A joint publication by FSD Africa, the African Natural Capital Alliance and the Commonwealth Climate and Law Initiative, this paper examines how nature-related risks intersect with directors’ legal duties across the African continent. Grounded in independent legal research and expert review by lawyers in Kenya, South Africa and Nigeria, it makes the case that nature loss is a foreseeable and financially material risk that already falls within the core duties directors owe their companies — the duty to promote the success of the company and the duty of care, skill and diligence. Beyond the risks, it sets out the commercial opportunities in Africa’s natural capital, maps a fast-evolving disclosure landscape, and offers practical steps and key questions to help boards discharge those duties as capital shifts towards nature-positive business.