FRC gets global recognition for sustainability reporting

THE Financial Reporting Council of Nigeria has been awarded the International Standards on Accounting and Reporting honours from the United Nations Conference on Trade and Development Intergovernmental Working Group of Experts on Accounting and Reporting.

In a statement on Saturday, it was indicated that Nigeria was the only African country honoured by the global body in the awards.

The PUNCH reports that Nigeria’s FRC Executive Secretary/Chief Executive Officer, Dr Rabiu Olowo, recently concluded his tenure as Chair of the 41st Session of the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting at the United Nations Palais des Nations in Geneva, Switzerland.

The statement indicated that the award recognised the Olowo-led Council’s leadership, reforms, and transformative contributions to advancing sustainability reporting and corporate transparency in Nigeria.

The award was presented to the Council during the ISAR Honours, which took place as part of the 42nd Session of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting.

Speaking after receiving the award, Olowo said, “This honour reaffirms Nigeria’s leadership in advancing sustainability and transparency. It reflects our collective commitment to building a trusted, globally competitive reporting environment that promotes accountability, responsible investment, and sustainable growth.”

Nigeria was awarded based on the FRC’s leadership in developing a credible and globally aligned sustainability reporting framework, its multi-stakeholder engagement through the Adoption Readiness Working Group, and its successful implementation of national reforms that positioned sustainability disclosure as a central pillar of Nigeria’s corporate governance and financial reporting system.

The endorsement of the National Roadmap for the Adoption of IFRS Sustainability Disclosure Standards (IFRS S1 and S2) by President Bola Tinubu in 2024 played a pivotal role in advancing Nigeria’s sustainability reporting initiatives.

This endorsement not only reinforced the country’s commitment to adopting sustainability reporting but also translated Nigeria’s pledge made at COP27 into concrete action.

Also, it underscored the government’s strong political will to integrate sustainability and climate-related reporting into Nigeria’s economic framework, aligning with global best practices.

To facilitate the successful implementation of these actions and build local capacity, the Council, under the leadership of Dr Olowo, trained over 2,000 professionals. Additionally, it strengthened collaborations with international development partners, including the German Agency for International Cooperation, to promote sustainable finance and support capacity development efforts.