FRC: How New Sustainability Reporting Improved Standards, Cost Saving , Performance ,

BY ABUBAKAR YUSUF

The new Sustainability Reporting rejigged under the leadership of Dr Rabiu Olowo, The Executive Secretary,Chief Executive officer, ES/CEO of Financial Reporting Council, FRC, was obvious that cost savings, performance along with improved standards of practices becloud it’s activities.

It was also laced with domesticated and global interactions geared towards streamlining and bringing to par it’s various programs and operations.

This was due to the securing of commitment and confidence of President Bola Ahmed Tinubu under the Renewed Hope Agenda, RHA of the present administration and the supervising Minister of Trade and Investment for the adoption of International Financial Reporting Standards, IFRS-SI and S2 Sustainability Standards in the country, with the collaboration and consent of the International Sustainability Standards Board, ISSB .

The current leadership in FRC also achieved greatly after the endorsement of President Bola Ahmed Tinubu and the Minister of Trade and Investment, which paved way for the adoption of the two legged standards consecutively for 2003/2004 reporting cycles for multinationals and Banks, with Access, Fidelity Bank, MTN, Seplat Energy, that brought Nigeria among global players in sustainable disclosure and compliances.

Having domesticated it’s activities locally and explored international spheres, Olowo achieved Memorandum of Understanding, MOU with institutions such as NIRC, GIZ , Germany, Financial Sector Deepening Africa, FSDA, Pan African Federation of Accountants, PAFA including ISSB, through ensured technical alignments and cross border recognition.

With this feat under the Executive Secretary,Chief Executive officer ES/CEO, which increased high competition and application for ISSB standards which increased from a low four (4), in 2024, to an appreciable thirty five (35) in 2025, an indication of a rapid and accelerated national acceptance.

With the engagement of the multinationals and financial institutions, no doubt the 2026 records is expected to jump up beyond the 1000% achieved in the previous year , 2025.

This is as result of the constant awareness through regulatory roundtable discussions and indepth oversight embarked upon with the activation of capacity building, advocacy among many other exploits .

Having emphasized and improved on capacity building, trainings, workshops, talkshops and seminars that attracted over 202 entities, 1,705 professionals, a singular feat achieved in recent times by the leadership of FRC, through emphasis, inculcation of hands- on training on sustainability disclosure and it’s standards, variously through a separated thirty two( 32) sector -specific engagements, regulatory roundtables in line with the mandate of Financial Reporting Council, FRC.

Aside opening up local competition, it will also improve Foreign Direct investment, FDI both locally and internationally.

What the current FRC leadership has achieved in record time, will affect the economy positively and the implementation of the Renewed Hope Agenda, RHA of President Bola Ahmed Tinubu going forward.

Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.