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FRC Engages Nigerian Governors’ Forum on Draft Nigeria Public Sector Governance Code
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.
FRC Pays Courtesy Visit to NJC, Presents Draft Nigeria Public Sector Governance Code
The Financial Reporting Council of Nigeria paid a courtesy visit to the National Judicial Council (NJC) on Wednesday, May 28, 2025, to formally present the Draft Nigeria Public Sector Governance Code (NPSGC) and seek collaborative engagement ahead of its nationwide adoption.
The FRC delegation, led by the Executive Secretary/CEO, Dr. Rabiu Olowo, highlighted the significance of the Code in strengthening governance, promoting transparency, and enhancing public trust in government institutions. He reiterated the Council’s mandate to ensure compliance with financial reporting and corporate governance standards, and emphasized the judiciary’s key role in preserving democratic values, institutional integrity, and effective public service delivery.
“The Governance Code is a strategic instrument designed to foster accountability, transparency, and investor confidence across the public sector,” Dr. Olowo stated. “Engaging key institutions like the NJC is critical to ensuring successful implementation and long-term impact.”
The TWG Chairman, Bar. Danladi Kifasi, along with Deputy Chairman Alh. Ahmad, presented the highlights of the Draft Code, seeking constructive feedback and support for its widespread adoption across federal and state institutions.
In response, Ahmed Gambo Saleh, Executive Secretary of the NJC, commended the FRC’s initiative and affirmed the Council’s support for the Governance Code. He pledged to promote its adoption among institutions under the NJC’s oversight and facilitate its formal introduction within the judicial sector.
Other members of the FRC delegation included Mr. Titus Osawe, Coordinating Director of the Corporate Governance and Inspections & Monitoring Directorates; Mrs. Comfort M. Osondu, Head of the Directorate of Corporate Governance; and Mr. Adeleke Adewole, Chief of Staff to the Executive Secretary/CEO.
The Nigeria Public Sector Governance Code is slated for formal unveiling in Q4 2025, following further stakeholder engagement. The collaboration between the FRC and NJC signifies a strong commitment to enhancing governance standards and promoting accountability within Nigeria’s public sector, paving the way for a more transparent and responsible governance framework.
PUBLIC NOTICE: Extension of Closing Date for NAPR 2025 Exposure Period
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
FRC Celebrates the Launch of Nigeria’s First Large-Scale RDT Production Facility
The Financial Reporting Council of Nigeria proudly participated in the official commissioning of CODIX BIO Limited, Nigeria’s inaugural large-scale rapid diagnostic test (RDT) production facility, located in Ogun State.
On Friday, May 9, 2025, the FRC Executive Secretary/CEO, Dr. Rabiu Olowo, represented the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole. During the event, he reaffirmed the Federal Government’s commitment to fostering industrial growth, enhancing local manufacturing, and promoting strategic investments that strengthen national capacity.
This state-of-the-art in-vitro diagnostics (IVD) facility is the second of its kind in Sub-Saharan Africa and is poised to produce over 147 million test kits annually for critical diseases, including HIV, Malaria, and Hepatitis B and C. This milestone signifies a transformative advancement in reinforcing Nigeria’s healthcare system through innovation, local production, and a significant reduction in reliance on imports.
The Financial Reporting Council of Nigeria remains steadfast in its commitment to supporting initiatives that drive sustainable development and economic advancement, paving the way for a healthier future for all Nigerians.