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Tag: FRC

Policy and Regulations

FRC ends multiple financial statement submissions with new repository

The Financial Reporting Council of Nigeria announced on Tuesday that companies will no longer be required to submit multiple copies of their financial statements to different government agencies and regulators, following the launch of a national repository for audited financial statements. Vanguard reported that this disclosure was made by the Chief Executive Officer of the […]

New accounting development tool will aid transparency - FRC
Policy and Regulations

FRC signs MoU for national digital sustainability reporting platform

Nigeria has taken a decisive step towards modernising corporate disclosure with the adoption of digital sustainable financial reporting. This follows the signing of a Memorandum of Understanding between the Financial Reporting Council of Nigeria, SALI Technologies and Regulatory Compliance Readiness Advisors, Limited. The concession agreement formalises the implementation of a National Digital Platform for Sustainability […]

Business

FRC to integrate Islamic finance reporting framework

The Financial Reporting Council of Nigeria has announced plans to formally incorporate Islamic Finance Services into the country’s financial reporting framework. The FRC said this integration will involve adopting standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions. This was disclosed in a statement on Monday by the FRC Executive Secretary and […]

News

FRC cancels suspension on audit firm partner

The Financial Reporting Council has lifted the three-month suspension of Mr. Abel Onyeke, a partner at Nexia Agbo Abel & Co. This was revealed in a statement issued on Sunday, noting that the Council, in a notice signed by its Executive Secretary/Chief Executive Officer, Dr. Rabiu Olowo, dated March 20, 2025, had concluded its investigation […]

News

FRC offers scholarships to promote actuarial science career

The Financial Reporting Council of Nigeria has introduced an initiative aimed at addressing the shortage of actuarial professionals in the country by offering scholarships to exceptional students. This was announced during a career advocacy session with newly admitted postgraduate students of the Department of Actuarial Science and Insurance at the University of Lagos. Speaking at […]

News

FRC boss calls for passage of actuarial practice bill

The Executive Secretary/Chief Executive Officer of Financial Reporting Council of Nigeria, Dr Rabiu Olowo, has called on the House of Representatives Committee on Commerce to support the passage of the Nigerian Actuarial Chartered Bill. Olowo sought the backing of the legislators recently during an oversight function visit to the FRC office in Lagos, according to […]

News

FRC to unveil valuation regulations July

The Financial Reporting Council of Nigeria has announced that the council has assembled relevant professionals to produce valuation regulations for the country. This was disclosed by The Head of the Directorate of Valuation Standards, at FRC, Ugochukwu Nwora during the Nigerian Institution of Estate Surveyors and Valuers, Valuation Day themed “Importance of Assets Valuation in […]

News

Sound valuation system key to achieving $1 trillion economy -FRC

The Executive Secretary/Chief Executive of the Financial Reporting Council of Nigeria, Dr. Rabiu Olowo, said that the key to achieving this Administration’s goal of a $1 trillion economy by 2026 still lies in a sound valuation system. This was disclosed during a courtesy visit by the CEO of the International Valuation Standard Council, Nicholas Talbot, […]

New accounting development tool will aid transparency - FRC
Business

New accounting development tool will aid transparency – FRC

By Melvin Onwubuke The Chief Executive Officer of the financial Reporting Council of Nigeria, Dr. Rabiu Olowo has disclosed the use of the Accounting Development Tool, would enhance financial transparency in Nigeria. This was announced in a statement, when the Netherlands Consul General in Lagos, Michel Deelen, paid him a courtesy visit to discuss the […]

Economic hardship: Senator advises Tinubu to hold national stakeholders meeting
Business

FRC hails Tinubu’s framework for fiscal regulation

The Chairman of the Fiscal Responsibility Commission, Barrister Victor Muruako, has praised President Bola Tinubu for his commitment to improving the Fiscal Responsibility Act of 2007. The Punch reported that President Tinubu’s coordinated efforts to strengthen Nigeria’s fiscal environment were emphasized in the statement issued by the Head of the Strategic Communications Directorate, Bede Ogueri Anyanwu. Muruako stated, […]

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