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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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NITDA Pursues Total Cyber Resilience, Drives Nigeria’s Digital Transformation Agenda

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The National Information Technology Development Agency (NITDA) is intensifying its push to position Nigeria as a globally competitive digital economy, pursuing an ambitious agenda spanning cybersecurity, digital literacy, artificial intelligence governance, and strategic partnerships across the public and private sectors.
Under the leadership of Director General Kashifu Inuwa Abdullahi, CCIE, the agency has been repositioned as a focal point for digital transformation and innovation, managing the national computer emergency response team, implementing the National Digital Literacy Framework, and driving the Strategic Roadmap and Action Plan 2.0, all geared toward building a sustainable digital economy.
The Citizen Watch Advocacy Initiative (CWAI), in a statement signed by its Director of Media and Stakeholders Engagement, Mahmud Bello, said Inuwa’s tenure has recorded measurable gains in staff performance, institutional development, capacity building, and digital skills development for Nigerian youth at a scale not previously achieved since the agency’s establishment.
At a recent stakeholders’ meeting themed “Creating Opportunities, Breaking Boundaries,” the Director General described digitalization as the primary engine for economic transformation in an increasingly interconnected world, warning that Nigeria must deliberately position itself to harness technological advancements or risk being left behind in the global race for innovation. He noted that as Africa’s largest economy by GDP, Nigeria stands at a pivotal crossroads where the digital sector offers a strategic pathway for economic diversification and job creation.
NITDA has already established over 100 information technology centres nationwide to support learning and bridge the digital divide, though the Director General stressed that the long-term sustainability of these infrastructures depends on deeper cooperation across all sectors of the economy.
On the cybersecurity front, Abdullahi sounded a major alarm at the 2026 GITEX Africa Summit, declaring that the era of treating cybersecurity as a routine IT problem is over. Speaking on the theme of Total Resilience, he argued that as artificial intelligence-powered threats grow more elusive and destructive, Nigeria’s defense strategy must evolve into a multi-dimensional approach involving every level of society, from government institutions down to individual citizens.
“Cybersecurity is no longer just a technical issue. It is a strategic imperative for national development. We must think beyond technology alone and build resilience through people, processes, regulations, and infrastructure,” he said.
Citing data showing that 95 per cent of all digital breaches originate from human error, Abdullahi argued that even the most sophisticated encryption is rendered useless when the human element is compromised. NITDA’s response is a drive to turn every Nigerian citizen into what it describes as a “human firewall,” the first and most critical line of defense against AI-driven attacks.
To that end, the federal government has launched a comprehensive National Digital Literacy Programme with a target of achieving 95 per cent digital literacy nationwide by 2030, with an interim benchmark of 70 per cent by 2027. The “3 Million Tech Talent” programme complements this effort, developing Nigerian expertise across cybersecurity, data science, and artificial intelligence through hackathons, innovation challenges, and mentorship schemes.
NITDA is also deepening its institutional partnerships to secure critical infrastructure, working with agencies including the Nigeria National Petroleum Company Limited, the Federal Character Commission, the Corporate Affairs Commission, ICPC, NYSC, SMEDAN, and NigComSat, among others.
In a demonstration of its commitment to policy dialogue, NITDA recently hosted the Director General of the National Institute for Policy and Strategic Studies (NIPSS), Professor Ayo Omotayo, alongside participants of the Senior Executive Course 48 in 2026 for a strategic study tour. The engagement focused on digital innovation’s role in driving sustainable economic growth, with particular attention to what the agency described as the Orange Economy, a creative and intellectual property-driven sector encompassing digital content creation, film animation, and digital art.
“With our youthful population and rich cultural assets, Nigeria is well-positioned to become a global leader in the Orange Economy if we deepen collaboration and investment across the ecosystem,” Abdullahi stated.
At the Nigerian Satellite Week 2026 in Abuja, themed “Harnessing Space Technology for an Extraordinary Nigeria,” the NITDA chief outlined four principles he said should guide digital transformation: enabling rather than controlling the ecosystem; prioritizing networks over institutions; developing talent while supporting innovation; and focusing on platforms rather than isolated projects. He noted that Nigeria’s emerging space technology sector is now a significant economic driver, with the country’s “Sunrise Packet” projected to contribute over 1.5 billion United States dollars to the economy by 2030.
CWAI, which described cyber resilience as “a collective responsibility,” called on all sectors to support NITDA’s initiatives, including platforms such as GITEX Africa, GITEX Nigeria, and Digital Nigeria, which provide visibility for start-ups while attracting investment, partnerships, and mentorship to fuel inclusive national growth.

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“Nigeria’s Biggest Ever Coalition, Civil Groups, Professionals, Labour, Artisans, Declare for Bola Tinubu”

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In what is being described as an unprecedented political development ahead of the 2027 general elections, a broad-based national coalition cutting across civil society organisations, professional bodies, labour groups, artisan associations, and other grassroots networks has announced plans to formally endorse President Bola Ahmed Tinubu for a second term in office.

The coalition, spearheaded by the Coalition of Civil Society Organisations in Nigeria, COCSON, now extends far beyond the traditional civic space, bringing together over 1,500 groups from diverse sectors of the Nigerian society. Participants include human rights organisations, medical and legal professionals, trade and artisan unions, community-based organisations, and influential labour leaders, reflecting a wide national spread and multi-sectoral backing.

The historic convention is scheduled to hold on May 17, 2026, where leaders and representatives of the various groups are expected to converge in what organisers say will be the largest endorsement gathering in Nigeria’s history. The event will serve as the official platform for the coalition to collectively declare support for President Tinubu’s re-election bid.

In a major demonstration of grassroots mobilisation, the coalition also revealed plans to submit a compiled total of 20 million signatures of Nigerians who have endorsed the President’s candidacy. The signatures, gathered through extensive nationwide engagement, are being positioned as a clear indication of public support cutting across regions, professions, and social strata.

Organisers of the event stated that the decision to back President Tinubu is driven by what they described as tangible strides in economic reforms, governance, and national stability. They emphasised that the inclusion of non-traditional actors such as artisans, market groups, and labour unions underscores a broader national consensus that transcends the usual civil society framework.

Political analysts say the scale and diversity of this coalition mark a significant shift in Nigeria’s political landscape, where support structures are no longer confined to political parties and elite stakeholders but are increasingly driven by a fusion of grassroots and professional constituencies.

As momentum builds towards the May 17 convention, observers are keenly watching how this expansive alliance will shape political narratives and influence voter sentiment in the lead-up to the 2027 elections.

Further details on the convention and breakdown of participating groups are expected to be unveiled in the coming days.

In what is being described as an unprecedented political development ahead of the 2027 general elections, a broad-based national coalition cutting across civil society organisations, professional bodies, labour groups, artisan associations, and other grassroots networks has announced plans to formally endorse President Bola Ahmed Tinubu for a second term in office.

The coalition, spearheaded by the Coalition of Civil Society Organisations in Nigeria, COCSON, now extends far beyond the traditional civic space, bringing together over 1,500 groups from diverse sectors of the Nigerian society. Participants include human rights organisations, medical and legal professionals, trade and artisan unions, community-based organisations, and influential labour leaders, reflecting a wide national spread and multi-sectoral backing.

The historic convention is scheduled to hold on May 17, 2026, where leaders and representatives of the various groups are expected to converge in what organisers say will be the largest endorsement gathering in Nigeria’s history. The event will serve as the official platform for the coalition to collectively declare support for President Tinubu’s re-election bid.

In a major demonstration of grassroots mobilisation, the coalition also revealed plans to submit a compiled total of 20 million signatures of Nigerians who have endorsed the President’s candidacy. The signatures, gathered through extensive nationwide engagement, are being positioned as a clear indication of public support cutting across regions, professions, and social strata.

Organisers of the event stated that the decision to back President Tinubu is driven by what they described as tangible strides in economic reforms, governance, and national stability. They emphasised that the inclusion of non-traditional actors such as artisans, market groups, and labour unions underscores a broader national consensus that transcends the usual civil society framework.

Political analysts say the scale and diversity of this coalition mark a significant shift in Nigeria’s political landscape, where support structures are no longer confined to political parties and elite stakeholders but are increasingly driven by a fusion of grassroots and professional constituencies.

As momentum builds towards the May 17 convention, observers are keenly watching how this expansive alliance will shape political narratives and influence voter sentiment in the lead-up to the 2027 elections.

Further details on the convention and breakdown of participating groups are expected to be unveiled in the coming days.

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How ISWAP killed Army Col. Six others in Borno.

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☆☆☆As Troops Foil Series of Ambushes.

Troops of the Nigerian Army under operation Hadin Kai have foiled a series of ambush by suspected members of the Islamic State West Africa Province (I SWAP) terrorist along the Monguno in Borno state.

Islamic state of West Africa province (ISWAP) have attacked the Nigerian army from Monguno 242 Battion Barrack in Borno State on their way to reinforce the camp.

A serving Nigerian Army Colonel was  reportedly  killed in an ambush by  insurgents in Monguno, Borno State, during a reinforcement mission

Source added said that colonel I.A. Muhammad was ambushed by ISWAP and killed along with four other soldiers.

Community confirmed that the troops who were on a fighting patrol as part of operation,came under fire from suspected terrorists 

As of the time of felling this report, there has been no official statements from the Nigerian Army regarding the accident.

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