Two Years of Transformative Leadership at the Financial Reporting Council of Nigeria (FRC) under Dr. Rabiu Olowo

The Financial Reporting Council of Nigeria (FRC) stands today as a model of reform-minded governance and institutional renewal – a transformation that mirrors President Bola Ahmed Tinubu’s vision of transparency, accountability, and sustainable growth. Over the past two years, under the dynamic leadership of Dr. Rabiu Olowo, the council has redefined Nigeria’s regulatory landscape through bold reforms, global partnerships, and people-centered innovation. Enam Obiosio chronicles that remarkable journey – one that blends institutional strength with human impact, proving that visionary leadership can turn public institutions into engines of national progress.

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 imagined the speed and scale with which he would redefine the country’s financial reporting, audit regulation, and governance landscape.

Today, as the council marks the first and second anniversary of his stewardship, the story of the FRC has become one of revival – a transformation underpinned by a bold reform blueprint known as the DOSE Agenda, which stands for Digitisation, Operational Excellence, Stakeholder Engagement, and Enforcement.

Under Dr. Olowo’s leadership, the FRC has evolved from a technical regulator into a reform-driven national institution that not only safeguards corporate integrity but also actively contributes to Nigeria’s economic competitiveness and investor confidence.

A Reform Blueprint Rooted in Vision and Results

At the heart of Dr. Olowo’s tenure is a simple but powerful conviction that good governance and credible reporting are the bedrock of sustainable economic growth.

From day one, he set out to make the FRC a model of institutional excellence – one that would align Nigeria with global best practices while nurturing local capacity in areas such as actuarial science, sustainability reporting, valuation, and audit regulation. The results are not only measurable but historic.

Dr. Rabiu Olowo, Executive Secretary/CEO of FRC

Building Nigeria’s Actuarial Future

One of Dr. Olowo’s most visionary achievements is the establishment of the Nigerian Actuarial Development Programme (NADP) – the first structured national framework designed to grow Nigeria’s actuarial talent pipeline.

Through NADP and the accompanying Technical Working Group, the FRC has laid the foundation for a future where Nigeria’s insurance, pensions, and health sectors are driven by homegrown actuarial expertise.

In just two years, the Council adopted eight International Standards of Actuarial Practice (ISAPs 1–8) of the International Actuarial Association and began the process of localizing them into Nigeria Standards of Actuarial Practice (NSAPs).

Even more groundbreaking was the issuance of Nigeria’s first-ever Actuarial Practice Regulation (NAPR 2025) – a comprehensive regulatory framework that places actuarial practice on a globally recognized footing.

Dr. Olowo also launched a nationwide actuarial education initiative that reached 5,000 university students and 800 secondary school pupils, sowing early seeds of technical literacy and professional ambition.

Through the council’s sponsorship, six university students are currently undertaking Society of Actuaries (SOA) professional examinations, while another beneficiary is pursuing a Master’s degree in Actuarial Science, ensuring a steady stream of future experts.

Strategic partnerships have also been strengthened with key institutions such as National Insurance Commission (NAICOM), National Pension Commission (PenCom), National Health Insurance Scheme (NHIS), Institute and Faculty of Actuaries (IFoA – UK), Society of Actuaries (SOA – USA), Casualty Actuarial Society (CAS – USA), The Actuarial Society of Kenya (TASK), and the International Actuarial Association (IAA).

In a move that speaks to long-term national planning, the FRC is also spearheading the integration of Actuarial Science into Nigeria’s secondary school curriculum – a first in the country’s education history.

Raising the Bar for Audit Quality and International Collaboration

A strong financial ecosystem requires strong audit oversight, and here too, Dr. Olowo’s impact has been transformative. For the first time in its history, the FRC conducted comprehensive practice reviews across 16 audit firms, including the Big Four, covering 143 audit engagements.

The introduction of the NOCLAR framework (FRC Rule 14) – aligned with international standards – marked a major step forward in protecting public interest. This framework enhances auditor responsibility in detecting and reporting non-compliance with laws and regulations.

The Council also began the implementation and enforcement of Internal Control over Financial Reporting (ICFR) guidance, further tightening the circle of accountability.

To deepen professional engagement, the FRC hosted the Inaugural Leadership Summit for Auditors, which attracted over 764 participants, while also facilitating joint international training sessions with regulatory bodies such as Public Company Accounting Oversight Board (PCAOB – USA), Independent Regulatory Board for Auditors (IRBA – South Africa), and Institute of Chartered Accountants, Ghana (ICAG – Ghana).

In pursuit of continental collaboration, the Council signed a Memorandum of Understanding (MoU) with The Gambia’s Financial Reporting Oversight Board (FROB) – the first of its kind in West Africa.

Perhaps most strategically, Nigeria’s participation in the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP) advanced efforts toward regulatory equivalence and mutual recognition of audit qualifications with the FRC – UK – a development that boosts investor confidence and professional mobility.

Governance Codes for Every Sector

Recognizing that good governance drives sustainable development, the FRC under Dr. Olowo has also expanded its leadership in governance reforms.

Two landmark frameworks – the Nigeria Public Sector Governance Code (NPSGC) and the Not-for-Profit Governance Code (NNFGC) – have been completed and are now awaiting ministerial approval.

In parallel, the Council has issued the Small and Medium Enterprises Corporate Governance Guidelines (SME CCG), a major milestone that links sound governance with small business growth and resilience. The Council has also worked closely with the Lagos Chamber of Commerce and Industry (LCCI) and the Integrity Organisation Ltd. to promote the Business Integrity Certification (BIC) scheme, ensuring that governance and ethics are no longer exclusive to big corporations but accessible to MSMEs.

In addition, engagements with the Judiciary, Accountant-General, Auditor-General, and the Nigeria Governors’ Forum (NGF) have fostered multi-sectoral adoption of governance reforms, laying the groundwork for the 2026–2029 Public Sector Governance Roadmap.

Leading the Global Sustainability Conversation

If there is one area where the FRC has placed Nigeria on the global map, it is sustainability reporting.

With the backing of President Bola Ahmed Tinubu, and the immediate past Minister of Industry, Trade and Investment, Dr. Doris Uzoka-Anite, Nigeria became one of the first countries in Africa to adopt the IFRS S1 and S2 sustainability standards of the International Sustainability Standards Board (ISSB). This milestone followed the launch of a national roadmap for sustainability reporting adoption, jointly unveiled by the FRC and the ISSB Chairman.

By this year, Nigeria had not only maintained early adoption but had also witnessed remarkable growth in voluntary compliance  –  from just four companies in 2024 to thirty-five entities by October 2025, including Access Bank, Fidelity Bank, MTN, and Seplat Energy.

Through collaborations with Nigeria Integrated Reporting Committee (NIRC), Deutsche Gesellschaft für Internationale Zusammenarbeit (translated: German Agency for International Cooperation (GIZ – Germany), Financial Sector Deepening Africa (FSDA), Pan African Federation of Accountants (PAFA), and the ISSB, the FRC has positioned Nigeria as a continental leader in sustainability disclosure standards.

In August 2025, the Council hosted the 2nd Regulatory Roundtable on Sustainability Reporting, consolidating stakeholder alignment across industries. Equally impressive is the Council’s capacity-building reach – 202 entities and 1,705 professionals trained through 32 sector-specific engagements, a scale never before achieved in Nigeria’s regulatory history.

Empowering MSMEs for Growth and Financial Inclusion

In collaboration with the United Nations Conference on Trade and Development (UNCTAD), the FRC organized a Train-the-Trainers Workshop on Accounting and Financial Reporting for MSMEs.

This initiative established a national pool of certified trainers who now deliver simplified accounting and reporting education across the country. By empowering small businesses to maintain proper records and comply with international reporting standards, the FRC is strengthening MSMEs’ access to finance, formalization, and long-term growth.

Establishing Valuation Standards and Professional Credibility

Another major pillar of Dr. Olowo’s reforms is the standardization of valuation practice in Nigeria. The FRC established a Technical Working Group (TWG) for the development of Valuation Regulations and secured Nigeria’s membership in the International Valuation Standards Council (IVSC). This international recognition marks Nigeria’s integration into the global valuation ecosystem, promoting transparency and investor trust. Nationwide training sessions have been conducted across four geopolitical zones, reaching over 200 professionals and engaging more than 923 stakeholders.

The Council has also published and distributed the country’s first Valuation Guide, setting a benchmark for consistency and professional discipline in asset valuation.

Driving Operational Excellence and Digital Transformation

Behind these policy breakthroughs lies a quiet revolution in operational performance. Within two years, the FRC has achieved the full complement of its seven statutory Directorates, activating the Directorates of Valuation Standards and Actuarial Standards, as well as establishing a Sustainability Reporting Unit.

In addition, an Islamic Financial Services Department has been created to provide regulatory oversight for Nigeria’s fast-growing non-interest finance sector.

To modernize its systems, the Council integrated its database with the National Identification Number (NIN) verification system, improving data integrity and traceability.

The launch of Nigeria’s first National Repository Portal for Audited Financial Statements – a centralized digital platform – has revolutionized transparency, analytics, and investor access to verified financial information.

Internally, the adoption of a Document Management System and Learning Management System (LMS) has digitized workflows and enhanced staff development.

Building People, Promoting Knowledge

Beyond regulation, Dr. Olowo’s FRC has placed strong emphasis on knowledge creation and communication. The Council launched Nigeria’s first Journal of Financial Reporting and Corporate Governance, establishing a thought leadership platform for professionals, policymakers, and academics. It also publishes the FRC Newsletter (2024 and 2025 editions, ISSN: 3092-9520), ensuring transparency in stakeholder engagement.

Within two years, the council’s compliance footprint expanded impressively: 31,799 professionals, 715 firms, and 14,657 companies are now registered with the FRC – a clear sign of confidence in the council’s renewed credibility. On engagements with staff members internally, the FRC has achieved over 60 percent staff engagement, resulting in measurable improvements in welfare, professional development, and organisational performance, as all outstanding gratuity and severance payments have been cleared  –  highlighting a powerful gesture of organizational discipline and staff motivation.