November 8, 2026 by Franca Ochigbo, Abuja
How FRC has transformed Nigeria’s sustainability ecosystem has
For the past three years there has been a comprehensive transformation of the Financial Reporting Council, FRC. It is being repositioned as a more agile, market-facing and internationally engaged regulatory institution by the Executive Secretary, Chief Executive Officer, Dr. Rabiu Olowo.
This is anchored on Digitisation, Operational Excellence, (DOSE) agenda which includes Stakeholder Engagement and Enforcement the Council’s Regulatory Architecture, strengthened audit, corporate governance oversight, accelerated digital regulation, advanced sustainability and emerging professional standards, which has been invested in professional capacity and has elevated Nigeria’s participation in global financial reporting.
The result of all these are a council with broader regulatory mandate, stronger institutional infrastructure and a significantly more prominent voice in international standard-setting and regulatory discourse. Olowo expanded the Council’s regulatory architecture by operationalising the Directorates of Actuarial and Valuation Standards through the establishment of the Sustainability Reporting Unit and bringing the FRC to its full seven-Directorate structure for the first time.
Presently the council is doing a lot because of its positioning at the forefront of sustainability reporting in Africa by securing national stakeholder support for the adoption of IFRS S1 and IFRS S2 and launching Nigeria’s Sustainability Reporting Roadmap in collaboration with the International Sustainability Standards Board (ISSB).
In a bid to reach thousands of professionals, the Council established the Sustainability Reporting Unit and has undertaken extensive capacity-building, These efforts culminated in Nigeria receiving the UNCTAD-ISAR Leadership in Sustainability Reporting Honour in 2025, as the only African country recognised, raising Nigeria among the best.
On audit quality enforcement and market credibility, Olowo Strengthened the FRC’s transition from standard-setting to active regulatory oversight through comprehensive Audit Quality Reviews of 16 audit firms, including the Big Four, covering 143 audit engagements, while
introducing the NOCLAR framework (FRC Rule 14), he commenced the implementation of Internal Control over Financial Reporting (ICFR) and launched the National Audit and Assurance Firms Register, enhancing transparency, accountability and confidence in the audit ecosystem.
After more than 44 years without a permanent home, the Council secured and developed a modern corporate headquarters, FRC House, marking a defining milestone in its institutional evolution.
The new FRC House provides a permanent institutional base and modern infrastructure commensurate with the Council’s expanded mandate and growing regulatory responsibilities. The Council’s initiatives have reached over 5,000 university students and 800 secondary school students through actuarial education programmes.
In order not to let any stone unturned, the Council has secured Nigeria’s membership of the International Valuation Standards Council (IVSC), it has also developed and exposed Nigeria’s first Valuation Regulations and advanced revised Valuation Standards aligned with international best practice.
Noting that in actuarial practice, the FRC established the Nigerian Actuarial Development Programme, adopted ISAPs 1-8 for localisation as Nigerian Standards of Actuarial Practice and developed the Nigeria Actuarial Practice Regulation (NAPR 2025) as an Exposure Draft.
Additionally, its sustainability programmes have trained more than 1,700 professionals and engaged over 200 entities. The inaugural Leadership Summit for Auditors attracted more than 760 participants, while the Council launched Nigeria’s first Journal of Financial Reporting and Corporate Governance.
It has expanded the FRC’s regulatory community and deepened collaboration across Nigeria’s financial ecosystem, with 34,372 professionals, 1,359 firms and 14,929 companies registered with the Council. Strategic relationships have also been strengthened with ICAN, ANAN, ACCA, NIESV, ISSB, PAFA, UNCTAD, GIZ and other professional bodies, as regulators and development partners, creating a broader platform for regulatory cooperation and knowledge exchange.
Dr. Olowo’s as Chair of the 41st Session of UNCTAD-ISAR placed a Nigerian regulator at the centre of global discussions on financial reporting, sustainability and corporate transparency. He subsequently concluded the tenure in November 2025 and was confirmed in 2026 as Nigeria’s representative to ISAR. The Council has simultaneously strengthened African regulatory cooperation and advanced the UK-Nigeria Enhanced Trade and <a href="https://bitcomme.com/is-net-loss-altering-the-investment-case-for-arcelormittal-stock-enxtammt/” title=”Is Net Loss Altering The Investment Case For ArcelorMittal Stock (ENXTAM:MT)?”>Investment Partnership (ETIP) towards regulatory equivalence and mutual recognition of audit qualifications.
Recognising the unique nature of Non-Interest Financial Institutions (NIFIs) transactions and products, the Council inaugurated a Technical Working Group in April 2026 to conduct a gap analysis between IFRS and AAOIFI Standards and develop a framework that adequately reflects the Shariah substance of non-interest financial transactions.
On 11 October 2026, the Council signed a Memorandum of Understanding (MoU) with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) in Manama, Bahrain, to advance research, capacity building and knowledge development in non-interest finance. The Technical Working Group has developed a proposed National Framework for the Integration of AAOIFI Standards, which will be issued as an Exposure Draft for stakeholder comments ahead of its implementation.
Three years into Dr. Rabiu Olowo’s tenure, the transformation of the Financial Reporting Council is evident not simply in the number of new standards, regulations, systems or programmes introduced, but in the breadth and ambition of the institution that has emerged. The FRC has expanded beyond its traditional financial reporting mandate into sustainability, valuation, actuarial practice, corporate governance and non-interest finance, it has strengthened its enforcement capabilities, embraced digital regulation, invested in professional capacity, and assumed a more visible role in international standard-setting.
From building the regulatory architecture to strengthening its enforcement, from manual processes to digital systems, from national participation to global leadership, the FRC is building an institution designed not only to regulate today’s financial reporting environment, but to shape tomorrow’s work.
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