….As Roundtable Reviews Achievements, Challenges and Prospects of Nigeria’s Financial Integrity Framework

Nigeria’s drive toward stronger financial accountability took centre stage as the Financial Reporting Council of Nigeria (FRC) and civil society leaders converged for the 2nd Edition of the Roundtable Engagement on Strengthening Nigeria’s Financial Integrity Framework, a high-level forum focused on the achievements, challenges, and future prospects of the FRC.

The engagement which was organised by the New Era for Sustainable Leadership and Accountability Initiative (NESLAI) on Tuesday in Abuja, brought together regulators, reform advocates, accountability champions, and civil society organisations in what participants described as a timely and strategic convergence aimed at rebuilding trust in Nigeria’s financial system.

At the heart of discussions was the FRC’s evolving regulatory role, particularly the enforcement of FRC Rule 14 on Non-Compliance with Laws and Regulations, which takes effect from January 1, 2025. The rule mandates stricter responsibilities for external auditors, requiring them to actively identify, assess, and respond to both direct and indirect non-compliance with laws and regulations that may affect financial statements. The Council noted that the new framework closes long-standing gaps that previously limited auditors’ obligations and, in doing so, strengthens investor protection and public confidence.

Welcoming participants, Comrade Edwin Olorunfemi, Executive Director of NESLAI, described the roundtable not as a routine policy dialogue, but as a defining moment in Nigeria’s accountability journey.

“This engagement is not merely another meeting; it is a strategic convergence of regulators, reform advocates, and accountability champions, united by a shared resolve to advance transparency, responsibility, and trust in Nigeria’s financial ecosystem,” he said.

Olorunfemi commended the FRC for its consistency in promoting ethical standards and sound financial reporting across both public and private sectors, stressing that Nigeria’s aspiration for sustainable development and global competitiveness rests on the integrity of its financial systems.

The roundtable critically examined persistent challenges undermining financial integrity, including inconsistent compliance across sectors, limited public understanding of financial reporting standards, and the rising complexity of economic crimes and financial misconduct. Participants agreed that these realities reinforce the need for a stronger, more structured partnership between regulators and civil society.

Underscoring the broader implications of financial integrity, Olorunfemi warned that failures in financial systems extend far beyond balance sheets.

“When financial systems fail, lives are affected, trust erodes, institutions collapse, and hope is weakened. But when financial integrity is protected, nations rise,” he stated.

The FRC, through its regulatory instruments and enforcement mechanisms, reiterated that financial statements signed with invalid FRC registration numbers or by entities with unresolved compliance issues would no longer be acceptable. The Council further emphasized that auditors who fail to confirm compliance before signing audit opinions risk sanctions under its inspection and monitoring guidelines.
Observers at the engagement described the collaboration between the FRC and civil society as the defining strength of the roundtable, symbolising two riders moving in the same direction: NESLAI driving civic vigilance and public accountability, and the FRC providing regulatory authority and enforcement, both aligned toward safeguarding Nigeria’s financial future.

In a closing remark, the Program Coordinator Comrade Richard Otitoleke, urged participants to translate dialogue into concrete action. He reaffirmed on behalf of NESLAI and allied civil society organisations, an unwavering commitment to supporting the FRC in fulfilling its mandate and protecting Nigeria’s financial future.

As the roundtable concluded, stakeholders agreed that Nigeria’s journey toward a resilient and transparent economy depends on sustained cooperation between regulators and civil society. two great riders, riding together, determined to place integrity at the centre of national development.

…..Calls for Policy on Domestic Schooling for Officials’ Children

The Civil Society Budget Implementation, Assessment, Monitoring and Evaluation Committee (CBIAMEC) has called on President Bola Ahmed Tinubu to take urgent action over corruption allegations leveled against the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed.

In a press statement signed by its representative, Amb. Agbonkpolor Splendor on Monday, the group expressed deep concern over claims made by Africa’s foremost industrialist and founder of the Dangote Group, Alhaji Aliko Dangote, alleging that the NMDPRA boss spent about five million United States dollars on secondary school education for his four children in Switzerland over a six-year period.

CBIAMEC said the allegation, which was reportedly made by Dangote during a media briefing at the Dangote Petroleum Refinery and Fertiliser Plant in Lekki, Lagos, raises serious ethical and integrity questions, particularly given Nigeria’s current economic challenges and widespread public distrust in governance.

The group noted that such expenditure appears inconsistent with the known earnings of a public servant, especially one heading a key regulatory agency in the petroleum sector. According to CBIAMEC, regulatory institutions are expected to operate at the highest standards of transparency and accountability, warning that any perception of personal enrichment could undermine public confidence and the credibility of the NMDPRA.

CBIAMEC also aligned with Dangote’s reference to his own children attending secondary schools in Nigeria, describing it as a moral example that highlights the possibility of quality education within the country when leaders are committed to strengthening local institutions.

Beyond the specific allegations, the civil society group called for the introduction of a clear national policy requiring children of government officials and political appointees to attend primary and secondary schools in Nigeria, except in clearly justified and transparent circumstances. It argued that such a policy would strengthen confidence in the nation’s education system, reduce capital flight through foreign school fees, encourage investment in local institutions, and promote patriotism and shared national responsibility.

On the allegations against the NMDPRA CEO, CBIAMEC urged President Tinubu to immediately relieve Mr. Ahmed of his position pending a full, independent, and transparent investigation. The group stressed that allowing officials facing serious allegations to remain in sensitive offices weakens Nigeria’s anti-corruption efforts.

According to the statement, decisive action by the President would reaffirm his administration’s commitment to accountability, restore public confidence, and send a strong signal that no public official is above scrutiny.

CBIAMEC reaffirmed its commitment to civic engagement, budget transparency, and the protection of public interest, adding that it would continue to monitor developments and engage relevant authorities to ensure accountability and justice.

More than 50 civil society organisations (CSOs) have publicly defended the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr. Farouk Ahmed, rejecting corruption allegations attributed to the President of Dangote Industries Limited, Mr. Aliko Dangote.

The organisations, speaking at a joint press conference in Abuja on Monday, described the allegations as unfounded and lacking supporting evidence. They argued that the claims were intended to undermine the leadership of the NMDPRA amid regulatory actions affecting the midstream and downstream petroleum sector.

Addressing journalists on behalf of the coalition, the Convener, Comrade Ibrahim Bello—who also serves as National Coordinator of the Centre for Fiscal Transparency and Public Integrity (CFTPI)—said the groups had reviewed the allegations and found no factual basis to support claims of wrongdoing against the NMDPRA chief.

According to Bello, the coalition’s assessment indicated that Ahmed’s leadership has focused on strengthening regulatory transparency, promoting competition, and ensuring compliance with the Petroleum Industry Act (PIA).

The CSOs also addressed claims attributed to Dangote alleging that the NMDPRA CEO paid $5 million in school fees for his children in Switzerland. They maintained that no verifiable evidence had been presented to substantiate the allegation.

The coalition warned that making serious accusations through the media without recourse to due process could weaken public confidence in regulatory institutions and undermine ongoing reforms in the petroleum sector.

Several civil society leaders endorsed the position, including representatives of Citizens Watch for Good Governance, the Accountability and Democratic Values Initiative, the Nigerian Coalition Against Corruption and Waste, the Voice of Conscience Foundation, and other groups drawn from different regions of the country.

According to the CSOs, criticisms directed at the NMDPRA leadership may be linked to the agency’s enforcement of regulatory standards and its stance against practices perceived as capable of limiting competition in the downstream petroleum industry.

The coalition reiterated its commitment to transparency and accountability, urging individuals or organisations with grievances to pursue established legal and institutional channels rather than engaging in public accusations.

They called on Nigerians and stakeholders in the petroleum sector to await the outcome of any formal investigations and appealed to the Federal Government to continue to support the independence of regulatory agencies.

The CSOs concluded by expressing confidence in Ahmed’s leadership, stating that his tenure has contributed to improved regulatory credibility and increased stakeholder confidence in Nigeria’s midstream and downstream petroleum sector.