The Financial Reporting Council of Nigeria (FRC) on Thursday, November 13, 2025, received the prestigious International Standards on Accounting and Reporting (ISAR) Honours from the United Nations Conference on Trade and Development (UNCTAD) Intergovernmental Working Group of Experts on Accounting and Reporting.
Interestingly, Nigeria was the only African country that was honored by the global body.
The feat was in recognition of the Dr. Rabiu Olowo-led Council’s exceptional leadership, groundbreaking reforms, and transformative contributions to advancing sustainability reporting and corporate transparency in Nigeria.
The award was presented to the Council during the ISAR Honours Celebration, which took place as part of the 42nd Session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), currently being held at the Palais des Nations, Geneva, Switzerland.
Nigeria was awarded based on the FRC’s leadership in developing a credible and globally aligned sustainability reporting framework, its multi-stakeholder engagement through the Adoption Readiness Working Group (ARWG), and its successful implementation of national reforms that positioned sustainability disclosure as a central pillar of Nigeria’s corporate governance and financial reporting system.
In addition, the award was a reflection of the impact of FRC in the sustainability reporting landscape not only in Nigeria but globally with the Adoption Readiness Roadmap being a template for other countries.
The endorsement of the National Roadmap for the Adoption of IFRS Sustainability Disclosure Standards (IFRS S1 and S2) by President Bola Ahmed Tinubu in 2024, played a pivotal role in advancing Nigeria’s sustainability reporting initiatives.
This endorsement not only reinforced the country’s commitment to adopting sustainability reporting but also translated Nigeria’s pledge made at COP 27 into concrete action.
Also, it underscored the government’s strong political will to integrate sustainability and climate-related reporting into Nigeria’s economic framework, aligning with global best practices.
To facilitate the successful implementation of these actions and build local capacity, the Council, under the leadership of Dr. Olowo, trained over 2,000 professionals. Additionally, it strengthened collaborations with international development partners, including the German Agency for International Cooperation (GIZ), to promote sustainable finance and support capacity development efforts.
Speaking after receiving the award, Dr. Olowo said: “This honour reaffirms Nigeria’s leadership in advancing sustainability and transparency. It reflects our collective commitment to building a trusted, globally competitive reporting environment that promotes accountability, responsible investment, and sustainable growth.”
The recognition at ISAR 42, which is still ongoing in Geneva, underscores Nigeria’s growing influence in shaping global sustainability reporting standards and highlights the FRC’s pivotal role in promoting transparency, responsible business conduct, and sustainable development across Africa.
Dr. Olowo, the Executive Secretary/CEO of the FRC, had on,Wednesday, 12 November 2025, formally concluded his tenure as Chair of the 41st Session of the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) at the United Nations Palais des Nations in Geneva, Switzerland.
Olowo had left a legacy of global impact at the UN body as Nigeria once again affirmed its leadership in advancing global financial and sustainability reporting standards.
The ceremony, which was marked by the conduct of the elections and formal handover of the ISAR Chairmanship, constituted the conclusion of a record milestone of remarkable achievements by the FRC boss.
Dr Olowo was in November 2024, elected as the Chair of the 41st session of the UNCTAD-ISAR.
The prestigious appointment was a testament to Dr. Olowo’s exceptional leadership and expertise in corporate reporting, which he had used in transforming and repositioning the FRC.
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