In a strategic move to deepen collaboration and reinforce commitment to transparency and good governance, the Institute of Internal Auditors (IIA) Nigeria paid a courtesy visit to the Financial Reporting Council of Nigeria (FRC).

The visit, which took place at the FRC headquarters in Abuja, brought together key representatives from both organizations, with the shared goal of enhancing cooperation in promoting high standards of financial reporting, internal control, and corporate governance across both public and private sectors.

Leading the IIA Nigeria delegation was Mr. Ambrose Enuma, CEO of IIA Nigeria, who expressed appreciation to the FRC for the warm welcome and reaffirmed the Institute’s commitment to supporting national efforts in institutional strengthening and regulatory compliance.

Mr. Ambrose Enuma, CEO IIA Nigeria, and Mr. Tolulope Odukale, Director IIA Nigeria; Mr. Ibrahim Anas, Director IIA Nigeria, & Mr. Ibrahim Alkali, Member IIA Nigeria.

In her remarks, Mrs Irene Molokwu, Director IIA Nigeria, noted that internal auditors play a critical role in ensuring accountability and transparency in financial reporting. She highlighted the importance of collaboration with regulatory bodies such as the FRC in building a culture of integrity and robust governance practices.

The Executive Secretary/CEO of the FRC, Dr. Rabiu Olowo, welcomed the delegation and applauded the IIA Nigeria for its steadfast efforts in advancing the internal audit profession. He emphasized the Council’s openness to partnerships that drive quality reporting and improve public trust in financial disclosures.

Discussions during the visit centered on areas of mutual interest, including capacity-building initiatives, policy advocacy, and the development of audit and reporting frameworks that align with global best practices.

Both institutions agreed on the importance of continuous engagement and knowledge sharing as a means of strengthening Nigeria’s financial reporting ecosystem and fostering sustainable economic growth.

The visit concluded on a positive note, with both parties expressing optimism about future collaborations and the shared vision of promoting excellence, accountability, and ethical standards in Nigeria’s financial sector.

Abuja, Nigeria – April 16, 2025 – In alignment with the Executive Secretary’s DOSE agenda, the Financial Reporting Council (FRC) of Nigeria held a key meeting today with representatives from the Association of National Accountants of Nigeria (ANAN) and the Institute of Chartered Accountants of Nigeria (ICAN) at its Abuja office. The meeting aimed to foster collaboration among the Professional Accounting Organizations (PAOs) and strengthen the regulatory environment surrounding corporate reporting in Nigeria.

Dr. Rabiu Olowo, the Executive Secretary/Chief Executive Officer of the FRC, and his management team engaged in robust discussions with stakeholders about key issues, including regulatory compliance, audit equivalence, and audit register integrity. The dialogue emphasized the need for collaborative efforts to effectively navigate these challenges.

A significant outcome of the meeting was the decision to establish a seven-member committee composed of two representatives each from ANAN and ICAN, along with three members from the FRC. This committee is tasked with addressing the matters discussed and will provide recommendations for resolution.

Hajia Queensley Sofuratu Segoshime, mni, FCA, the 1st Deputy Vice President of ICAN, praised the Council for its proactive approach to stakeholder engagement. She expressed her commitment to relay the FRC’s message to the Institute and its Governing Council.

Similarly, Professor Hassan Ibrahim FCNA, Deputy Vice Chancellor of IBB University and a member of ANAN’s Governing Council, commended the FRC’s initiative and assured that the discussions would be presented to ANAN’s governing body for further deliberation.

The committee is expected to operate under defined terms of reference, which will be communicated to the PAO representatives. They have a two-week timeline to finalize their findings and submit a report to both the FRC and the Councils of the respective PAOs. Following this, a joint communiqué will be issued, formalizing the outcomes of the engagement.

This collaborative effort underscores the commitment of the FRC, ANAN, and ICAN to enhance the integrity and effectiveness of corporate reporting in Nigeria, fostering a more transparent regulatory landscape for the accounting profession.

As part of a strategic commitment to advancing sustainability reporting in Nigeria, the Financial Reporting Council of Nigeria (FRC), in collaboration with the Nigerian Integrated Reporting Committee (NIRC), will organize an industry-specific workshop on implementing the International Sustainability Standards Board’s (ISSB) IFRS S1 and S2.

The workshop will be held on Tuesday, April 8th, and Wednesday, April 9th, 2025, starting at 9:00 AM daily, at the prestigious Continental Hotel, Victoria Island, Lagos. Key stakeholders from the industrial and consumer goods sectors, including sustainability experts, regulatory compliance experts, and financial reporting professionals.

The workshop aims to tailor guidance on the adoption and integration of IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures). These standards, recently issued by the ISSB, are designed to promote global consistency and transparency in sustainability and climate-related financial disclosures.