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
July 1, 2026
Sustainability Reporting Key to Competitiveness, Access to Finance — Dr. Olowo Tells Employers’ Summit
The Executive Secretary/CEO of the Financial Reporting Council of Nigeria, Dr. Rabiu Olowo, today, Tuesday, June 30, 2026, spoke at Plenary Session 3 of the Nigeria Employers’ Summit on Mandatory Sustainability Reporting for Competitiveness, Access to Finance and Sustainable Growth in Nigeria. Dr. Olowo, who was represented by Dr. Rasaq Abubakar, Head, Sustainability Reporting Regulation, FRC, said that sustainability reporting has become a critical tool for building trust, enhancing transparency, and positioning Nigerian businesses for long-term growth in an increasingly competitive global economy.
Delivering the keynote address, he noted that the rules of business are changing rapidly, with investors, lenders, and stakeholders now demanding more than just financial performance. According to him, organisations are increasingly expected to demonstrate how they manage environmental, social, and governance (ESG) risks, respond to emerging challenges, and create sustainable value over time. He emphasised that trust, now a vital business asset, is built on transparency, making sustainability reporting indispensable in today’s corporate landscape.
Dr. Olowo explained that sustainability reporting is not merely about compliance or producing additional reports but about providing decision-useful information that enables investors and stakeholders to assess risks and opportunities effectively. He stressed that global capital is increasingly directed toward organisations that can demonstrate resilience, accountability, and responsible business practices, positioning sustainability disclosures as a key enabler of investor confidence and access to finance.
Highlighting the link between sustainability reporting and competitiveness, he stated that Nigerian businesses seeking to access international markets, attract foreign investment, or participate in global value chains must align with evolving disclosure expectations. Transparency, he said, is fast becoming a competitive advantage, enabling companies to build credibility and strengthen partnerships in the global economy.
On Nigeria’s progress, Dr. Olowo outlined the Financial Reporting Council’s four-phased roadmap for the adoption of International Sustainability Standards Board (ISSB) Standards, culminating in mandatory reporting for public interest entities by 2028. He disclosed that over 50 organisations across various sectors are already advancing toward full adoption, while the FRC has conducted more than 47 training sessions, reaching over 4,500 participants to support capacity building and implementation.
He further noted that sustainability reporting enhances access to finance by strengthening the quality of engagement between businesses and investors. Organisations that provide credible sustainability information, he said, are more likely to attract investment, as transparency builds trust, trust attracts capital, and capital ultimately drives economic growth and prosperity.
Calling on business leaders to take ownership of sustainability reporting, Dr. Olowo urged that it be integrated into boardroom decisions, strategic planning, and overall risk management frameworks. He reiterated the FRC’s commitment to supporting organisations through guidance, stakeholder engagement, and capacity development to ensure successful implementation.
In conclusion, he emphasised that sustainability reporting presents Nigeria with a unique opportunity to strengthen its investment environment, improve corporate transparency, and enhance global competitiveness. He urged businesses to act proactively, noting that organisations that anticipate change and embrace sustainability early will be better positioned to thrive in the future.
June 18, 2026
FRC CEO backs UniZik’s New Accountancy Faculty Plans, Offered Visiting Lecturer/Professor Position for the Advancement of Academic Excellence
The Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, has underscored the critical role of accounting, governance, and transparency in shaping Africa’s future, as he delivered a keynote address at Nnamdi Azikiwe University (UNIZIK), Awka.
Dr. Olowo spoke on Wednesday, June 17, 2026, at the 7th International Conference of the Department of Accountancy, Faculty of Management Sciences, where he also pledged support for the university’s proposed Faculty of Accountancy.
The conference, themed “Shaping Africa’s Future through Accounting, Governance, Technology, and Sustainable Business Management,” brought together scholars, policymakers, and industry leaders to discuss strategies for sustainable development across the continent.
In his keynote address, Dr. Olowo emphasized that Africa’s development challenges require coordinated, multi-sectoral solutions rather than isolated interventions.
“The complexity of modern economic systems demands integrated solutions. Accounting, governance, technology, and sustainability are no longer separate disciplines – they are interconnected drivers of development that will determine Africa’s future,” he said.
He noted that Africa’s growing prominence in global discourse is driven by its youthful population, vast natural resources, and increasing geopolitical relevance. Citing United Nations projections, he highlighted that the continent’s population is expected to surpass 2.5 billion by 2050.
While acknowledging these opportunities, Dr. Olowo cautioned that demographic advantage alone does not guarantee prosperity.
“History shows that resource-rich nations can still struggle without strong institutions. The future of Africa will depend on governance quality, credible reporting systems, and sustainable development strategies,” he stated.
June 2, 2026
Invitation to Stakeholder Engagement on the Draft Nigerian Actuarial Practice Regulations (NAPR) 2026
The Financial Reporting Council of Nigeria (FRC) is pleased to announce a Stakeholder Engagement on the Draft Nigerian Actuarial Practice Regulations (NAPR) 2026.
This engagement follows the successful conclusion of the public exposure phase of the Draft Regulations and the incorporation of valuable comments and feedback received from stakeholders.
As a key stakeholder, you are cordially invited to participate in this important session, which will provide a platform for recognised professional bodies, regulatory authorities, academic institutions, financial service providers, and other interested parties to review and deliberate on the updated draft Regulations.
Your participation is essential to ensuring the development of a robust and effective regulatory framework that promotes ethical conduct, strengthens professional standards, and supports the delivery of high-quality actuarial services in Nigeria’s financial reporting ecosystem.
Event Details
Date: Tuesday, 30 June 2026
Time: 10:00 a.m.
Venue: Lagos Continental Hotel, Victoria Island, Lagos
The FRC looks forward to your active participation and valuable contributions toward advancing actuarial practice in Nigeria.
Access to the Draft Regulations
To access the Exposure Draft of the Nigerian Actuarial Practice Regulations (NAPR) 2026, please download the document via the link below:
🔗 https://tinyurl.com/mr3kr9uk
Scan The QR-Code Below To Register
Click The Link Below To Register
https://forms.office.com/r/6jmFVEjMeP
Enquiries
For further information, please contact the Directorate of Actuarial Standards:
Email: actuaries@frcnigeria.gov.ng
Phone: 08063839571, 08039571695
April 19, 2026
FRC Launches National Audit and Assurance Firms Register, Bars Unregistered Firms from Practice
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.