The Financial Reporting Council of Nigeria (FRC) has received the International Standards on Accounting and Reporting (ISAR) honours from the United Nations Conference on Trade and Development (UNCTAD) intergovernmental working group of experts on accounting and reporting.
Nigeria was the only African country that was honoured by the global body on November 13.
It was presented in recognition of the outstanding leadership of the Rabiu Olowo–led FRC, as well as its innovative reforms and significant efforts in promoting sustainability reporting and corporate transparency in Nigeria.
The award was presented during the ISAR honours celebration held as part of the 42nd session of the intergovernmental working group of experts at the Palais des Nations in Geneva, Switzerland.
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FRC said the global body commended Nigeria for developing a robust and internationally aligned sustainability reporting framework and for its extensive stakeholder collaboration through the adoption readiness working group (ARWG).
The council added that the award reflected FRC’s impact on the sustainability reporting space both locally and internationally, noting that Nigeria’s adoption readiness roadmap had become a model for other nations.
FRC highlighted the endorsement of the national roadmap for the adoption of IFRS sustainability disclosure Ssandards (IFRS S1 and S2) by President Bola Tinubu in 2024 as a major driver of Nigeria’s progress in the field.
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The council said the endorsement has transformed Nigeria’s commitments at COP27 into tangible reforms backed by political will to embed sustainability reporting into the nation’s economic structure.
FRC said the council has also trained more than 2,000 professionals and deepened partnerships with international development organisations, including the German Agency for International Cooperation, to build capacity and promote sustainable finance.
After receiving the award, Olowo, the executive secretary and chief executive officer (CEO) of the FRC, said the “honour reaffirms Nigeria’s leadership in advancing sustainability and transparency”.
“It reflects our collective commitment to building a trusted, globally competitive reporting environment that promotes accountability, responsible investment, and sustainable growth,” he said.
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Also, the council said Nigeria’s recognition at ISAR 42 further emphasised its increasing role in shaping global sustainability disclosure standards and the council’s role in promoting transparency and sustainable development across the continent.
Olowo concluded his tenure as chair of the 41st session of the UN Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting at the Palais des Nations on November 12.
FRC said the CEO ended his term after presiding over a period marked by significant achievements and by Nigeria’s strengthened influence in global financial and sustainability reporting.
Olowo was elected chair of the 41st session in November 2024.
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