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FRC Deepens Regulatory Reforms as Stakeholders Align to Strengthen Nigeria’s Financial Integrity Framework

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Nigeria’s drive toward stronger financial accountability and institutional transparency took centre stage as the Financial Reporting Council of Nigeria (FRC) engaged civil society leaders and accountability stakeholders at the 2nd Edition of the Roundtable Engagement on Strengthening Nigeria’s Financial Integrity Framework.

The high-level forum, organised by the New Era for Sustainable Leadership and Accountability Initiative (NESLAI), brought together regulators, reform advocates, and civil society organisations in a strategic dialogue aimed at reinforcing trust, credibility, and ethical leadership within Nigeria’s financial system.

Speaking on behalf of the Executive Secretary and Chief Executive Officer of the FRC, Dr. Rabiu Olowo, Mr. Titus Osawe, Coordinating Director, Directorate of Corporate Governance and Directorate of Inspection and Monitoring, outlined the Council’s expanding regulatory mandate, recent achievements, and emerging challenges.

Mr. Osawe reaffirmed the FRC’s commitment to building a resilient economy anchored on credible financial reporting, sound corporate governance, and sustainability disclosures. He explained that the Council operates on two critical pillars: financial reporting standards, covering accounting, auditing, valuation, and actuarial practices; and non-financial reporting, which includes sustainability and corporate governance.

According to him, the development and enforcement of standards, codes, and regulations remain central to the FRC’s mandate, alongside ensuring strict compliance by regulated entities and professionals.

A major highlight of the engagement was the FRC’s evolving enforcement framework, particularly the implementation of FRC Rule 14 on Non-Compliance with Laws and Regulations (NOCLAR), scheduled to take effect from January 1, 2025. The rule expands the responsibilities of external auditors, requiring them to proactively identify, assess, and respond to both direct and indirect non-compliance issues that may materially affect financial statements.

The Council noted that the new rule closes long-standing regulatory gaps, strengthens investor protection, and enhances public confidence in audited financial reports. It further warned that financial statements signed with invalid FRC registration numbers or unresolved compliance issues would no longer be accepted, while auditors who fail to confirm compliance risk sanctions under the Council’s inspection and monitoring framework.

Mr. Osawe also disclosed that the FRC has fully operationalised its seven statutory directorates, including the Valuation Standards Directorate and the Actuarial Standards Directorate, which were recently activated. As part of this progress, the Council issued a Valuation Regulation and embarked on nationwide advocacy engagements across Lagos, Abuja, Owerri, and Kano, targeting estate valuers, engineers, quantity surveyors, and other valuation professionals to deepen understanding and compliance.

Addressing the Small and Medium Enterprises (SMEs) sector, Mr. Osawe described it as a critical pillar of Nigeria’s economy, noting that SMEs account for over 40 million entities, employ nearly 80 percent of the workforce, and contribute about 50 percent to GDP. He explained that the FRC introduced a Code of Corporate Governance for SMEs to address structural weaknesses that often limit business sustainability.

In addition, the Council rolled out free training programmes on International Financial Reporting Standards (IFRS) for SMEs, targeting both business owners and auditors. He stressed that all SME-focused engagements are provided at no cost, as part of the FRC’s developmental responsibility.

On sustainability reporting, the FRC highlighted Nigeria’s early and comprehensive adoption of the IFRS Sustainability Standards S1 and S2. Mr. Osawe disclosed that Nigeria’s sustained advocacy and sector-by-sector engagement earned the country international recognition from UNCTAD-ISAR, a United Nations body, for advancing sustainability reporting beyond regional benchmarks.

Welcoming participants, Comrade Edwin Olorunfemi, Executive Director of NESLAI, described the roundtable as a defining moment in Nigeria’s accountability journey, stressing that ethical financial systems are fundamental to sustainable development and global competitiveness.

“When financial systems fail, trust erodes, institutions collapse, and hope is weakened. But when financial integrity is protected, nations rise,” he stated, commending the FRC for its consistency in promoting ethical standards across both public and private sectors.

While acknowledging progress, the FRC also raised concerns over resistance from some regulated entities and limited public understanding of its mandate. Mr. Osawe called on civil society organisations to strengthen advocacy efforts, noting that credibility, transparency, and trust cannot be achieved by regulators alone.

In his closing remarks, Comrade Richard Otitoleke, Programme Coordinator of NESLAI, urged participants to translate dialogue into concrete action. He reaffirmed the commitment of NESLAI and allied civil society organisations to supporting the FRC in advancing accountability reforms and protecting Nigeria’s financial future.

As the roundtable concluded, stakeholders agreed that Nigeria cannot build a resilient economy without clean books, ethical leadership, and sustained collaboration between regulators and civil society, united in their resolve to place integrity at the centre of national development.

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Hon. Jafaaru Yakubu Demands Urgent Action on Taraba Road Collapse

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Hon. Jafaaru Yakubu, Chairman of the House Committee on Nigeria-China Friendship, has issued a strong call for immediate government intervention following the collapse of the Bali-Suntai Road in Taraba State. His appeal comes two years after the Namnai Bridge in Gassol Local Government Area collapsed, a tragedy that remains unresolved and continues to haunt residents. Yakubu stressed that the latest disaster is not just an infrastructure failure but a humanitarian crisis that threatens livelihoods, education, and commerce across the region.The Bali-Suntai Road, particularly around the Zagah axis in Bali LGA, was washed away after heavy rains, leaving more than 300 vehicles stranded. Among them were heavy-duty trucks loaded with goods, buses carrying passengers, and smaller vehicles attempting to navigate the route. The collapse has paralyzed transport services, cutting off communities and disrupting trade. For traders, the losses are mounting daily as perishable goods rot in transit, while transport operators face financial ruin from halted operations. Ordinary citizens, meanwhile, are left stranded, unable to access markets, schools, or health facilities.In reinforcing Yakubu’s appeal, Alh. Abdulhamid Kungana, Director General of Campaign for Hon. Jafaaru Yakubu’s 2027 House of Representatives bid, underscored the urgency of the crisis, describing it as a ticking time bomb for Taraba’s economy and social fabric. He noted that the collapse has left communities isolated and vulnerable, with economic activities grinding to a halt. His intervention added political weight to Yakubu’s voice, framing the issue not only as a matter of infrastructure but as a test of governance and leadership. By aligning with Yakubu’s call, Kungana’s campaign leadership amplified the demand for swift and decisive action, signaling that the plight of Taraba’s people must be treated as a national priority.Yakubu emphasized that infrastructure is the backbone of economic and social life, and without functioning roads and bridges, communities are isolated, commerce grinds to a halt, and education suffers. His call is not just a political statement but a demand for urgent action that directly affects thousands of Nigerians. Residents have pleaded for swift repairs, warning that the situation will worsen as the rainy season continues. Traders fear that the collapse will lead to skyrocketing prices of goods and services, as supply chains remain disrupted. The prolonged neglect of the Namnai Bridge and now the Bali-Suntai Road highlights the urgent need for sustainable road maintenance policies in Taraba State.The combined voices of Yakubu and Kungana have transformed the crisis into a rallying point for accountability. Their united stance reflects a broader demand for government responsiveness, reminding leaders that infrastructure failures are not abstract statistics but lived realities for communities. The collapse of two critical transport routes within two years has left Taraba’s people in despair, and unless urgent steps are taken, the crisis will deepen, leaving the state further isolated and economically strangled.

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HONOURABLE JAFAARU YAKUBU COMMISERATES WITH QATAR OVER THE DEATH OF RULER

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Honourable Jafaaru Yakubu, Chairman of the House Committee on Nigeria–China Friendship Relationship Group, has extended his condolences to the Government and people of Qatar following the passing of the father of the incumbent Emir, His Royal Highness Sheikh Tamim ibn Hamad Al Thani.In his condolence message, Honourable Yakubu described the late ruler as a man of wisdom and compassion whose leadership left a lasting imprint on Qatar and the wider global community. He noted that the deceased patriarch of the Al Thani Royal Family was widely respected for his dedication to service, his vision for progress, and his commitment to uplifting humanity.Yakubu emphasized that Qatar has not only been a leader in the Gulf region but has also shown remarkable generosity through humanitarian partnerships that extend far beyond its borders. He highlighted the role of Qatar Charity in his Federal Constituency of Bali/Gassol in Taraba State, where sustained interventions have supported orphans, widows, and vulnerable groups. These programs, he said, have provided scholarships, empowerment opportunities, and social support that have transformed lives and strengthened communities.“The people of Bali/Gassol Federal Constituency will always remember the kindness of Qatar and the impact of its humanitarian activities in our communities,” Honourable Yakubu remarked. He added that the partnership with Qatar Charity has been a source of hope and opportunity, reinforcing the bonds of friendship between Nigeria and Qatar.He prayed for Allah (SWT) to forgive the shortcomings of the departed leader and grant him Jannatul Firdausi, while assuring the Government of Qatar of his constituency’s solidarity during this period of mourning.The condolence message, delivered in Abuja, underscores the enduring ties between Nigeria and Qatar, and reflects the shared vision of both nations in advancing humanitarian causes and uplifting vulnerable populations. Honourable Yakubu reaffirmed his commitment to strengthening these ties, ensuring that the partnership continues to grow and deliver meaningful benefits to his people.

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‘Ombugadu Is a Brand, Not a Title’ — PDP Chieftain

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By Emmanuel Kuza

A chieftain of the Peoples Democratic Party (PDP) in Nasarawa State, Abuga Ovie, has described the name Ombugadu as a political brand, saying the popularity and wide acceptance of the name have made David Emmanuel Ombugadu a major force in the state’s political landscape.

Ovie, who stated this in an interview on Tuesday, said what started as opposition from some of Ombugadu’s biological brothers and people he described as fathers and uncles who betrayed him for personal political interests had now assumed a wider dimension, with political parties allegedly joining the battle against him.

According to him, the latest development was an attempt to undermine the political value of the Ombugadu name by presenting another person with the same surname, describing it as an indication of how far some political actors were prepared to go to weaken the PDP governorship candidate.

“Ombugadu is a brand, not a title. The people are not fools. They know their own. You cannot simply bring another person bearing the same name and expect the people to forget the political identity that Ombugadu has built over the years,” he said.

He further alleged that a former governor was working to introduce a political associate who had served as Accountant-General of Nasarawa State into the political equation, with the alleged objective of destabilising the PDP and weakening its chances by ensuring that the party fields a less competitive candidate in 2027.

“The plan, as we understand it, is to destabilise the PDP and make sure the party presents a weak candidate, thereby creating an advantage for the former governor’s preferred candidate. But all those efforts have proved abortive because the national leadership of the PDP stood its ground and refused to lose its best bet for the 2027 governorship election,” Ovie said.

The PDP chieftain said the resolve of the national leadership to retain Ombugadu had demonstrated the confidence the party had in his capacity to win the governorship election, despite what he described as attempts by some political actors to frustrate his ambition.

Ovie urged political parties and their leaders to resolve their internal differences instead of concentrating their efforts on Ombugadu, whom he compared to David in the Bible, saying he remained focused despite betrayal and opposition from those close to him.

“Ombugadu is like David in the Bible. Even when his brothers forsook him, he remained focused. Today, despite the people who have betrayed him, he remains focused and has a blueprint that can rescue Nasarawa State,” he said.

He said political parties should concentrate on presenting their programmes and convincing voters about how they intend to address the challenges confronting the state rather than expending their energy on attempts to stop Ombugadu.

“Political parties should fix their problems instead of wasting their strength fighting Ombugadu. Let everybody bring their blueprint before the people and explain what they intend to do for Nasarawa State,” he said.

Ovie maintained that the 2027 election should be about ideas, competence and the future of Nasarawa State, rather than attempts to manipulate political structures or undermine individuals perceived to enjoy strong grassroots support.

He urged the people of the state, particularly the Eggon community, to remain politically vigilant and resist what he described as efforts to make them settle for less, insisting that voters would ultimately determine who enjoys their confidence at the polls.
Reduce repeated references to Ombugadu

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