Donatus Eleko
When Dr. Rabiu Olowo assumed office as the Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC) two years ago, few could have anticipated the scope and speed of the transformation that would follow. Precisely, Olowo was appointed Executive Secretary of the FRC on October 12, 2023.
The FRC, often viewed as a low-profile regulator tucked within Nigeria’s complex financial ecosystem, has since been thrust into national and international relevance. This was evident in his election as the Chair of the 41st session of the United Nations Conference on Trade and Development (UNCTAD), Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR). The prestigious appointment was indeed a testament to Olowo’s exceptional leadership and expertise in corporate reporting.
Under Olowo’s leadership, the Council has evolved into a dynamic hub of regulatory reform, professional development, and institutional innovation, redefining how Nigeria approaches financial reporting, corporate governance, and sustainability disclosure.
The journey from October 2023 to 2025 tells a compelling story. A story of leadership rooted in vision, collaboration, and measurable outcomes. Today, each of the Council’s 7 directorates, departments and units stands as a pillar of reform, delivering milestones that collectively strengthen transparency, accountability, and investor confidence in Nigeria’s economy.
Building a Profession from Scratch
Among the Council’s most striking achievements in the past two years, is the establishment of the Nigerian Actuarial Development Programme (NADP) and the Technical Working Group to foster actuarial growth in Nigeria. Another major achievement is the issuance of Nigeria’s first-ever comprehensive Actuarial Regulatory Framework (Actuarial Practice Regulation – NAPR 2025) as an Exposure Draft. The FRC adopted the International Standards of Actuarial Practice (ISAPs 1–8) of the International Actuarial Association and initiated localisation as the Nigerian Standards of Actuarial Practice (NSAPs). This single move filled a decades-long void in the nation’s insurance, pensions, and risk-management sectors.
The issuance of the Nigeria Actuarial Practice Regulation (NAPR 2025), now exposed for public consultation, marks a historic step in formalising actuarial practice. Yet Olowo’s vision goes beyond regulation. It is about building the human capital pipeline to sustain it.
The Council’s nationwide actuarial education initiative (university and secondary-school outreach programmes) has already reached over 5,000 universities and 800 secondary school students, inspiring a new generation to embrace actuarial science. The sponsorship of six university students to undertake Society of Actuaries (SOA) professional examinations and an additional candidate for an MSc in Actuarial Science, and partnerships with NAICOM, PENCOM, NHIS, NAS and the Institute and Faculty of Actuaries (UK), SOA (USA), TASK (Kenya), among others, reflect a strategic approach: reform the system, then build the talent to run it.
By initiating the integration of Actuarial Science into Nigeria’s secondary school curriculum, the FRC under Olowo’s leadership, has sown the seeds of a self-sustaining ecosystem, one that will, in years to come, underpin more stable pension funds, more reliable insurance models, and more data-driven policy planning.
Reengineering Corporate Governance
Corporate governance has long been Nigeria’s Achilles’ heel—an area plagued by weak oversight, opaque processes, and boardroom complacency. The FRC has taken on the challenge head-on, advancing reforms across public, private, and not-for-profit sectors.
The development of a National Public Sector Governance Code (NPSGC), with a roadmap extending from 2026 to 2029, signals an important paradigm shift. For the first time, governance standards are being designed not just for corporations, but also for public institutions that handle taxpayers’ funds. Engagements with key bodies such as the National Judicial Council (NJC), Office of the Accountant-General, and the Nigerian Governors’ Forum show that the Council is ensuring inclusivity and ownership from all levels of government.
At the same time, the FRC under Olowo, is finalising the Not-for-Profit Governance Code (NNFPGC), aiming to promote transparency and ethical management in NGOs and charities, a sector often overlooked in governance discussions. The two landmark codes are currently awaiting Ministerial approval.
Beyond rule-making, partnerships with ACCA, and the rollout of SME Corporate Governance Guidelines (SME-CGG) and Business Integrity Certification (BIC), reflect an inclusive approach that brings small businesses and social enterprises into the governance net. In a political and economic environment where ethical leadership is often in short supply, these reforms stand out as tangible instruments for restoring confidence and accountability in Nigerian institutions.
Raising the Bar on Audit Quality
No financial system can be credible without trusted audits. Recognising this, the FRC has made impressive strides in raising the quality of audit practice and oversight.
Over the past year, the Council conducted the first comprehensive practice reviews across 16 audit firms, including the Big Four, covering 143 audit engagements. This rule, which compels auditors to report suspected non-compliance by clients, has already led to over 680 compliance submissions, underscoring its deterrent impact. Under Olowo’s leadership in the past two years, the Council also organised the Inaugural Leadership Summit for Auditors, bringing together 764 participants, and launched cross-border collaborations with international counterparts such as the PCAOB (USA), IRBA (South Africa), and ICAG (Ghana).
With the signing of a Memorandum of Understanding with the Financial Reporting Oversight Board (Gambia) and the ongoing UK–Nigeria Exchange and Training Improvement Programme (ETIP), the Council has positioned Nigeria as a thought leader in African audit regulation.
By deepening cooperation with ICAN and ANAN and holding joint sensitisation sessions with nearly 900 practitioners, the Council has succeeded in building bridges between regulator and regulated, a delicate but essential balance for effective oversight.
Driving Transparency in Public Sector
Reform of public finance management remains one of Nigeria’s greatest governance challenges. The FRC in the past two years, under Olowo, has responded with pragmatic measures, conducting four regional training programmes on accrual-based International Public Sector Accounting Standards (IPSAS) in Abuja, Kano, Lagos, and Uyo. By training over 576 public sector accountants, the Council is strengthening the foundation of financial integrity across ministries, departments, and agencies. The impact of this initiative will be seen in more accurate, comparable, and transparent financial statements—a prerequisite for better budgeting, donor confidence, and responsible governance.
Sustainability Reporting
Sustainability reporting is fast becoming the new frontier of corporate accountability worldwide, and under Olowo’s leadership, Nigeria has become one of the first African countries to take concrete regulatory steps in this area. The FRC secured the commitment of President Bola Ahmed Tinubu, along with the Ministry of Industry, Trade and Investment, for the adoption of IFRS S1 and S2 sustainability standards in Nigeria. It also launched the roadmap for the adoption of sustainability reporting standards in Nigeria in collaboration with the ISSB Chairman, and has sustained Leadership in Sustainability Reporting Adoption: Led early adoption of ISSB’s IFRS S1 and IFRS S2 standards for two consecutive reporting cycles (2023 and 2024) by Access, Fidelity, MTN and Seplat Energy, positioning Nigeria among global front-runners in sustainability disclosure compliance.
The FRC has expanded the adoption of the IFRS S1 and S2 Sustainability Standards from just 4 to 35 entities in under a year. Over 202 entities and 1,705 professionals received hands-on training on sustainability disclosure standards through 32 sector-specific engagements and regulatory roundtables, signaling a growing appetite for transparency on environmental, social, and governance (ESG) performance.
Partnerships with NIRC, GIZ, FSDA, PAFA, and the International Sustainability Standards Board (ISSB), as well as collaborations with SEC, CBN, NGX, and NCCC, reflect a multisectoral commitment to embedding sustainability into Nigeria’s corporate DNA. The hosting of the 2nd Regulatory Roundtable on Sustainability Reporting further reinforces Nigeria’s emerging reputation as a thought leader in responsible reporting.
Valuation Standards
In January 2024, the Council operationalised the Directorate of Valuation Standards, a long-awaited initiative to bring order and consistency to Nigeria’s valuation landscape. Within its first year, the FRC inaugurated a Technical Working Group (TWG) for the development of the Valuation Regulations, released the Draft Valuation Regulation for public exposure, and trained over 200 professionals in four geographical zones. Membership in the International Valuation Standards Council (IVSC) has opened the door for global benchmarking, while the publication and distribution of a national Valuation Guide ensure practitioners have clear reference points.
The engagement of over 923 stakeholders demonstrates broad support for this reform. For a country grappling with asset valuation controversies in public projects, mergers, and banking collateral, this standardisation effort is both timely and transformative.
Empowering MSMEs, Strengthening Inclusion
Recognising the vital role of small businesses in economic growth, the FRC has made commendable progress in supporting financial inclusion. The Council collaborated with the United Nations Conference on Trade and Development (UNCTAD) to organise a Train-the-Trainers Workshop on Accounting and Financial Reporting for MSMEs in December 2024, to build national capacity for simplified financial reporting and record-keeping.
By creating a pool of certified national trainers and simplified reporting tools, the initiative has demystified accounting standards for small enterprises—empowering them to access finance, formalize operations, and contribute to economic growth. This aligns perfectly with the Federal Government’s drive to lift millions of MSMEs into the formal economy.
Digital Transformation and Institutional Visibility
A modern regulator cannot thrive without technology, and the Council has delivered impressively on this front. The FRC now boasts Nigeria’s first National Repository Portal for electronic filing of financial statements—ushering in a new era of transparency and accessibility.
Complementing this are a Document Management System (DMS) and Learning Management System (LMS) that have automated internal processes and training. The FRC integrated its database with the National Identification Number (NIN) verification system for enhanced data integrity.
Meanwhile, the FRC, under the leadership of Dr. Olowo, has transformed the Council’s public image. Through the publication of the FRC Newsletter (ISSN 3092-9520), expanded media engagements, and improved stakeholder relations, the Council’s voice is now louder, clearer, and more authoritative in national discourse. It also launched Nigeria’s first Journal of Financial Reporting and Corporate Governance, positioning FRC as a national thought leader and creating a dedicated platform for research-driven policy, professional discourse, and stakeholder education.
Expanding Professional Registration and Building Credibility
Regulation is effective only when practitioners are formally brought into the fold. The Registration Unit has registered 31,799 professionals, 715 firms, and 14,657 companies in two years—an impressive expansion of the Council’s oversight base. Its engagement at major professional conferences of ICAN, ANAN, NIESV, ICSAN, and the NBA has strengthened cross-sector collaboration.
These efforts are not merely bureaucratic—they create a traceable, accountable professional community, ensuring that Nigeria’s financial ecosystem is manned by qualified, verifiable actors.
Institutional Reforms and Capacity Building
Beyond the above projects, Olowo has introduced deep institutional reforms to professionalize the FRC itself. The Council achieved the full complement of the seven Directorates by making functional the Directorate of Valuation Standards and the Directorate of Actuarial Standards, and the establishment of the Sustainability Reporting Unit. The establishment of an Islamic Financial Services Division now provides regulatory guidance for non-interest financial reporting—reflecting sensitivity to Nigeria’s diverse financial system.
Moreover, structured capacity-building programmes for FRC staff both locally and internationally, have elevated professionalism across all levels of the Council. It is also worth mentioning that the Council achieved over 60 per cent staff engagement, resulting in measurable improvements in welfare, professional development, and organisational performance. It cleared all outstanding employee gratuity claims and severance packages, thereby ensuring financial closure. This internal strengthening ensures that reforms are not only conceived but sustained. What distinguishes Olowo’s two-year tenure is not only the breadth of initiatives but their underlying philosophy—a culture of integrity, innovation, and impact.
The FRC under his watch has shifted from reactive regulation to proactive institutional development. Each directorate now functions not merely as a compliance unit but as a center of technical excellence, research, and stakeholder collaboration.
Whether through the localisation of international standards, the creation of Nigeria-specific codes, or the deployment of digital tools, the Council has shown that regulatory reform can be both visionary and practical.
Looking Ahead
As the FRC marks Olowo’s second year in office, the challenge ahead lies in consolidation, ensuring that policies become practice, that voluntary compliance transitions into enforceable standards, and that the Council’s internal capacity continues to match its expanding mandate. Yet, there is cause for optimism. With strengthened governance codes, internationally recognised sustainability reporting, a functional actuarial framework, and improved audit oversight, the FRC today stands as a model of what institutional renewal can achieve within Nigeria’s public sector.
Rabiu Olowo’s leadership has shown that reform is not about rewriting laws alone but about rekindling trust, between regulators and practitioners, between the public and its institutions. Two years on, the FRC has not only redefined financial reporting; it has redefined what effective public service leadership looks like.
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