The Financial Reporting Council of Nigeria, FRC been steered by the Executive Secretary, Dr Rabiu Olowo held series of session in the area of sensitising , collaborations as well securing sustainability reporting through local and global alignments.
This series of reforms and initiatives as well as engagements with national institutions which included the Judiciary, Accountant General’s Office, Auditor General , Governor’s Forum to foster multi -sector acceptance of governance reforms.
Stepping up it’s sustainability reporting , the others like the National Judicial Council, NJC, Head of Service, HOS geared up to develop Nigeria Public Sector Governance Code , NPSGC within three years in a row, 2026-2029
Adapting to the governance framework development and stakeholders institutionalisation, the council embraced through development of two landmark codes, the Nigeria Public Sector Governance Code NPSGC and the Not-for-Profit Governance Code NNFPGC, undergoing approvals going forward.
To consolidate the new order , it carried out sensitisation sessions with 897 practitioners and convened the first and maiden Financial Reporting Council, FRC–Institute of Chatered Accountants, ICAN–and Association of Nigeria Accountants, ANAN session.
This pave way for the council to finalize NNFPGC communication strategy, with
partnership with ACCA to train stakeholders on governance and audit regulations.
Further to this , it completed and issued the Small and Medium Enterprises Corporate Governance Guidelines ,SME- CCG,
promoted adoption of SME-CGG and Business Integrity Certification (BIC) to improve corporate ethics and sustainability.
Therefore, promotion of corporate governance for Micro, Small and Medium Enterprises, MSMEs, through partnerships with Lagos Chamber of Commerce and Industry, LCCI, integrity organisation limited, linking governance to small business resilience and others.
To strengthen sustainability reporting, the council also secured the commitment of President Bola Ahmed Tinubu, under the template of the Renewed Hope Agenda, RHI that led to the adoption of IFRS S1 and S2 sustainability standards in Nigeria.
The reofrms launched the roadmap for the adoption of sustainability reporting standards in Nigeria in collaboration with bodies.
The early adoption of ISSB’s IFRS S1 and IFRS S2 standards for two consecutive reporting cycles in 2023 , 2024 consecutively by Banks and multinationals like Access, Fidelity, MTN and seplat Energy, positioning Nigeria among global front-runners in sustainability disclosure compliance.
It also secured landmark collaborations and Memorandum of Understanding, MOU’s with international institutions such as NIRC, GIZ ,Germany, financial sector deepening africa FSDA, pan african federation of accountants, PAFA, and the ISSB, ensuring technical alignments cross-border recognition.
The growth in voluntary adoption in numbers of Nigerian entities applying ISSB’s IFRS S1 and S2 standards increased from 4 in 2024 , to 35 by October 2025, signaling rapid national acceptance.
This is aside hosting the second regulatory roundtable on sustainability reporting in 2025 August to embrace more adaptation.
The inculcation of capacity building and advocacies to over 202 entities and 1,705 professionals which received hands-on training on sustainability disclosure standards through 32 sector-specific engagements and regulatory roundtables to enhance mass participation in the new approach.
