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
October 8, 2025
FRC Champions Ethical Leadership as Foundation for Nigeria’s Economic Transformation at 55th ICAN Conference
The Financial Reporting Council (FRC) of Nigeria has underscored the essential role of ethical leadership among professional accountants as the foundation of national trust, economic stability, and sustainable development. This message was delivered by the Executive Secretary/CEO, Dr. Rabiu Olowo – ably represented by Mr. Titus E. Osawe, Coordinating Director, Directorates of Corporate Governance and Inspections & Monitoring—during the second plenary session of the 55th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN), held in Abuja.
The session, themed “Ethical Leadership: Strengthening Professional Accountants for Economic Transformation,” formed a key part of the conference’s broader focus on “Building Resilience – Aligning Reforms for Nigeria’s Development.” Dr. Olowo’s address challenged accountants to see themselves not just as compliance officers, but as custodians of truth, stewards of public trust, and sentinels of corporate accountability who must lead with both competence and conscience.
“Ethical leadership is not just about compliance; it is about doing what is right even when no one is watching,” Dr. Olowo emphasized. “In the accounting profession, ethics is not optional; it is the soul of trust and the lifeblood of economic credibility.”
He warned that the absence of ethics in financial systems can have disastrous consequences—turning financial statements into fiction, eroding investor confidence, and undermining the legitimacy of public institutions. Drawing from global and local scandals, Dr. Olowo highlighted how ethical lapses can destroy institutions, scare away investment, and threaten the very fabric of economic progress.
FRC’s Commitment to Ethical Standards and National Development
Dr. Olowo outlined how the FRC is institutionalizing ethics in Nigeria’s financial and corporate ecosystem through a multi-pronged approach:
- Issuance of Standards and Codes: Implementing frameworks like the Nigerian Code of Corporate Governance (NCCG 2018), Audit Regulations (2020), and International Financial Reporting Standards (IFRS) to embed transparency and accountability.
- Registration and Oversight: Licensing only those professionals and firms who meet strict ethical and professional standards.
- Investigations and Disciplinary Processes: Acting swiftly against professional misconduct to sustain public trust.
- Whistleblower Framework: Encouraging the reporting of unethical conduct to reinforce transparency and deter malpractice.
- Adoption of Sustainability Reporting Standards: Promoting ESG transparency and combating greenwashing through the International Sustainability Standards Board (ISSB) guidelines.
- Public Sector Reforms: Collaborating with the Office of the Accountant-General and implementing International Public Sector Accounting Standards to improve fiscal transparency.
- Capacity Building and Advocacy: Conducting ongoing training, advocacy, and stakeholder engagement to nurture ethically grounded professionals.
Ethics at the Heart of Economic Transformation
Dr. Olowo stressed that reliable, ethical financial reporting reduces information asymmetry, enhances investor confidence, and enables efficient capital allocation. In the public sector, it strengthens fiscal transparency and public trust, ensuring prudent management of national resources.
He also addressed the emerging ethical challenges in the digital era, including artificial intelligence, data misuse, crypto assets, and ESG misreporting. “Algorithms cannot replace ethics,” Dr. Olowo cautioned, urging accountants to ensure technology serves integrity above convenience.
Looking Ahead: FRC’s Strategic Priorities
The FRC’s ongoing and future initiatives include:
- Introducing Codes of Corporate Governance for the Public and Not-for-Profit Sectors
- Embedding ethics into evolving corporate reporting frameworks
- Enhancing real-time regulatory enforcement through digital platforms
- Expanding collaboration with global and regional regulators to strengthen cross-border ethical compliance
Dr. Olowo concluded by reminding accountants of their pivotal role in shaping Nigeria’s future:
“Ethical leadership is not a constraint on profit; it is the foundation of sustainable growth. Resilience without ethics is hollow. For Nigeria to unlock its full potential, our economic reforms must be anchored on moral reforms. We must build not only wealth but trust, and lead not only with skill, but with character.”
As the 55th ICAN Annual Accountants’ Conference brought together leaders, policymakers, and regulators, the FRC’s message was clear: the path to national development, economic transformation, and restored public trust is paved with ethical leadership—today and always.
September 18, 2025
One-Day Capacity Building and Enlightment For Civil Society Groups on Enhancing Financial Reporting Standards and Oversight Strategies
September 15, 2025
INVITATION TO A SENSITIZATION WEBINAR ON COMPLIANCE WITH FRC RULES FOR SMPs
September 15, 2025
FRC RELEASES THE 2ND EDITION OF IT’S OFFICIAL NEWSLETTER
The Financial Reporting Council (FRC) of Nigeria is pleased to announce the release of the second edition of its official newsletter, “FRC Newsletter” (ISSN: 3092-9520). This latest edition highlights key achievements and developments within the Council and the broader financial reporting landscape in Nigeria.
Titled “One Year in Office: FRC’s Scorecard Under Dr. Rabiu Olowo,” the featured article provides an in-depth review of the Council’s progress and milestones over the past year under the leadership of the Executive Secretary/CEO, Dr. Rabiu Olowo. The newsletter also celebrates Dr. Olowo’s election as Chair of the 41st Session of the United Nations Conference on Trade and Development’s Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (UNCTAD/ISAR).
Readers will find insightful updates on the Council’s ongoing projects, initiatives aimed at strengthening financial reporting standards, and exclusive contributions from industry experts and FRC officials. The publication underscores the Council’s commitment to promoting transparency, accountability, and good corporate governance in Nigeria.
The FRC Newsletter serves as a vital communication tool, keeping stakeholders informed and engaged with the Council’s efforts to enhance the quality of financial reporting and oversight nationwide.
The second edition of the FRC Newsletter is now available for download on the Council’s website at https://shorturl.at/wwZS8
For further information and suggestions, please get in touch with us at: newsletter@frcnigeria.gov.ng