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 1, 2026
FRC Wins ISAR Honours for Second Consecutive Year, Elevates Nigeria’s Global Corporate Reporting Profile
The Financial Reporting Council of Nigeria (FRC) has once again earned global recognition by receiving the prestigious ISAR Honours for the second consecutive year, further reinforcing Nigeria’s growing profile in international corporate reporting, sustainability disclosure, and regulatory innovation.
The recognition was presented to the Council at the ISAR Honours Celebration held during the 43rd Session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), taking place from 30 September to 2 October 2026 at the Palais des Nations, Geneva, Switzerland. The annual session convenes global policymakers, regulators, standard setters, investors, professional bodies, academics, and other stakeholders to advance high-quality, comparable financial and sustainability reporting.
The 2026 ISAR Honours recognition acknowledges the FRC’s National Corporate Reporting Knowledge and Digital Reporting Platform, a transformative institutional and capacity-building initiative designed to strengthen Nigeria’s corporate reporting ecosystem. The Platform provides access to technical knowledge, research resources, learning materials, digital reporting tools, and professional development opportunities for stakeholders across the financial reporting value chain.
By serving as a central knowledge and digital reporting hub, the Platform is expected to promote greater consistency, comparability, transparency, and quality in corporate and sustainability reporting across Nigeria. It will also support the country’s preparedness for the implementation of the IFRS Sustainability Disclosure Standards, including IFRS S1 and IFRS S2, while strengthening the capacity of institutions and professionals to respond to evolving global reporting expectations.
The achievement reflects the visionary leadership of the Executive Secretary/Chief Executive Officer of the FRC, Dr. Rabiu Olowo, and the Council’s sustained commitment to positioning Nigeria at the forefront of international reporting excellence. It further demonstrates the FRC’s resolve to deploy knowledge, technology, capacity building, and stakeholder collaboration to improve reporting quality, enhance investor confidence, and support sustainable economic development.
The ISAR Honours initiative, established by the United Nations Conference on Trade and Development (UNCTAD), promotes awareness and the dissemination of national and international best practices in sustainability and Sustainable Development Goals (SDG) reporting. It recognises policy, institutional, and capacity-building initiatives that encourage enterprises to report on their contributions to the 2030 Agenda for Sustainable Development and improve the integration of environmental, social, and governance information into corporate reporting cycles.
The recognition of the FRC’s National Corporate Reporting Knowledge and Digital Reporting Platform is therefore a significant endorsement of Nigeria’s efforts to build a modern, inclusive, and globally aligned reporting ecosystem.
The FRC remains proud to showcase this milestone as a testament to Nigeria’s increasing influence in advancing high-quality corporate reporting, transparency, accountability, and sustainable business practices on the global stage.
September 3, 2026
FRC Commissions Permanent Lagos HQ After 44 Years, Shettima, Sanwo-Olu Hail Olowo
The Financial Reporting Council of Nigeria (FRC) on Tuesday, September 1, 2026, commissioned its permanent headquarters in Lagos, ending more than four decades of operating without a permanent home and marking a significant new phase in the council’s institutional development.
The commissioning ceremony attracted Vice President Kashim Shettima, represented by his Special Adviser, Dr. Tope Fasua; Lagos State Governor, Babajide Sanwo-Olu; Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole; representatives of the Minister of Finance; members of the National Assembly; traditional rulers; professional bodies; regulators; captains of industry and other stakeholders.
The development, according to Dr. Rabiu Olow, FRC’s Executive Secretary and Chief Executive Officer, goes beyond the completion of a physical structure, as it provides a permanent institutional base for a council whose mandate has expanded considerably since its establishment more than 40 years ago.
“Today is not simply opening a building. Today is about opening a new chapter in the history of an institution,” Olowo said.
He said the new headquarters reflected the growth of the FRC and the necessity for its physical infrastructure to correspond with the significance of its statutory responsibilities.
Olowo traced the Council’s origins to 1982, when the Nigerian Accounting Standards Board (NASB) was established. The organisation subsequently received statutory backing under the Nigerian Accounting Standards Board Act of 2003 before being transformed into the Financial Reporting Council of Nigeria by the FRC Act of 2011.
Over the years, he noted, the council’s responsibilities had grown beyond accounting standards to encompass financial reporting, accounting, auditing, actuarial and valuation standards, corporate governance and sustainability reporting.
Despite the expansion of its mandate and more than four decades of institutional development, Olowo said the FRC had never had a permanent headquarters of its own until the acquisition and development of the new facility.
He described the building as a representation of stability, independence, credibility and institutional dignity.
“Today, the Council has a home. And this home belongs not to one Executive Secretary or CEO, not to one board, not even to the minister or the president. It belongs to Nigeria,” he said.
Olowo said the permanent headquarters would provide the FRC with a central platform from which it could deepen engagement with investors, regulators, professional bodies, auditors, directors, academics, government institutions and development partners.
He added that the facility would give FRC employees a work environment commensurate with the importance of their responsibilities.
The FRC chief executive also expressed appreciation to members of the National Assembly, particularly the relevant Senate and House of Representatives committees, for their support throughout the process of acquiring and developing the property.
The commissioning also provided an opportunity for the Council to recognise individuals whose leadership and support, Olowo said, had contributed to the evolution of the FRC.
Former Executive Secretary and CEO, Jim Obazee, who led the council from 2011 to 2017, was commended for strengthening regulatory enforcement and compliance.
The FRC also honoured the late Daniel Asapokhai, who served as Executive Secretary and CEO between 2017 and 2021.
Ambassador Shuaibu Ahmed, who headed the council from 2021 to 2023, was equally recognised for his contribution to Nigeria’s financial reporting and regulatory framework.
Facilities in the new building were named after the three of them respectively.
Olowo explained that the decision to name facilities a…
August 31, 2026
August 15, 2026
FRC Relocates Headquarters to FRC House, Allen Avenue, Ikeja
Effective 17 August 2026
The Financial Reporting Council of Nigeria (FRC) hereby notifies all stakeholders, regulated entities, professional bodies, government institutions, development partners, and the general public that its Headquarters has been relocated to a new office address, effective 17 August 2026.
PREVIOUS ADDRESS
Alexander House, 4th & 5th Floors
Plot 8, Jobi Fele Way
Central Business District
Alausa, Ikeja, Lagos
NEW HEADQUARTERS ADDRESS
FRC House
No. 74, Allen Avenue
Ikeja, Lagos
This relocation marks an important milestone in the Council’s commitment to strengthening its operations and enhancing service delivery to stakeholders. The new headquarters provides a more conducive and efficient working environment that will support improved stakeholder engagement, operational excellence, and the effective discharge of the Council’s statutory responsibilities.
Stakeholders are kindly requested to update their records and direct all future correspondence, visits, and official engagements to the new address.
The Financial Reporting Council of Nigeria appreciates the continued support, cooperation, and partnership of its stakeholders and the general public. We look forward to welcoming you to our new headquarters and to serving you better from our new location.