As part of its DOSE agenda—which prioritizes Stakeholder Engagement as a key pillar—the Financial Reporting Council of Nigeria (FRC) held a high-level strategic meeting with top representatives of the Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN) in Abuja on Wednesday, April 16, 2025.
The meeting, held at the FRC’s Abuja office, was chaired by the Executive Secretary/CEO of the Council, Dr. Rabiu Olowo, and focused on strengthening collaboration with Professional Accounting Organisations (PAOs) to improve alignment in Nigeria’s evolving corporate reporting ecosystem.
The strategic dialogue centred on key regulatory and professional issues including:
• Regulatory compliance and enforcement frameworks
• Audit equivalence and mutual recognition of standards
• Integrity of the audit register, and
• Broader matters affecting the accounting profession in Nigeria.
Representing ICAN at the meeting was Hajia Queensley Sofuratu Segoshime, mni, FCA, the Institute’s 1st Deputy Vice President, who lauded the FRC for its consultative and inclusive regulatory approach. She assured the Council of ICAN’s commitment to continued collaboration and promised to brief the ICAN Governing Council on the outcomes of the discussions.
On behalf of ANAN, Professor Hassan Ibrahim, FCNA, Deputy Vice Chancellor of IBB University, Lapai, and member of ANAN’s Governing Council, praised the FRC for its proactive engagement. He reaffirmed ANAN’s support for the Council’s initiatives, describing the meeting as timely and vital for the profession’s growth and credibility.
Dr. Olowo emphasized that the FRC remains dedicated to fostering inclusive regulation, enhancing transparency, and building public trust in Nigeria’s financial reporting system.
“This engagement marks another step toward a unified and collaborative regulatory environment that supports professional excellence and sustainable development,” Dr. Olowo said.
The FRC reiterated its commitment to sustained dialogue with key stakeholders in the financial reporting value chain, aligning with global best practices and ensuring the credibility of Nigeria’s financial systems.
(The economic time)
