After more than two decades of distinguished service in Nigeria’s regulatory space, Dr. Iheanyi Anyahara, a first-class honours graduate from University of Nigeria, Nsukka, who retired from the Financial Reporting Council as Coordinating Director, Directorates of Accounting Standards (Public Sectors) and Sustainability Reporting Unit last year, has transitioned into a new chapter of life that blends professional reinvention with personal fulfillment. Having played a pivotal role in the adoption of International Financial Reporting Standards and International Public Sector Accounting Standards in Nigeria, his career has been defined by integrity, precision, and an unwavering commitment to accountability. Yet, retirement from public service has not meant slowing down; instead, it has opened a new avenue for impact. Through his firm, Regulatory Compliance Readiness Advisors Limited, Anyahara, who at some point acted as the CEO of the FRC, is today helping organisations shift from reactive compliance to proactive readiness, embedding resilience and governance into their DNA. Dike Onwuamaeze brings the excerpts:
You retired after more than two decades in regulatory service, how has the transition into private practice and entrepreneurship been for you personally?
The transition has been both exciting and humbling. After over 20 years in regulatory service, I developed a deep appreciation for the challenges organisations face in meeting compliance expectations. Moving into private practice has allowed me to channel that experience into tailored advisory work, helping businesses and institutions prepare for and adapt to evolving regulatory demands. Personally, it has been fulfilling to apply my knowledge in a more flexible environment, while also building a legacy through entrepreneurship.
Outside the world of numbers, reporting standards, and regulations, what does a typical day in your life look like now?
I value balance. A typical day often begins with quiet reflection and reading—sometimes professional literature, sometimes history or biographies. I also dedicate time to family, mentoring young professionals, and staying active in my community. This variety helps me remain grounded and brings fresh perspectives that I carry into my professional work.
How do you balance your academic, professional, and family responsibilities with the demands of leading a new firm?
Discipline and prioritisation are key. I approach my responsibilities with a structured mindset: ensuring that academic commitments enhance, rather than compete with, my advisory work; carving out family time that is sacrosanct; and relying on a strong support system. I believe balance is not about dividing time equally, but about giving each responsibility the attention it deserves at the right moment.
You played a key role in Nigeria’s transition to IFRS and IPSAS. Looking back, what impact do you think these frameworks have had on transparency in Nigeria’s financial reporting?
The adoption of IFRS and IPSAS marked a turning point for Nigeria. These frameworks elevated the quality and comparability of financial information, fostering greater investor confidence and aligning Nigeria with global best practices. While challenges remain in full compliance and enforcement, the progress has been significant in promoting accountability and transparency across both public and private sectors.
What do you consider the biggest corporate governance challenge Nigerian companies still face today?
The greatest challenge remains the culture of weak enforcement. While regulatory frameworks exist, compliance is often treated as a box-ticking exercise rather than a governance philosophy. Board independence, ethical leadership, and transparency need to be embraced as strategic imperatives, not regulatory burdens. Strengthening enforcement and building corporate governance culture will be critical for Nigeria’s economic future.
Sustainability reporting is now a global hot topic. How ready are Nigerian firms, especially public sector institutions, to comply with emerging ESG and sustainability standards?
Nigerian firms are at varying levels of readiness. Some multinationals and large corporates have begun integrating ESG principles, but many local firms and public sector institutions are still in the early stages. There is a pressing need for capacity building, awareness creation, and alignment with global sustainability frameworks. My view is that readiness will require a phased approach, supported by strong regulatory guidance and advisory support.
From your experience at the Financial Reporting Council, how can Nigeria strengthen its fight against financial misreporting and money laundering?
The fight must be multi-pronged: Stronger regulatory enforcement with real consequences for offenders; better inter-agency collaboration, especially between regulators, law enforcement, and financial institutions; enhanced whistleblower protections to encourage reporting of misconduct, and continuous training for professionals to detect and prevent financial misreporting. Ultimately, integrity and accountability must be built into the culture of both public and private institutions.
What gap did you see in Nigeria’s regulatory compliance landscape that motivated you to establish Regulatory Compliance Readiness Advisors Limited?
I observed that many organisations view compliance as reactive—something to address only when regulators come knocking. This leads to last-minute fixes, penalties, and reputational risks. I wanted to create a firm that shifts the focus from reactive compliance to proactive readiness, helping organisations embed compliance into their strategy and culture. A novel initiative, you may call it. Only very few ethical organisations appreciate the idea but I have no doubt that over time, entities in our jurisdiction will come to realise that to be resilient, you need to embed integrity and accountability into their DNA.
What services will your new firm focus on, and who are your target clients—public sector, private companies, or both?
Our firm will provide regulatory compliance advisory, sustainability reporting guidance, anti-money laundering readiness assessments, and corporate governance support. We intend to serve both public sector institutions and private companies, recognising that compliance challenges cut across these spheres. Each client group requires a tailored approach, but both stand to benefit from a readiness mindset.
How does your firm plan to support organisations in navigating complex regulatory changes, especially around sustainability and anti-money laundering rules?
We will adopt a three-pillar approach: Education & Awareness – providing training and workshops to demystify new rules; Advisory & Strategy – guiding organisations in embedding compliance into their operational strategies; monitoring & Support – offering ongoing support to track changes, assess risks, and ensure continuous compliance.
This holistic model ensures organisations are not just compliant today but prepared for the future.
What will make Regulatory Compliance Readiness Advisors stand out from other consulting firms in the same space?
What sets us apart is lived experience. Having worked at the heart of Nigeria’s regulatory framework, I bring insider knowledge of how policies are shaped, enforced, and interpreted. We combine that regulatory insight with practical, tailored advisory services that help organisations move beyond compliance into resilience and sustainability. Our goal is not just to keep clients compliant, but to position them as leaders in transparency and governance. Furthermore, we partner with individuals and organization globally leveraging on my vast network and social capital to ensure nothing short of the best is offered to our clients.
A few days ago, you were appointed Chairman for Advancing Sustainability and Integrated Reporting in Africa by Pan African Federation of Accountants (PAFA). What does the appointment entail and what is the objective of PAFA?
Being appointed Chairman of the Pan African Federation of Accountants (PAFA) is both an honor and a profound responsibility. The appointment entails providing strategic leadership to PAFA as the recognized continental forum for advancing accountancy, sustainability, and integrated reporting in Africa. It means steering the Federation’s agenda so that Africa’s accountants and institutions are equipped not only for traditional financial reporting, but also for emerging demands in sustainability disclosure, ESG, and integrated thinking.
The objective of PAFA is to build a strong, unified, and future-ready accountancy profession in Africa—one that upholds high standards of transparency, ethics, and accountability, and contributes directly to sustainable economic growth. Specifically, PAFA works to: Strengthen national professional accountancy organisations; champion adoption and implementation of international standards (financial reporting, auditing, and sustainability), serve as a convener for thought leadership on integrated reporting and sustainable finance, and position the African profession as a partner in shaping global standard-setting conversations.
In short, this appointment is about ensuring that Africa’s accountants are at the forefront of advancing credible sustainability reporting and integrated reporting, so that the profession can help drive trust, investment, and long-term value creation for our continent.
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