ESG & Nigerian Capital Markets: How ESG-Rated Companies Are Winning

A New Regulatory Era — But an Uneven One Nigeria's capital market has entered a materially different regulatory environment. Over the past four years, the Securities and Exchange Commission (SEC) Nigeria, the Central Bank of Nigeria (CBN), the Pension Commission (PenCom), and the Financial Reporting Council (FRC) have collectively moved ESG from a voluntary disclosure exercise to a structured performance standard with real capital consequences. The landmark Investments and Securities Act (ISA 2025), signed by President Tinubu in March 2025, deepens this shift — strengthening SEC enforcement authority, expanding corporate governance obligations, and aligning Nigeria's securities law more closely with IOSCO international best practice (subject to implementation provisions where...