Council sensitises 1,705 professionals, 202 entities as Nigeria advances global reporting standards
By Abubakar Yusuf
The Financial Reporting Council of Nigeria (FRC), under the leadership of its Executive Secretary, Dr Rabiu Olowo, has intensified its reforms through sustained sensitisation, strategic collaborations and partnerships aimed at strengthening governance and securing Nigeria’s position in global sustainability reporting.
The council’s initiatives have involved engagements with key national institutions, including the Judiciary, Office of the Accountant-General of the Federation, Office of the Auditor-General for the Federation and the Nigeria Governors’ Forum, as part of efforts to promote multi-sector acceptance and institutionalisation of governance reforms.
The FRC has also stepped up its sustainability reporting agenda while working with institutions such as the National Judicial Council (NJC) and the Office of the Head of the Civil Service of the Federation (OHCSF) to advance the development of the Nigeria Public Sector Governance Code (NPSGC).
https://globaltimesnigeria.com/2026/08/11/international-investors-summit-nigeria-2026-100bn-abuja/
The process, according to the council, is expected to run over a three-year period covering 2026 to 2029.
FRC Develops Landmark Governance Codes
As part of efforts to establish a stronger governance framework and institutionalise stakeholder participation, the FRC has developed two landmark governance codes: the Nigeria Public Sector Governance Code (NPSGC) and the Nigeria Not-for-Profit Governance Code (NNFPGC).
The codes are currently undergoing the necessary approval processes.
To consolidate the reforms, the council conducted sensitisation sessions involving 897 practitioners and convened what it described as the maiden joint session involving the FRC, Institute of Chartered Accountants of Nigeria (ICAN) and Association of National Accountants of Nigeria (ANAN).
The engagements were aimed at deepening understanding and acceptance of emerging governance standards among accounting and financial reporting professionals.
The council also moved to finalise the communication strategy for the NNFPGC while partnering with the Association of Chartered Certified Accountants (ACCA) to train stakeholders on governance and audit regulations.
FRC Targets MSMEs Through Corporate Governance Guidelines
In another significant step, the FRC completed and issued the Small and Medium Enterprises Corporate Governance Guidelines (SME-CGG).
The council has continued to promote the adoption of the SME-CGG and the Business Integrity Certification (BIC) as tools for improving corporate ethics, accountability and sustainability among businesses.
It has also expanded corporate governance advocacy to the Micro, Small and Medium Enterprises (MSMEs) sector through partnerships with organisations including the Lagos Chamber of Commerce and Industry (LCCI) and Integrity Organisation Limited.
The objective is to strengthen the connection between good corporate governance, business integrity and the resilience of small and medium-sized businesses.
Nigeria Advances Sustainability Reporting
The FRC has also secured the commitment of President Bola Ahmed Tinubu’s administration under the Renewed Hope Agenda towards advancing sustainability reporting in Nigeria.
This contributed to the adoption of the International Financial Reporting Standards (IFRS) S1 and IFRS S2 sustainability standards in Nigeria.
The reforms subsequently paved the way for the launch of a roadmap for the adoption of sustainability reporting standards in collaboration with relevant professional, regulatory and industry bodies.
The council said the early adoption of the International Sustainability Standards Board’s (ISSB) IFRS S1 and IFRS S2 standards by banks and multinational companies has positioned Nigeria among countries making significant progress in sustainability disclosure compliance.
Among the companies cited for early adoption are Access Bank, Fidelity Bank, MTN and Seplat Energy, which adopted the standards for two consecutive reporting cycles in 2023 and 2024.
ISSB Adoption Rises From Four to 35 Entities
The FRC said voluntary adoption of the ISSB’s IFRS S1 and S2 standards among Nigerian entities increased significantly from four entities in 2024 to 35 by October 2025.
The increase, according to the council, demonstrates growing acceptance of sustainability reporting and reflects Nigeria’s increasing alignment with international financial and sustainability disclosure practices.
The council also hosted the second Regulatory Roundtable on Sustainability Reporting in August 2025, providing another platform for regulators, businesses, professionals and other stakeholders to deliberate on the implementation and adaptation of the new reporting standards.
FRC Trains 1,705 Professionals
Capacity building has also remained a major component of the council’s sustainability reporting strategy.
The FRC disclosed that more than 202 entities and 1,705 professionals had received hands-on training on sustainability disclosure standards through 32 sector-specific engagements and regulatory roundtables.
The engagements were designed to improve understanding, enhance technical capacity and encourage broader participation in Nigeria’s transition to the new sustainability reporting regime.
Global Partnerships Strengthen Technical Alignment
Beyond its domestic engagements, the FRC has established strategic collaborations and signed Memoranda of Understanding (MoUs) with international institutions, including the Nigerian Integrated Reporting Committee (NIRC), GIZ Germany, Financial Sector Deepening Africa (FSDA), Pan-African Federation of Accountants (PAFA) and the International Sustainability Standards Board (ISSB).
https://www.bbc.com/news/articles/ckg40jvvkp7o?at_medium=RSS&at_campaign=rss
The partnerships are expected to strengthen technical cooperation, promote cross-border recognition and ensure that Nigeria’s reporting and governance frameworks remain aligned with evolving international standards.
Through these initiatives, the FRC is positioning governance, transparency, accountability and sustainability reporting as key pillars of Nigeria’s corporate and public-sector reform agenda.