The Financial Reporting Council of Nigeria (FRC) has launched the National Audit and Assurance Firms Register, marking a major regulatory milestone in Nigeria’s financial reporting and assurance ecosystem. The Register became fully operational with effect from April 1, 2026, and now serves as the only authoritative list of audit and assurance service providers legally permitted to operate in Nigeria.

This announcement follows earlier public notices issued pursuant to Sections 33, 51, 60, 61, and 77 of the Financial Reporting Council of Nigeria Act No. 6, 2011 (as amended) and the Audit Regulations 2020, mandating the registration and classification of audit firms and other assurance service providing firms operating in Nigeria.

LEGAL STATUS OF THE REGISTER

With effect from 1 April 2026:

Only audit firms and assurance service providing firms listed on the National Audit and Assurance Firms Register are legally permitted to undertake, accept, or continue any audit or assurance engagement in Nigeria.

Any audit or assurance engagement conducted by a firm not listed on the Register is invalid, unlawful, and constitutes a violation of Nigerian law.

All firms that failed to register or update their profiles on or before 31 March 2026 do not appear on the Register and are therefore barred from practice until duly registered.

IMPORTANT NOTICE TO REPORTING ENTITIES

All Public Interest Entities (PIEs), government institutions, regulated entities, and private organisations are legally required to:

• Verify the registration status of any audit or assurance service providing firm before appointment and throughout the duration of the engagement; and
• Ensure that both the firm and the signing audit professional appear on the National Register.

Any reporting entity that engages an unregistered firm shall be liable to regulatory sanctions, including penalties against the entity and its responsible officers, in accordance with applicable laws and regulations.

Access to the National Register

Stakeholders may access the National Audit and Assurance Firms Register through the following dedicated links on the FRC website:

• National Register of Audit Firms: https://frcnigeria.gov.ng/national-register-audit-firms/
• National Register of Actuarial Firms: https://frcnigeria.gov.ng/national-register-of-actuarial-firms/
• National Register of Valuation Firms: https://frcnigeria.gov.ng/national-register-of-valuation-firms/
• National Register of Other Assurance Service Firms: https://frcnigeria.gov.ng/national-register-of-other-assurance-service-firms/

Audit and assurance service providers seeking registration or profile updates are required to use the FRC’s official online portals:

• Registration: https://registration.frcnigeria.gov.ng/register
• Profile Update/Login: https://registration.frcnigeria.gov.ng/login

Enquiries may be directed to the FRC helpline on 07074603188.

The Financial Reporting Council of Nigeria shall commence active monitoring, inspections, and enforcement to ensure full compliance.

The Financial Reporting Council of Nigeria (FRC), in collaboration with the New Era for Sustainable Leadership and Accountability Initiative (NESLAI), has called for enhanced financial awareness, accountability, and proper record-keeping among Small and Medium Enterprises (SMEs) in Kano State. This advocacy was the focus of the SME Financial Awareness Campaign, held in Kaon on Thursday, April 16, 2026, to address critical challenges faced by SMEs in Nigeria.

Speaking at the event, the Executive Secretary/CEO of the FRC, Dr. Rabiu Olowo, represented by the Director of Accounting Standards (Private Sector), Mr. Musa Jemaku Kabiru, highlighted the pivotal role of SMEs in Nigeria’s economy. He described SMEs as the backbone of innovation, employment, and wealth creation, but noted that many are hindered by poor financial awareness and inadequate financial reporting systems.

“Many SMEs face challenges that hinder growth, expansion, and competitiveness, particularly poor financial awareness and inadequate financial reporting systems,” he said. Dr. Olowo emphasized that financial discipline is not a burden but a strategic advantage, enabling businesses to access loans, make informed decisions, and achieve long-term sustainability.

Dr. Olowo explained that financial awareness goes beyond basic bookkeeping. It involves understanding the financial health of a business, accessing funding opportunities, and ensuring sustainability. He reiterated the FRC’s mandate to develop and enforce accounting and financial reporting standards that promote transparency, accountability, and credibility across all sectors of the economy.

Through frameworks aligned with global best practices, such as the International Financial Reporting Standards (IFRS), the FRC is working to build trust in financial information, particularly within the SME sector. This trust, he noted, is critical for attracting investors and fostering economic growth.

The Managing Director of NESLAI, Edwin Olorunfemi, also stressed the importance of proper financial record-keeping for SMEs. He explained that many SMEs struggle to access funding due to poor documentation, which makes them invisible to investors and government support programs.

“Our goal is simple: to strengthen the foundation of small businesses in Kano State so they can grow sustainably, create jobs, and contribute meaningfully to the economy. When SMEs get it right, the economy gets stronger,” Olorunfemi said.

He urged entrepreneurs to maintain proper records to position themselves for loans, grants, and investments, adding that transparency and accountability are essential for business sustainability.

The event featured two insightful presentations:

1. Oladele Oladejo, Head of Strategic Projects Department at the FRC, spoke on the Importance and Benefits of Financial Reporting Compliance for SMEs in Nigeria.
2. Dr. Najafi Auwalu Ibrahim, from the Dangote Business School, Bayero University, Kano, delivered a presentation on Financial Record Keeping for SMEs and Cooperative Societies: Why Proper Financial Records are Critical for Business Sustainability.

Both presentations underscored the need for SMEs to adopt proper financial practices to enhance their growth and competitiveness.

The campaign attracted a diverse audience, including government officials, regulators, financial institutions, business leaders, cooperative societies, and entrepreneurs, all committed to strengthening the SME sector. The initiative aligns with the FRC’s broader mission to promote inclusive economic growth and ensure that SMEs contribute meaningfully to Nigeria’s economy.

The FRC and NESLAI’s partnership reflects a shared commitment to addressing structural weaknesses in the SME sector, fostering transparency, and building a resilient economy. By equipping SMEs with the tools and knowledge to improve financial management, the campaign aims to unlock their full potential and drive sustainable development.

The SME Financial Awareness Campaign in Kano is a testament to the FRC and NESLAI’s dedication to empowering small businesses. By promoting financial discipline, proper record-keeping, and compliance with global standards, the initiative seeks to transform SMEs into engines of growth, innovation, and economic stability in Nigeria.

The Financial Reporting Council of Nigeria has unveiled the Roadmap Report for the Adoption of IFRS Sustainability Disclosure Standards in Nigeria 2004 (Amendment 2026) and Sustainability Reporting Guideline 1 (SRG 1) 2026 to provide enhanced clarity and implementation guidance for entities adopting IFRS Sustainability Disclosure Standards, including IFRS S1 and IFRS S2, in Nigeria.

The unveiling took place at the FRC Lagos Office on Monday, 23 February 2026.

The 2026 Amendment updates the Roadmap originally issued in 2024, which positioned 41 Nigerian entities on the verge of full compliance with the ISSB standards, including four early adopters. The update responds to market inquiries and emerging implementation issues. It provides clarity on recent amendments to IFRS S2, reporting timelines, assurance requirements, and the categories of professionals eligible to undertake sustainability reporting for general-purpose financial reporting and corporate reports. The amended Roadmap also clarifies regulatory expectations for adopting entities.

Sustainability Reporting Guideline 1 (SRG 1) 2026 complements the amended Roadmap by providing operational explanations of adoption methodologies. It explains the Adoption Readiness Test Assessment, designed to guide entities in evaluating preparedness for compliance with IFRS Sustainability Disclosure Standards.

The Council followed a structured and transparent process in finalising the documents. Exposure drafts were released in December 2025 with a 21-day public comment period directed at key stakeholders and the general public. The Council collated and reviewed submissions to align recommendations with stakeholder feedback. This was followed by a technical session in Abuja to obtain further expert input before final approval and release on 23 February 2026.

Speaking at the unveiling, the Executive Secretary and Chief Executive Officer of the FRC, Dr. Rabiu Olowo, stated that the updated Roadmap and Sustainability Reporting Guideline became necessary to address areas of concern raised by adopting entities. He noted that the documents provide regulatory clarity and practical guidance to support seamless implementation of IFRS Sustainability Disclosure Standards in Nigeria.

Dignitaries present at the event included:

• Mallam Haruna N. Yahaya, mni, Ph.D, FCA, 61st President of the Institute of Chartered Accountants of Nigeria
• Dr. Musibau Lanre Olasunkanmi, FCA, Registrar and Chief Executive of the Institute of Chartered Accountants of Nigeria
• Mr. Jamiu Adeyemi Olakisan, FCA, ICAN Council Member
• Mr. Oduware Uwadiae, Partner, Deloitte West Africa, Business Process Solutions Leader
• Mrs. Grace Fatogbe, Managing Partner, Unioncrest Capital Limited
• Members of the FRC Management Team

With the release of the amended Roadmap and SRG 1 2026, the Financial Reporting Council of Nigeria reinforces its commitment to high-quality sustainability reporting aligned with global best practices and the ISSB standards, while ensuring clarity, consistency, and regulatory certainty for Nigerian entities.