The Nation Newspaper

Tag: FRC

  • FRC chief lists gains of tenure in UNCTAD-ISAR

    FRC chief lists gains of tenure in UNCTAD-ISAR

    Executive Secretary/Chief Executive Office of Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, has concluded his tenure as chair of the 41st Session of United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) at United Nations Palais des Nations in Geneva, Switzerland.

    Olowo leaves a legacy of global impact at the UN body as Nigeria once again affirmed its leadership in advancing global financial and sustainability reporting standards.

    The ceremony, marked by conduct of the elections and handover of ISAR chairmanship, constituted the conclusion of a milestone of remarkable achievements by Olowo.

    Olowo was in November 2024, elected as chair. The appointment was a testament to his leadership and expertise in corporate reporting.

    His election and tenure were a historic milestone of leadership at that level of global corporate reporting discourse.

    Speaking at the opening of the 42nd Session of ISAR in Geneva, Switzerland, yesterday, Olowo, while lauding Secretary-General of UNCTAD, Rebeca Grynspan, ISAR Secretariat, and member states for their commitment to advancing transparent, and decision-useful financial and sustainability reporting across jurisdictions, highlighted achievements of the global body under his leadership.

    Olowo said: “In the last one year, we were guided by two priorities: Advancing harmonisation and implementation of sustainability reporting, assurance, and ethical standards; and supporting integration of financial and sustainability reporting through digitalisation.

    “These reflect our shared commitment to strengthening market trust, enhancing accountability, and supporting sustainable development.’’ ‘‘The past year has demonstrated what is possible when countries, institutions, and experts work together with a unified sense of purpose.”

    Listing his key achievements, he stated: “Advancing Harmonization of Sustainability Reporting Frameworks: ISAR-41 significantly deepened the global dialogue on interoperability among sustainability reporting frameworks, including the ISSB Standards and the European Sustainability Reporting Standards (ESRS).

    “Strengthened collaboration with the International Ethics Standards Board for Accountants also reinforced the ethical foundations that underpin credible sustainability assurance. Together, these efforts reduced fragmentation and improved consistency in global reporting practice.

    Read Also: Nigeria, UK reaffirm commitment to deepening ties

    “Strengthening Assurance and Ethical Standards: Regional and global consultative engagements, including the Africa Regional Partnership–IESBA dialogue in May 2025 and the IPSASB consultative meeting on climate-related disclosures, supported the development of high-quality, independent sustainability assurance practices.

    “These initiatives enhanced user confidence and promoted integrity in sustainability information.

    “Promoting Digital Integration in Reporting: ISAR-41 further recognized digitalization as a vital enabler of integrated reporting. The expanded use of the UNCTAD Sustainability Reporting Taxonomy and structured, machine-readable formats is improving the accessibility, comparability, and analytical value of reported information—strengthening evidence-based decision-making across public and private sectors.”

    In the aspect of Expanding and Institutionalizing Regional Partnerships, Olowo stated that, “During 2025, ISAR’s Regional Partnerships continued to mature into coordinated platforms that support peer learning, knowledge sharing, and sustained capacity-building across regions.

    Dr. Olowo pointed out that as part of the agenda before the 42nd session, building on the extensive deliberations and outcomes of the 41st Session, the 42nd Session has been structured to advance two key thematic priorities that emerged from those engagements, which include, “review of developments in the harmonization of sustainability reporting requirements and their practical implementation – to review progress, enhance comparability, and support effective application across jurisdictions.

  • FRC eyes collaboration with CSOs to deepen accountability in financial reporting

    FRC eyes collaboration with CSOs to deepen accountability in financial reporting

    The Financial Reporting Council of Nigeria (FRC) has reiterated its commitment to collaborating with civil society organisations (CSOs) to promote accountability, transparency, and compliance with financial reporting, corporate governance, and sustainability standards across the country.

    Executive Secretary/Chief Executive, Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, said the council values partnerships with organisations aligned with its mission.

    Olowo said this during a one-day capacity-building workshop on Wednesday organised by the New Era for Sustainability Leadership and Accountability Initiative (NESLAI).

    The event brought together key stakeholders from the public and private sectors, as well as civil society groups engaged in financial governance and oversight.

    Olowo, who was represented by Mr. Titus Osawe, Coordinating Director at the FRI, said: “We find this very useful because we saw a group that is interested in what we do.

    “At the Financial Reporting Council, we monitor compliance with financial reporting standards, corporate governance, and sustainability codes. When we see an organization like NESLAI ready to push the narrative through advocacy, we are keen to collaborate.”

    Olowo underscored the pivotal role of civil society in stakeholder engagement and capacity building, noting that CSOs were instrumental in the development of the 2018 Nigerian Code of Corporate Governance for the private sector.

    He also revealed that CSOs are actively involved in the ongoing drafting of a governance code for not-for-profit organizations, which is expected to be finalized this year.

    In his remarks, Executive Director of the Network for Legislative Strengthening and Accountability Initiatives (NELSAI), Comrade Edwin Oluwafemi noted that civil society groups are essential actors within Nigeria’s accountability framework.

    “Your role in bridging government, the private sector, and communities gives you a unique position to influence compliance with financial reporting standards across the board,” he said.

    Citing the FRC Act of 2011 and the Companies and Allied Matters Act (CAMA) 2020, Oluwafemi reminded participants that transparency and good governance are legal responsibilities—not voluntary choices.

    “The training is designed not only to enhance the capacity of CSOs but also to empower them to lead by example by upholding the highest financial reporting standards within their own organizations,” he added.

    Also speaking, Comrade Richard Otitoleke, Program Coordinator at NELSAI, said the initiative aims to equip credible civil society actors with the technical competence to monitor compliance and hold institutions accountable.

    He stated: “This initiative ensures that private and public companies meet global best practices.

    “Civil society needs the intellectual and technical know-how to properly carry out oversight in financial reporting.”

    National Coordinator of the Africa Poverty Alleviation Initiative, Comrade Opanachi Jacob noted that the session helped bridge critical knowledge gaps.

    “It sharpens our skills to approach financial reporting based on both international and domestic standards, especially in monitoring procurement processes. With this, CSOs can better hold institutions accountable and reduce leakages that fuel corruption,” he said.

    Convener, Civil Society Groups for Good Governance (CSGGG), Ogakwu Dominic highlighted the broader implications of the training on governance.

    He said: “This initiative is commendable because it reawakens us to the fact that accountability is not only for government institutions but also for the private sector and individuals.

    “Every company listed on the stock exchange needs to be accountable to Nigerians. Corporate governance is very essential. You cannot say, because it is your private business, citizens should not ask questions.”

  • FRC, PAC collaboration lifts Federal Independent Revenue to over N2tr

    FRC, PAC collaboration lifts Federal Independent Revenue to over N2tr

    A decade-long partnership between the Fiscal Responsibility Commission (FRC) and the Public Accounts Committees (PAC) of the National Assembly has significantly improved remittances from government-owned enterprises, boosting the federal government’s independent revenue from N200 billion in 2013 to more than N2 trillion in 2024.

    The Executive Chairman of the FRC, Victor Muruako, Esq., disclosed this at the 2025 National Conference on Public Accounts and Fiscal Governance held in Abuja.

    Muruako noted that the improved collaboration has been instrumental in driving up remittances from government-owned enterprises.

    This, according to him, has played a crucial role in strengthening the federal government’s independent revenue, a component that remains vital for financing key projects and reducing dependence on borrowing.

    Despite the progress, the FRC Chairman highlighted ongoing challenges affecting fiscal governance at both the federal and subnational levels. 

    These include limited public awareness of fiscal responsibility laws, weak enforcement mechanisms, and the slow domestication of the Fiscal Responsibility Act (FRA) across Nigeria’s states. As of 2025, only 26 out of the country’s 36 states have enacted similar legislation.

    The Fiscal Responsibility Commission (FRC) Chairman called for the establishment of a National Fiscal Governance Framework to improve policy coordination and fortify oversight institutions responsible for monitoring government spending and revenue collection. 

    He also stressed the importance of aligning fiscal policies at the federal, state, and local government levels with the Renewed Hope agenda of President Bola Ahmed Tinubu’s administration.

    In addition, Muruako urged state and local government officials to adopt and fully implement fiscal responsibility laws modelled on the federal framework. Such measures, he argued, would help institutionalise fiscal discipline, promote prudent financial management, and ensure alignment with national economic priorities.

    A key legislative gap identified by the FRC Chairman is the absence of sanctions within the FRA 2007 for those who violate its provisions. While the Act outlines 54 distinct offences, it stops short of prescribing penalties. 

    Muruako, therefore, appealed for a swift amendment of the law to introduce stronger punishments that could enhance compliance and improve service delivery across government institutions.

    Read Also: Contribute to national development, NAFRC boss tells course graduates

    “The Act must be amended speedily for efficiency and to deliver real value to Nigerians,” he said.

    Muruako also called for strict adherence to constitutional guidelines on public debt and borrowing, areas which remain under the Exclusive Legislative List. This, he argued, would ensure that borrowing at all levels of government aligns with broader economic strategies and safeguards fiscal sustainability.

    During the conference, Muruako acknowledged the efforts of President Tinubu’s administration to strengthen financial policies and create a more robust economic environment. 

    He assured the PAC of the FRC’s continued support in institutionalising sound financial management practices, aimed at reducing leakages, boosting revenue generation, and fostering greater accountability in the use of public resources.

  • FRC doubts viability of fiscal federalism structure

    FRC doubts viability of fiscal federalism structure

    The Fiscal Responsibility Commission (FRC) has expressed concerns over Nigeria’s current fiscal federalism structure, cautioning that the system may be unsustainable in its present form.

    Speaking at an awareness programme on transparency and accountability for Northcentral sub-nationals, the Commission’s Chairman, Victor Muruako, warned that the discretion enjoyed by states and local governments in their financial management could jeopardize national economic stability.

    Muruako likened Nigeria’s subnational fiscal autonomy to a princely arrangement where benefits are enjoyed without full accountability to the larger system. “In a sense, being a subnational in Nigeria’s fiscal federalism is akin to enjoying the perks of being a Prince without caring about the responsibilities of the larger kingdom. It is doubtful if such a system is sustainable,” he said.

    Noting the flexibility allowed to subnational governments, Muruako explained that states receive approximately half of the federation’s distributable revenue but maintain complete control over both this allocation and their internally generated revenue.

    This freedom, he argued, enables states to make independent fiscal decisions, potentially impacting key economic indicators like inflation, unemployment, interest rates, and overall economic growth.

    However, the FRC Chairman also acknowledged the challenges states face in fiscal management, citing limited resources, capacity constraints, and political pressures. This, he said, calls for a standardized code of fiscal prudence, transparency, and accountability across all levels of government.

    “The most reliable code, I dare say, is the prioritization of transparency and accountability. And that is where the Fiscal Responsibility Commission comes in,” Muruako said.

    As mandated by the Fiscal Responsibility Act, the FRC is responsible for encouraging subnational governments to adopt fiscal practices aligned with federal standards.

    Recently, the Commission received additional directives from the Secretary to the Government of the Federation to provide enhanced technical support to local governments following a Supreme Court ruling granting greater fiscal autonomy to these entities.

    Despite these challenges, Muruako commended states for their strides in fiscal transparency, particularly through the Fiscal Sustainability Programme (FSP) and the State Fiscal Transparency, Accountability, and Sustainability (SFTAS) programme. According to him, many states now regularly prepare and publish their annual budgets, budget implementation reports, and audited financial statements.

    Read Also: FRC urges civil society groups to leverage on data for accountability advocacy

    The FRC’s nationwide series of sensitization programmes, including the Northcentral retreat, aims to deepen these efforts. Muruako outlined three priority areas for subnational governments to strengthen their financial management systems, improve resource allocation, and make decisions that positively impact citizens’ lives.

    The Commission also wants to foster public disclosure and civil society engagement, empowering citizens to monitor government activities and hold officials accountable.

    By building capacity and promoting transparency at the subnational level, the FRC hopes to enhance public service delivery and improve Nigerians’ overall quality of life.

    “Our commitment is driven by the Fiscal Responsibility Act, which mandates us to support subnational governments in enhancing their fiscal responsibility practices,” Muruako said.

  • ‘Domesticate FRC laws’

    ‘Domesticate FRC laws’

    Stakeholders at a two-day financial accountability retreat by the Fiscal Responsibility Commission (FRC) have emphasized on the need for States to domesticate FRC laws to strengthen anti-corruption practices, through accountability and prudent management of public funds.

    The participants equally tasked governments and agencies to establish stronger

    engagement ties with civil society and increase its collaboration with Civil Society Organisations (CSOs) in supporting the enthronement of good governance practices.

    The retreat with the theme, Financial Accountability at Sub-National Levels was held for sub-nationals and operators of CSOs in the South-south zone.

    The people at the end of the engagement in Port Harcourt, Rivers State, yesterday

    unanimously agreed that the Fiscal Responsibility Act, 2007 should be amended to include sanctions in the enforcement of the Act.

    They also agreed that citizens and CSOs should take full advantage of Section 51, FRA, 2007 and boldly ask pertinent questions in actualizing the provisions of the

    Federal Responsibility Act (FRA).

    FRC is a Federal Government agency charged with the mandate of promoting fiscal responsibility, accountability and prudent management of the nation & economy at all levels of government and including Ministries, Parastatals and Agencies.

    Other resolves they reached at the training are that provisions of the FRA 2007 and the Freedom of Information Act (FOI), 2011 should be diligently studied by the citizens and CSO to make it fully operational; and sensitization on their respective mandates to the grassroots, among others.

    Participants in the retreats include State Commissioners of Finance, Accountant General of States, Auditor Generals and other key players.

    Read Also: Fiscal Responsibility Commission secures N2tr remittances to treasury

    Earlier in the workshop, the Executive Chairman of the Commission, Victor Muruako, stated that the workshop was meant to engage and discuss with the sub-nationals and CSOs to see how they could adopt some federal laws, particularly the Federal Government reform policies, and consciously implement them.

    “The essence of the retreat is for us (FRC) to come down to the grassroots to see how they can help the Sub-nationals government officials and CSOs in the six Southsouth States to continue to engage the Stakeholders, public finance management officials at the sub-nationals level….”; he said.

    He appealed to Government at all levels to support the efforts of the Federal Government to manage the economy in a prudent, transparent and responsible manner.

    He noted that domesticating the good financial policies and other Laws of the Government including the FRC policies would help them to enforce valuable and responsible spending of funds at their levels.

    “The provisions of the FRA 2007 and the Freedom of Information Act (FOI), 2011 should be diligently studied by the citizens and CSO to make it fully operational; and sensitization on their respective mandates to the grassroots participants;” they stated.

  • FRC issues corporate governance code

    FRC issues corporate governance code

    As part of efforts to achieve the $1 trillion economy for Nigeria, the Financial Reporting Council (FRC), the Ministry of Finance Incorporated (MOFI) and the Institute of Directors Center for Corporate Governance have issued the exposure draft of the code of corporate governance guidelines for the public sector.

    Executive Secretary/Chief Executive of the FRC, Rabiu Olowo and the Chief Executive of MOFI, Armstrong Takang, made this known at a press briefing on the upcoming National Corporate Governance Summit held in Lagos, yesterday.

    Speaking at the briefing, the convener of the summit, Institute of Directors Center for Corporate Governance, U.K Eke, noted that the importance of imbibing corporate governance in both public and private institutions remains a catalyst to achieving the $1 trillion economy.

    “For us we are looking at an issue of a $1 trillion and one of those things that will enable it is the right corporate governance. As we begin to entrench the right corporate governance, then we’re going to have enhance shareholder value because it has been proven, that has a direct positive connotation, between corporate governance and corporate performance. If you look at corporate failures, whereas on account of technical insolvency, you have to put corporate governance at the center to understand why the business crashed.

    Read Also: Niger jail break: Red alert on borders

    The summit holding later this month with the theme: “Institutionalising Corporate Governance for National Transformation: The Imperative for Public Private Sector Collaboration” will discuss the significance of fostering partnerships between government entities and private businesses to drive sustainable development enhance service delivery and promote economic growth.

    “The National Corporate Governance Summit is designed to be a distinguished and impressive gathering of minds examining changes, trends, challenges best practices in corporate governance in Nigeria with the focus on the impact on national transformation.

    “It serves as a premier platform that assembles practitioners, industry leaders, experts, professionals to discuss critical issues that shape the governance landscape in public and private organizations while offering unmatched networking opportunities that promote knowledge exchange, brand recognition and collaboration.

    “The major outcomes 2022 summit include the need to improve and deepen corporate governance principles and practices in every organisation in Nigeria be it public or private  and practices in every organization in Nigeria. I believe that this particular outcome is not unconnected to the fact that today the FRC has exposed the code of corporate governance for the not for corporate sector and also for public institution. So it means that the outcomes of previous summit is being taken seriously.

    It also included under publication of corporate governance compliance checklist by all Nigerian companies detailing any gaps and timelines to comply. It also includes to strive to incorporate ethical, based governance system in both private and public sectors of the Nigerian economy, to determine, set and enforce entry standards for people, indeed, in organizations and public institutions.”

  • FRC mulls implementation of sustainable standards

    FRC mulls implementation of sustainable standards

    The Financial Reporting Council has mapped out strategies in readiness for the implementation of the sustainability standards by ISSB in Nigeria as an early adopter of the standards.

    The Executive Secretary/CEO Financial Reporting Council Rabiu Olowo said the council had constituted an Adoption Readiness Working Group ARWG for sustainability reporting as this compromise of major stakeholders in corporate reporting and corporate governance including the academia.

    Read Also: FRC begins verification ofN2.9trn capital projects

    Olowo disclosed this during a Regulatory Round Table and the visit of Emmanuel Fabar Chair, International Sustainability Standard Boards in Abuja. He stated that the roadmap document will be a tool to mainstream the implementation of sustainability reporting in Nigeria in the area of reporting and assurance with timelines.

  • FRC begins verification ofN2.9trn capital projects

    FRC begins verification ofN2.9trn capital projects

    The Fiscal Responsibility Commission (FRC) is set to begin physical verification of selected Federal Government capital projects valued at N2.9 trillion across the six geo-political zones of the country.

    According to a NAN report, the Executive Chairman of the commission, Victor Muruako, made this known in a statement by Bede Anyanwu, Head, Strategic Communication Directorate in Abuja on Saturday.

    Muruako enjoined the officials who would be going for the exercise to carry out the assignments with great diligence and a sense of purpose as the exercise is one of the core mandates of the commission.

    “Ensure that you verify the actual existence of the projects as well as monitor the progress of the work done so far.

    “The verification exercise is further designed to give a fillip to President Bola Tinubu’s renewed hope agenda in the area of prudence, value-for-money and transparency.

    Read Also: FRC denies permitting NSCDC to use independent audit firms

    “The effort is to meet the yearnings of the people,” he said.

    The chairman said that the verification must also be done within the ambit of the Medium Term Expenditure Framework (MTEF).

    According to him, the reason for this verification exercise is to ensure that the government embarks on projects that it can fund.

    He said that the verification exercise is also to determine projects that need funding in line with the completion targets. “With the MTEF cases of abandoned projects will cease to exist.

    “The aim is to reduce approvals for new capital projects for Ministries, Departments and Agencies (MDAs), where the existing indebtedness to contractors is in billions of Naira, to the barest minimum,” he said.

  • FRC denies permitting NSCDC to use independent audit firms

    FRC denies permitting NSCDC to use independent audit firms

    The Fiscal Responsibility Commission (FRC) yesterday denied that it insisted the Nigerian Security and Civil Defence Corps (NSCDC) have its annual financial and audited reports prepared by independent accounting and audit firms.

    FRC Chairman Victor Muruako said this when he appeared before the House of Representatives Committee on Finance on the Medium Term Expenditure Framework (MTEF) and was responding to reports that the NSCDC claimed it had such liberty.

    The agency chairman was queried about the situation at the NSCDC since government agencies usually have workers posted to them from the Office of the Accountant General of the Federation (AcGF) and that of the Auditor General of the Federation (AuGF).

    Committee member, Oluwole Oke, had questioned the rationale behind FRC’s insistence on financial statements prepared by independent accounting and audit firms, considering the cost of hiring such professional services, when there were competent in-house workers to do the job.

    But Muruako said there was no such condition operational at the commission.

    Read Also: FG’ll restore lost glory of NTA, FRCN Kaduna – Minister

    The RFC chairman said the agency would accept financial and audit statements from Ministries, Departments and Agencies (MDAs), if they were prepared by relevant in-house workers, as contained in the Act setting up the commission.

    He said: “As chairman of the FRC, I’m not aware of the commission insisting on independent accounting and audit firms preparing the financial statements of MDAs before they could be acted upon by the commission.

    “The FRC does not operate outside the Act setting it up, which is specific about the preparation of financial documents and reports.”

    Committee Chairman James Faleke advised the NSCDC to review its licensing and yearly renewal fees upwards for Private Guard Companies (PGCs) to increase its revenue generation capacity, as revenue was needed to implement the 2024 budget.

    NSCDC’s Deputy Commandant-General Nwinyi Nwokuche said there were about 1,300 PGCs registered in the country with 400 of them in Lagos alone.

    Faleke called for a full register of PGCs operating in the country, their full addresses, amounts paid as licence and renewal fees over the years, to give the committee proper insights into their operations.

  • FRC fines NIMASA N500m over faulty 2018 financial accounts

    FRC fines NIMASA N500m over faulty 2018 financial accounts

    The Financial Reporting Council (FRC) has faulted the 2018 Financial Reports of Nigerian Maritime Administration and Safety Agency(NIMASA ) and imposed a N500million fine on the agency.

    Also NIMASA Director-General Dr. Bashir Jamoh and Director of Finance Chudi Offodile have been suspended, rendering both officials incapable of certifying any financial statements in Nigeria.

    The sanctions, which are on the Councils website, mandated NIMASA to publish the withdrawal of the audited accounts in two national newspapers within seven working days for non-compliance with financial reporting standards.

    FRC ordered  NIMASA to publish the withdrawal of the audited accounts in two national newspapers within seven working days, also suspended the FRC registration number- FRC/2017/CIANG/00000016699 of Bashir Jamoh, its Managing Director and the certifiers of NIMASA’s 2018 Audited Financial Statement, and Chudi Offodile (Unregistered), rendering the two officials incapable of certifying any financial statements in Nigeria.

    “The 2018 Audited Financial Statements of NIMASA are hereby withdrawn, and NIMASA is directed to restate its 2018 audited financial statements. NIMASA is required to publish, within seven (7) working days from the date of this notice, in at least two national newspapers (full page), that their 2018 financial statements and returns have been withdrawn for non-compliance with Financial Reporting Standards.

    “For violating the financial reporting standards in the preparation of the 2018 financial statement and for its withdrawal, NIMASA is also fined N500 million by the FRC.

    “The Council hereby imposes a Type 6 penalty of N500,000,000 for the withdrawal of the 2018 financial statement, in line with Regulation 18 of the FRC Guidelines/Regulations 2014” the management ordered as it emphasizes the commitment of the FRC to upholding financial reporting standards and ensuring the accuracy and reliability of financial statements.”

    Read Also: NPA, NIMASA, SON, Shippers Council chiefs sign performance bond

    The decision by the Council which is a punishment for NIMASA’s seeming penchant for financial irregularities as financial statements for 2019, 2020, 2021, and 2022 are also affected, is a clear warning that the agency is ready to act and shed the toga of an inert, incompetent and rudderless agency that has become its lot since February 2017.

    In a public notice published on the FRC website by its management, the agency said the action is under the FRC Act 2011 (as amended) and the Financial Reporting Council of Nigeria-Guidelines/Regulations for Inspection and Monitoring of Reporting Entities.

    The FRC, which has also informed other regulatory agencies of the defective financial statements and returns, has, in addition, notified them of the withdrawal of the financial statement for restatement.

    FRC has also directed NIMASA to begin the process of re-stating the 2018 audited account in line with the provisions of the FRC Act and to form the basis for the subsequent years’ account and file it with the Council within two months.

    “This restatement,” FRC said, “will form the basis for the preparation and submission of audited financial statements for the years ended December 31, 2019, 2020, 2021, and 2022. 

    NIMASA is required to file the restated financial statements for 2018, together with the management letters issued by their external auditors, with the Council within 60 days”, stated the management in the public notice.

    This action against NIMASA, FRC stated, serves as a warning to all reporting entities of their responsibility to comply with prescribed standards and regulations,