Financial Reporting Council of Nigeria
September 18, 2025
September 15, 2025
September 8, 2025
The Financial Reporting Council of Nigeria (FRC) reminds Small and Medium-Sized Practitioners (SMPs) of the 60-day grace period granted to regularise their registration and ensure compliance with the Council’s rules. The grace period expires on 25th September 2025.
Non-compliance will attract sanctions in line with the Council’s operational guidelines.
July 28, 2025
The Financial Reporting Council (FRC) of Nigeria has launched the first edition of its journal, the FRC Journal of Financial Reporting and Corporate Governance. The journal was officially launched on 25 July 2025 at its Lagos office with a ceremonial presentation to the Executive Secretary/CEO of FRC, Dr Rabiu Olowo, by the Editor-in-Chief, Prof Suleiman A. S. Aruwa, and other members of the Editorial Board.
The presentation ceremony was attended by distinguished members of the Editorial Board, including Professor Austin Nweze (Enugu State University of Science and Technology), Professor Sehilat Abike Bolarinwa (Lagos State University), Dr. Musa Abdullahi Musa (Nasarawa State University), and Dr. Abubakar Razaq Garba (FRC). Also present were members of FRC’s management team, as well as the Chief Executive Officer of the Financial Reporting Oversight Board, Gambia, Suleiman Fode, who was visiting on a study tour.
The journal aims to deepen academic scholarship, stimulate policy discussion, and improve professional practice across financial reporting, auditing, assurance, valuation, and corporate governance both within Nigeria and internationally. It is envisioned as a scholarly repository and a strategic platform that promotes transparency, accountability, ethical leadership, and institutional integrity through evidence-based research and thought leadership. This initiative aligns with the Council’s mandate to oversee and enhance education, research, and training in these vital fields.
In his opening remarks, Prof. Aruwa reflected on the significance of the journal and the Editorial Board’s dedication. According to him, “Since our appointment in March 2025, the Board has worked tirelessly to establish governance instruments, editorial policies, peer review guidelines, and submission processes to ensure the journal’s quality and integrity. We received 28 submissions from Nigerian universities; after a rigorous review, 10 articles were accepted and edited for publication, with others undergoing minor revisions. The maiden edition, Volume 1, Number 1, dated June 2025, has been validated for publication today. We have also begun receiving submissions for the second edition scheduled for December 2025.”
He further highlighted plans to enhance the journal’s reach and quality, including the development of an online Journal Management System and the inclusion of associate editors from countries such as Mozambique, Turkey, Ghana, and New Zealand to foster global collaboration and diversify the editorial board. The journal has also applied for ISSN registration for both print and online editions.
Responding on behalf of the FRC, Dr. Rabiu Olowo commended the Editorial Board’s efforts. He stated, “This publication aligns perfectly with our vision and core mandate to promote research, training, and excellence in financial reporting and corporate governance. Over the past years, we have aspired to establish such a platform, and thanks to your commitment, it has become a reality. We pledge our ongoing support to ensure this journal attains international standards and broad accessibility. We encourage further strengthening of the peer review process and welcome the proposal to expand the editorial board with associate editors from recognized institutions globally. We are also considering making the journal openly accessible to remove barriers to quality research.”
The maiden edition includes insightful research articles on earnings quality in agricultural firms, environmental, social, and governance (ESG) disclosures and their influence on investment decisions, the impact of fair value hierarchy on accounting quality in commercial banks, board attributes and human capital disclosure, economic aspects of corporate social responsibility, enterprise risk management across Nigeria, Ghana, and South Africa, and green accounting practices in Nigeria’s oil and gas sector.
The launch of The FRC Journal of Financial Reporting and Corporate Governance marks a milestone in Nigeria’s efforts to enhance the quality and impact of financial reporting and governance research, supporting the country’s broader economic development and institutional transparency goals.
The journal can be accessed via the Council’s website at https://shorturl.at/VRV60
For further information or to contribute to upcoming editions, stakeholders are encouraged to contact the Editorial Board via journal@frcnigeria.gov.ng
January 8, 2026
CALL FOR COMMENTS ON DRAFT ROADMAP REPORT FOR THE ADOPTION OF IFRS SUSTAINABILITY DISCLOSURE STANDARDS IN NIGERIA (2025) – AMENDED (2026) AND SUSTAINABILITY REPORTING GUIDELINES NO. 1 (SRG 01), 2025
The Financial Reporting Council of Nigeria (FRCN) hereby invites comments from members of the general public on the following draft documents:
- Roadmap Report for the Adoption of IFRS Sustainability Disclosure Standards in Nigeria (2024), as Amended (2025); and
- Sustainability Reporting Guidelines No. 1 (SRG 01), 2025.
The amended Roadmap Report provides updated information on the status of adoption, preparedness, and readiness assessments for the implementation of the IFRS Sustainability Disclosure Standards in Nigeria. The Sustainability Reporting Guidelines No. 1 (SRG 01), 2025 sets out detailed guidance for entities required to prepare sustainability reports in line with the Roadmap.
Stakeholders are encouraged to review the draft documents and submit their comments on or before 11:59 p.m. on 20 January 2026.
All comments should be submitted electronically to rgabubakar@frcnigeria.gov.ng or forwarded in hard copy to:
Dr. Abubakar Razaq Garba
Head, Sustainability Reporting Regulations Department
Financial Reporting Council of Nigeria
Alexander House, Plot 8, Otunba Jobi Fele Way
Central Business District, Alausa
Ikeja, Lagos State.
Financial Reporting Council of Nigeria
January 5, 2026
Public Notice: Filing Requirements of Public Sector Entities Under The FRC Act
December 24, 2025
Financial Reporting Council of Nigeria Updated Position on IAS 29 Financial Reporting in Hyper-inflationary Economies.
December 5, 2025
Dr. Olowo Charges Newly Inducted Estate Valuers to Uphold Ethics, Integrity
The Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, on Thursday, December 4, 2025, urged newly inducted estate surveyors and valuers to uphold the highest standards of ethics, integrity, and professionalism as they enter the field.
He stressed that their work now carries legal, financial, and national implications, making accuracy and accountability non-negotiable.
Dr. Olowo said this in Lagos, where he spoke as the guest speaker at the 2025 induction ceremony for new members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV).
The ceremony formally ushered new members into the community of professional valuers, symbolises continuity, renewal, and the deepening of a long-standing tradition of excellence. He urged the new inductees to produce reports that would withstand the scrutiny of auditors, regulators, investors, and the courts.
Dr. Olowo added, “As you take your professional oath, I urge you to embrace continuous learning. Valuation is dynamic. Markets evolve, standards change, regulatory expectations shift, and the world increasingly demands transparency.
“You must equip yourselves with the knowledge and discipline necessary to remain relevant, compliant, and competitive. Uphold the ethics of your profession. Avoid conflicts of interest. Document your assumptions rigorously.
“Challenge information that appears unreliable. Produce reports that can stand the scrutiny of auditors, regulators, investors, and courts. Above all, be honest in your methods, in your judgments, and in your interactions with clients and stakeholders”.
Olowo, reminded the inductees that the day’s event was a milestone and also a beginning step for them.
“You are stepping into a field that holds enormous opportunity; opportunity to shape national development, to deepen financial transparency, to restore public trust, and to strengthen accountability in both the private and public sectors.
“As a regulator, I can assure you that the FRC values the role of the valuation profession. We consider you indispensable partners in the journey toward a more credible financial reporting regime, a stronger capital market, and a more resilient national economy,” the FRC boss said.
Dr. Olowo stated that FRC, through the Directorate of Valuation Standards, has invested significantly in building capacity.
“Not too long ago, the Council concluded the Nationwide Training Tour on valuation for Financial Reporting, where we engaged about 1000 professionals across the cities of Lagos, Abuja, Port Harcourt and Kaduna.
“The Council has also integrated Valuation for Financial Reporting methodologies into all its training programmes. We have also developed the Valuation for Financial Reporting guide and distributed it at no cost to professionals in all our engagements.
“The Directorate of Valuation Standards of the FRC is not merely a desk; it is an emerging institution within the FRC, established to regulate valuation for financial reporting, develop guidance materials, review valuation practices through inspection activities, and ensure that valuation reports used in financial statements meet the standards expected of a modern, transparent, and credible economy,” he said.
He emphasized that the Directorate of valuation standards at the FRC remains not just as a partner in professional growth, but it also a regulator.
“It will support you through training and engagement, but it will also hold you accountable to the responsibilities you accept today,” Dr. Olowo added.
Dr Olowo further reminded the inductees that they are not merely joining a profession but are becoming custodians of trust.
“You will be producing valuation reports that have legal, financial, and reputational implications for organisations. Your assessments of fair value will influence decisions on loans, investments, mergers and acquisitions, insurance claims, government asset management, and even court proceedings.
“When companies publish their annual financial statements, your work will be embedded in the figures that investors use to decide whether to buy or sell shares. Regulators will depend on your work to assess solvency, capital adequacy, and compliance.