The Financial Reporting Council of Nigeria (FRC), in collaboration with the United Nations Conference on Trade and Development (UNCTAD), has intensified efforts to strengthen accounting and financial reporting frameworks for Micro, Small and Medium Enterprises (MSMEs) across the country.
Dr Rabiu Olowo, immediate past Executive Secretary of the FRC, spearheaded the development of Nigeria’s inaugural National Repository Valuation Regulations (NPVR), aligning with international best practices. This initiative forms part of broader reforms to simplify financial record-keeping and enhance MSMEs’ access to finance.
Under the Renewed Hope Agenda of President Bola Ahmed Tinubu, the council established a Technical Working Group to develop valuation regulations and secured Nigeria’s membership in the International Valuation Standards Council (IVSC)—a milestone that has bolstered global cooperation and recognition.
The FRC conducted nationwide training programmes across four geo-political zones, orienting 200 professionals and engaging over 923 stakeholders. The maiden Valuation Guide was subsequently published and distributed to bridge knowledge gaps and standardise practices.
In a push for operational excellence, the council activated its full complement of seven directorates, including the Directorate of Valuation Standards and the Directorate of Actuarial Standards. It also launched a Sustainability Reporting Unit and an Islamic Financial Services Department to provide regulatory oversight for non-interest financial services.
Modernisation efforts extended to the council’s database, which was integrated with the National Identification Number verification system—a first in recent times—enhancing data integrity. Nigeria’s first National Repository Portal for audited financial statements was also developed, creating a centralised digital platform to improve transparency, analytics, and regulatory oversight.
Additional digital upgrades included the implementation of a Document Management System and a Learning Management System to streamline workflows and staff training.
The council’s visibility and credibility improved through structured stakeholder engagement and the publication of its maiden newsletter (ISSN: 3092-9520), now in its second edition for 2024 and 2025. Nigeria’s first Journal of Financial Reporting and Corporate Governance was launched, positioning the FRC as a thought leader and providing a platform for research-driven policy discourse.
Compliance metrics reflected the impact of these reforms, with 31,799 professionals, 715 firms, and 14,657 companies registered within two years under Dr Olowo’s leadership. Staff engagement rose by over 60 per cent, yielding measurable improvements in welfare, professional development, and organisational performance.
The council also cleared all outstanding employee gratuity claims and severance packages, achieving financial closure on a clean slate while enhancing technical capacity through local and international professional development programmes.