The appointment of Dr. Rabiu Olowo as the Executive Secretary and Chief Executive of the Financial Reporting Council (FRC) of Nigeria has marked a transformative period for the Council. His reform agenda, known as “DOSE,” stands for Digitisation, Operational Excellence, Stakeholder Engagement, and Enforcement. This strategic vision aims to position the FRC as a leader in financial reporting, auditing, and corporate governance, both locally and internationally.
One year into his tenure, the Council has already made significant strides across its directorates, gaining recognition from stakeholders in Nigeria and beyond. Here are some of the key achievements under Dr. Olowo’s leadership:
1. Adoption of Global Sustainability Standards
FRC secured the commitment of President Bola Ahmed Tinubu, alongside the Minister of Industry, Trade, and Investment, Dr. Doris Uzoka-Anite, to adopt the IFRS S1 and S2 sustainability standards in Nigeria. This move places Nigeria at the forefront of sustainability reporting and reinforces the country’s dedication to global best practices.
2. Launch of Sustainability Reporting Roadmap
In collaboration with the International Sustainability Standards Board (ISSB) Chairman, the FRC launched a roadmap for adopting sustainability reporting standards in Nigeria. This initiative will guide companies in adhering to globally accepted sustainability metrics.
3. Expansion of Directorate Capacity
Dr. Olowo’s leadership has resulted in a full complement of the FRC’s seven directorates. The newly functional Directorate of Valuation Standards and Directorate of Actuarial Standards, along with the establishment of a Sustainability Reporting Unit, have enhanced the Council’s capacity to oversee critical financial and corporate governance standards.
4. Audit Quality Reviews
FRC commenced Audit Quality Reviews of firms to ensure that financial reporting across Nigeria remains credible, reliable, and aligned with international standards. This move enhances transparency and trust in Nigeria’s financial ecosystem.
5. Public Sector and Not-for-Profit Governance Codes
The Council has issued exposure drafts for the Public Sector and Not-for-Profit Governance Codes, demonstrating FRC’s commitment to strengthening corporate governance across diverse sectors of the economy.
6. Valuation Standards and Global Membership
The establishment of a Technical Working Group (TWG) for the development of Valuation Regulations has positioned Nigeria as a significant player in the global financial reporting landscape. FRC also secured Nigeria’s membership in the International Valuation Standards Council (IVSC), cementing its global standing.
7. Actuarial Growth and Development
Under the Nigerian Actuarial Development Programme (NADP), FRC has set up a TWG to foster the growth of actuarial expertise in Nigeria, addressing a critical skills gap in the financial sector.
8. Integration with NIN System
In a move to enhance data integrity, FRC integrated its database with the National Identification Number (NIN) verification system. This integration ensures more reliable data for stakeholders and boosts the credibility of financial reporting.
9. SME Corporate Governance Guidelines
FRC completed and issued the Corporate Governance Guidelines for Small and Medium Enterprises (SMEs). This provides much-needed governance frameworks tailored to the unique needs of Nigeria’s burgeoning SME sector.
10. International Recognition and Collaboration
Through strengthened collaborations with both local and international regulators and professional bodies, the FRC was voted as Vice President of the African Forum of Independent Accounting and Auditing Regulators (AFIAAR). This appointment enhances Nigeria’s global recognition in the financial regulatory space.
11. Employee Welfare and Financial Closure
FRC also prioritized employee welfare, clearing all outstanding gratuity claims and severance packages, ensuring financial closure and boosting staff morale.
12. Professional Development
To maintain high standards, FRC enhanced its technical capacity through the continuous professional development of its staff, both locally and internationally, ensuring that the Council remains a key player in the global financial reporting community.
These milestones reflect the transformative impact of Dr. Olowo’s leadership and the implementation of the DOSE agenda. Under his guidance, the FRC is well on its way to achieving its goal of becoming a leader in financial reporting, corporate governance, and sustainability standards on the global stage.
