The Financial Reporting Council of Nigeria (FRC) has received the prestigious International Standards on Accounting and Reporting (ISAR) honours from the United Nations Conference on Trade and Development (UNCTAD). On November 13, 2025, Nigeria became the only African country recognized for its outstanding achievements in sustainability reporting and corporate transparency.
Recognition for Leadership and Innovation
The award acknowledged the leadership of FRC CEO Rabiu Olowo and the council’s reforms to promote transparency and accountability in Nigeria’s corporate sector. The honours were presented during the 42nd session of the intergovernmental working group of experts at the Palais des Nations in Geneva, Switzerland.
UNCTAD praised Nigeria for creating a robust, internationally aligned sustainability reporting framework. The recognition also highlighted FRC’s collaborative efforts through the Adoption Readiness Working Group (ARWG). These initiatives made Nigeria’s sustainability roadmap a model for other nations.
Driving Global Standards Locally
A major milestone came in 2024 when President Bola Tinubu endorsed Nigeria’s IFRS Sustainability Disclosure Standards (IFRS S1 and S2). This action transformed Nigeria’s commitments from COP27 into practical reforms. It also embedded sustainability into the country’s economic and corporate governance framework.
Since then, the FRC has trained over 2,000 professionals and partnered with international organizations, including the German Agency for International Cooperation (GIZ). These efforts have strengthened capacity building, sustainable finance, and responsible investment across Nigeria.
Olowo Reflects on the Honour
After receiving the award, Rabiu Olowo described it as proof of Nigeria’s leadership in sustainability and transparency. He said:
“It reflects our collective commitment to building a trusted, globally competitive reporting environment that promotes accountability, responsible investment, and sustainable growth.”
Olowo also noted that Nigeria’s recognition at ISAR 42 highlights the country’s growing influence in setting global sustainability disclosure standards. Furthermore, it demonstrates FRC’s role in promoting transparency and sustainable development across Africa.
Leadership at the Global Stage
Olowo recently concluded his tenure as chair of the 41st session of the UN Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting on November 12, 2025. Under his leadership, Nigeria achieved major milestones in financial and sustainability reporting, strengthening its influence internationally.
He was elected as chair in November 2024. During his term, the council enhanced global collaboration, capacity development, and the adoption of international reporting standards. These accomplishments have firmly positioned Nigeria as a continental leader in sustainability reporting.
Conclusion
Nigeria’s ISAR honour shows its strong commitment to transparency, accountability, and sustainable growth. With the FRC guiding the way, Nigeria is shaping global standards while setting an example for other African countries.
