Financial Reporting Council of Nigeria
July 3, 2025
June 23, 2025
The Financial Reporting Council (FRC) of Nigeria is organizing a stakeholders engagement session to deliberate on the International Sustainability Standards Board (ISSB)’s proposed targeted amendment to IFRS S2 – Climate-Related Disclosures.
The proposed amendment by the ISSB is intended to improve the clarity and applicability of IFRS S2, particularly in areas related to industry-based requirements, greenhouse gas (GHG) emissions reporting, and the interaction of global climate disclosure standards with local regulatory frameworks.
As the national regulator responsible for financial reporting and sustainability disclosures in Nigeria, the FRC recognizes the importance of inclusive and informed stakeholder participation in shaping the country’s response to the proposed changes. This engagement is critical to ensure that the views of Nigerian preparers, regulators, users of financial reports, and other interested parties are adequately captured and represented in the global standard-setting process.
May 29, 2025
The Financial Reporting Council (FRC) of Nigeria paid a courtesy visit to the Nigerian Governors’ Forum (NGF) on May 29, 2025, to introduce the draft Nigeria Public Sector Governance Code. This strategic engagement is a crucial step in the Council’s nationwide consultation process ahead of the Code’s formal launch later this year.
Led by its Executive Secretary/CEO, Dr. Rabiu Olowo, the Council presented the draft Code, which aims to enhance transparency, accountability, and investor confidence across public sector institutions. In his remarks, Dr. Olowo reiterated the Council’s statutory mandate to enforce financial reporting and corporate governance standards, emphasizing that the draft Code is a landmark initiative specifically designed to address the unique challenges faced by the public sector.
Drawing on the successful implementation of the Nigerian Code of Corporate Governance (NCCG) in 2018, Dr. Olowo explained that the Technical Working Group (TWG) on the NPSGC, established by the Honourable Minister of Industry, Trade and Investment in February 2023, has diligently crafted a governance framework tailored to meet the specific needs of government entities.
Recognizing the NGF’s crucial role as a coalition of Nigeria’s 36 state governors, Dr. Olowo highlighted the Forum’s influence in shaping governance outcomes at the sub-national level. He proposed that the NGF nominate a representative to join the TWG, ensuring active participation and alignment as the Code moves into its final stages of development.
Barr. Danladi I. Kifasi, CFR, OON, mni, former Head of the Civil Service of the Federation and Chairman of the TWG, along with Deputy Chairman Alhaji M. K. Ahmad, OON, provided an overview of the draft Code to the NGF Secretariat. They welcomed constructive feedback and encouraged the Forum to support the adoption of the Code across state-level institutions.
In response, Dr. Abdulateef Shittu, Director-General of the NGF, warmly received the FRC delegation and commended the Council’s proactive leadership. He affirmed that the governance objectives of the FRC align closely with the NGF’s mission to foster policy harmonization and accountability across Nigeria’s states. Dr. Shittu committed to facilitating a formal presentation of the draft Code to the full Forum of Governors and assured the FRC of the NGF’s full support, including prompt feedback on the draft.
The engagement concluded with Dr. Olowo formally presenting a copy of the Draft Nigeria Public Sector Governance Code to Dr. Shittu on behalf of the Council.
The Governance Code is expected to be officially launched in Q4 2025, following comprehensive nationwide stakeholder consultations. This initiative underscores the collaborative effort between the FRC and the NGF to enhance governance standards and accountability within Nigeria’s public sector.
May 26, 2025
The Financial Reporting Council of Nigeria wishes to inform the general public that the closing date for the exposure period of the Nigerian Actuarial Practice Regulation (NAPR) 2025, initially scheduled for May 30, 2025, has been extended to June 14, 2025.
Stakeholders and interested parties are encouraged to review the exposure draft and submit their comments on or before the new deadline.
A copy of the draft Regulations is available at https://shorturl.at/tbos3
All comments and feedback should be sent to: actuaries@frcnigeria.gov.ng
July 8, 2025
Celebrating Academic Excellence: Eight FRC Management Team Members Graduate from LBS Executive Programme
The Financial Reporting Council (FRC) of Nigeria is pleased to announce that eight members of its management team have successfully completed the Senior Management Programme (SMP) at the Lagos Business School (LBS). The graduation ceremony was held on Saturday, July 5, 2025, at the LBS Lekki campus situated at Km 22, Lekki-Epe Expressway, Lagos.
Among the graduates are notable leaders from the Council, including:
- Felix Azubuike, Head, Corporate Services
- Comfort Osondu, Head, Directorate of Corporate Governance
- Mufutau Olasunkanmi, Head, Directorate of Actuarial Standards
- Harris Oshojah, Head, Directorate of Inspections & Monitoring
- Ibe Ibe, Head, Directorate of Accounting Standards – Public
- Ugochukwu Nwora, Head, Directorate of Valuation Standards
- Adeleke Adewole, Chief of Staff to the Executive Secretary/CEO
- Abubakar Razaq, Head (Policy, Planning, Research & Statistics and Sustainability Reporting)
The graduation ceremony featured several distinguished guests, including Professor Enase Okonedo, Vice Chancellor of the Pan African University, who delivered the opening remarks. Prof. Olayinka Davis-West, Dean of LBS, welcomed attendees with a thoughtful address, while Dr. Oluwatoyin F. Sanni, Founder and Executive Vice-Chair of Emerging Africa Group, served as the Guest Speaker.
In a significant moment during the ceremony, the graduates were inducted into the LBS Alumni Association by Dr. Owen Omogiafo (OON), President of the association, marking the beginning of their journey as alumni of one of Africa’s premier business schools.
This achievement underscores the FRC’s commitment to fostering academic excellence and professional development among its leadership team, equipping them with the necessary skills and knowledge to navigate the complexities of the financial reporting landscape.
The Council extends its heartfelt congratulations to the graduates and looks forward to their continued contributions to the Council and the broader financial community in Nigeria.
July 3, 2025
Public Notice on The Administration Review of Annual Dues Stipulated in Section 33D of The Financial Reporting Council of Nigeria Act
July 3, 2025
Public Notice on the Administrative Review of Annual Dues Stipulated in Section 33D of the Financial Reporting Council of Nigeria Act
June 24, 2025
Public Notice to Statutory Auditors: Enforcement of Compliance with Audit-Related Rules of the Council
The Financial Reporting Council of Nigeria (FRC) reiterates that strict compliance with the following extant Rules of the Council is mandatory:
• Rule 9 – Key Audit Matters (KAM) in line with ISA 701
• Rule 10 – Statutory Audit Committee and Other Board Committee(s) Responsible for Audit
• Rule 11 – Restriction on the Use of Auditor’s Logo, Brand, and Other Forms of Identity in Clients’ Annual Financial Reports
• Rule 12 – Audit Transparency Report
• Rule 13 – Submission of Financial Statements by Non-Resident Companies
• Rule 14 – Non-Compliance with Laws and Regulations (NOCLAR)
These Rules are essential to ensuring the integrity, transparency, and credibility of financial reporting in Nigeria.
Auditors are advised to be properly guided.