August 8, 2022

The Executive Secretary/CEO, Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed addressing distinguished members of the Senate Committee on Trade & Investment during the Committee’s oversight visit to the Council recently.

L-R: Chairman, Senate Committee on Trade & Investment, Senator Francis Adenigba Fadahunsi and the Executive Secretary/CEO, Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed during the oversight visit by the Committee to the Council in Lagos recently

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February 5, 2019

FILING REQUIREMENTS AND FINANCIAL OBLIGATIONS OF ENTITIES AND PROFESSIONALS UNDER THE FRC ACT

As part of the efforts to promote sound financial reporting and corporate governance in Nigeria, the Financial Reporting Council of Nigeria wishes to reiterate and draw the attention of all stakeholders, especially preparers and auditors of financial statements of Public Interest Entities (PIEs) in Nigeria, to the filing requirements and financial obligations of entities and professionals under the Financial Reporting Council of Nigeria Act No. 6, 2011 (hereinafter referred to as “the FRC Act”). In particular, Sections 8 (1) (d), 8 (1) (n), 33 (1a, b & c), 41 (2), 58 (3) and 77; as well as the Circular from the Secretary to Government of the Federation (SGF), Ref. No. SGF/OP/I/S.3/IX/547:

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August 19, 2018

L-R: Chairman, Senate Committee on Trade & Investment, Senator Francis Adenigba Fadahunsi; Executive Secretary/CEO, Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed; Member, Senate Committee on Trade & Investment, Senator Tolu Adebiyi; and Director, Directorate of Accounting Standards (Public Sector), FRC, Dr. Iheanyi Anyahara during the Committee’s oversight visit to the FRC head office in Lagos recently.

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August 1, 2018

The Executive Secretary/CEO, Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed addressing distinguished members of the Senate Committee on Trade & Investment during the Committee’s oversight visit to the Council recently.

L-R: Chairman, Senate Committee on Trade & Investment, Senator Francis Adenigba Fadahunsi and the Executive Secretary/CEO, Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed during the oversight visit by the Committee to the Council in Lagos recently

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November 14, 2022

FRC ORGANISES WORKSHOP ON IFRS 17 INSURANCE CONTRACTS

The FRC is organizing a two-day workshop titled: “Application of IFRS 17 Insurance Contracts” … Read More

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November 9, 2022

FINANCIAL REPORTING COUNCIL OF NIGERIA ANNOUNCES ITS INTENTION TO EARLY ADOPT SUSTAINABILITY REPORTING STANDARDS (IFRS S1 & S2) BY INTERNATIONAL SUSTAINABILITY STANDARDS BOARD

The Financial Reporting Council of Nigeria (FRC) has announced its intention for early adoption of IFRS S1 & S2. The announcement which was contained in a communication sent to the Chairman, International Sustainability Standards Board (ISSB), Emmanuel Faber, is expected to be one of the highlights of the ongoing COP 27 in Sharm El Sheikh, Egypt……Read More

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October 31, 2022

Press Release: SME Governance Standards Project Launch

The Integrity Organisation/Convention on Business Integrity (“CBI”) and the United Nations Global Compact Network Nigeria (“UNGC Network Nigeria”), in partnership with the Financial Reporting Council (“FRC”), are pleased to announce the launch of a Small Medium Enterprise (“SME”) Anti-Corruption and Corporate Governance Standards Project (“SME Future-Forward Project”), funded by the MacArthur Foundation. This project aims to set standards for corporate governance, ethics, and sustainability to guide the direction, control, and management of SMEs in Nigeria, enhance their competitiveness, and achieve long-term success and value creation responsibly and sustainably.

It is estimated that SMEs constitute 96% of businesses in Nigeria. These enterprises are largely poorly governed, making it difficult to secure the capital needed for growth. Moreover, Nigeria’s challenging business environment creates pressures to adopt practices where complacency, shortcuts, corruption, nepotism, and discrimination flourish. These practices create a cyclical effect, compromising SMEs’ ability to achieve and sustain high-performance outcomes, hobbling their ability to source funds, and eroding their capacity to compete in the African Continental Free Trade Area (AfCFTA) and beyond.

The SME Governance Standards Project intends to change this narrative.

Using a data-driven approach, CBi, UNGC-NN, and FRC will, through this Project, develop a replicable and scalable framework to enhance good corporate governance (anti-corruption, sustainability, and social equity inclusive) practices that would lead to a value creation strategy for all SMEs in Nigeria and increase their competitiveness, survival, growth, and succession. During the Project’s initial implementation, participating Future-Forward Companies will receive hands-on, personalised guidance and assistance to comply with the standards.

Given the pivotal role SMEs play in driving Nigeria’s economic development, poverty reduction, job creation, economic emancipation, and overall well-being, the Project seeks to prove that it is possible – and profitable – for small businesses to do the right things, the right way, in the Nigerian marketplace.

The Financial Reporting Council is a government agency whose mandate is to develop, publish, and regulate public interest entities’ accounting and financial reporting standards. Beyond their technical and regulatory function in accounting and auditing matters, the FRC works to ensure good corporate governance practices in the public and private sectors, protect investor and stakeholder interests, promote private sector growth, reduce market volatility, and improve national employment rates, and more. They are a key stakeholder in the push for a transparent, credible business environment in Nigeria.

The United Nations Global Compact Network Nigeria is one of the 74 local networks (country offices) of the United Nations Global Compact, the world’s largest corporate sustainability initiative. 

Guided by The Ten Principles in the areas of human rights, labour, environment and anti-corruption; and the 17 SDGs, we support businesses and stakeholders in understanding what responsible business means within a global and local context and provide guidance to translate sustainability commitments into action. Our ambition is to mobilise a local movement of sustainable businesses and scale their collective impact. The UN Global Compact Network Nigeria stimulates and facilitates the creation of local connections and serves as a catalyst to Nigerian companies and stakeholders to achieve Agenda 2030, thereby improving the lives of future generations. 

Founded in 1999, the Integrity Organisation/Convention on Business Integrity has worked to promote ethical business practices, transparency, and fair competition in the private and public sectors. Among other successes, they have established a Code of Business Integrity, developed a Corporate Governance Ratings System (used to assess companies prior to listing on the Nigerian Exchange Group), and used collective action to sanitize Nigeria’s business environment from corruption and fraudulent business practices. CBi wants to create and strengthen social-responsible businesses whose transactions are predictable, consistent, and ethical. They believe enhanced business reputations for individual companies will help bolster the development of Nigeria’s private sector.

 

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September 27, 2022

FRC Boss in Portugal for Public Sector Standards Setters Forum

R-L: The Executive Secretary/CEO of FRC, Ambassador Shuaibu Adamu Ahmed (2nd Row, 1st Right) and other delegates at the 2022 Public Sector Standard Setters Forum held in Cascais, Portugal.

The Executive Secretary/Chief Executive Officer of the Financial Reporting Council (FRC) of Nigeria, Ambassador Shuaibu Adamu Ahmed, together with other delegates drawn from jurisdictions from around the world, participated in a Public Sector Standards Setters Forum, themed: “IPSASB 2.0: Taking it to the Next Level”, jointly hosted by the International Public Sector Standards Board (IPSASB) and Ordem dos Contabilistas Certificados, in Cascais, Portugal.

Ahmed made a presentation on “IPSAS Implementation: The Nigerian Journey So Far” and took part in very engaging and informative discussions on sustainability reporting framework, differential reporting, presentation of financial statements and building IPSASB’s Future Program, over the course of two days, running from 19 September 2022 to 20 September 2022.

The FRC Chief Executive had earlier attended IPSASB Board meeting in Lisbon, Portugal which took place between 12 September 2022 and 16 September 2022.

The Chair of the IPSASB, Ian Carruthers, while thanking the delegates for the commitment they showed, said the Forum is a unique opportunity for public sector standard setters from around the world to come together and tackle critical issues.

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