola Ajomale, highlighted the operational benefits of the new system.
“The platform will significantly improve the timeliness and quality of regulatory decision-making. It provides a single window for regulators to share data, respond to requests, and collaborate seamlessly in safeguarding our financial and capital markets,” he said.
The commission believes the Regulatory Hub would support its broader mandate to strengthen investor protection, enhance market stability, and harmonize regulatory activities across the financial sector.
It urged stakeholders to initiate interest by emailing the Commission, adding that once registered, participants would be able to access the Hub and take advantage of its features.
Business
NAFDAC Decries Circulation Of Prohibited Food Items In markets …….Orders Vendors’ Immediate Cessation Of Dealings With Products
The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing circulation of banned food products across markets in the country.
The agency, in a Press Release dated 6 December 2025, warned that these items including pasta, noodles, sugar and tomato paste are expressly listed on the Federal Government’s Customs Prohibition List and are illegal to import.
NAFDAC stated that the sale and distribution of such prohibited items violate national trade laws, compromise the integrity of Nigeria’s food control system, and pose significant public health risks, as they have not undergone the agency’s mandatory safety and quality evaluations.
Importers, market traders, and supermarket operators have therefore, been directed to immediately cease all dealings in these items and to notify their supply chain partners to halt transactions involving prohibited products.
The agency emphasized that failure to comply will attract strict enforcement measures, including seizure and destruction of goods, suspension or revocation of operational licences, and prosecution under relevant laws.
The statement said “The National Agency for Food and Drug Administration and Control (NAFDAC) has raised an alarm over the growing incidence of smuggling, sale, and distribution of regulated food products such as pasta, noodles, sugar, and tomato paste currently found in markets across the country.
“These products are expressly listed on the Federal Government’s Customs Prohibition List and are not permitted for importation”.
NAFDAC also called on other government bodies, including the Nigeria Customs Service, Nigeria Immigration Service(NIS) Standards Organisation of Nigeria (SON), Nigerian Ports Authority (NPA), Nigerian Maritime Administration and Safety Agency (NIMASA), Nigeria Shippers Council, and the Nigeria Agricultural Quarantine Service (NAQS), to collaborate in enforcing the ban on these unsafe products.
By: Lady Godknows Ogbulu
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