FRC: Improving National Repository, Valuation Regulations in Nigeria

FRC: Improving National Repository, Valuation Regulations in Nigeria

By Abubakar Yusuf

The Financial Reporting Council of Nigeria (FRC), under the leadership of its immediate past President and Executive Secretary, Dr. Rabiu Olowo, has recorded significant milestones in strengthening financial reporting, valuation standards, digital transformation and regulatory oversight in Nigeria.

In collaboration with the United Nations Conference on Trade and Development (UNCTAD), the council organised a Train-the-Trainers Workshop on Accounting and Financial Reporting for Micro, Small and Medium Enterprises (MSMEs).

The initiative strengthened national capacity for simplified financial reporting and record-keeping while supporting the development of a robust regulatory framework for MSMEs.

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FRC Strengthens MSME Financial Reporting

One of the notable achievements was the establishment of a pool of certified trainers who could cascade training on accounting and financial reporting across the country.

The initiative was designed to improve MSMEs’ access to finance, strengthen compliance and promote adherence to internationally recognised financial reporting standards.

The FRC also prioritised capacity building through training and retraining, partnerships and collaboration with relevant stakeholders.

FRC Develops Valuation Regulations

Under the Renewed Hope Agenda of President Bola Ahmed Tinubu, the FRC placed greater emphasis on financial reporting and valuation standards.

The council established a Technical Working Group (TWG) for the development of valuation regulations and secured Nigeria’s membership of the International Valuation Standards Council (IVSC).

The development and public exposure of what the council described as Nigeria’s first Valuation Regulations represented another significant step towards aligning the country’s valuation practices with international standards.

Nationwide training and retraining programmes were subsequently conducted across the four geopolitical zones and other parts of the country.

According to the account of the reforms, about 200 professionals were trained, while more than 923 stakeholders were engaged.

The initiative also culminated in the publication and distribution of a Valuation Guide, aimed at supporting professionals and stakeholders in the sector.

Digital Transformation and New Directorates

The reforms extended beyond valuation and financial reporting to the council’s internal operations and digital infrastructure.

The FRC strengthened its operational structure by making the Directorate of Valuation Standards and the Directorate of Actuarial Standards functional.

It also established the Sustainability Reporting Unit (SRU), which had previously remained largely inactive.

Another major institutional development was the establishment of the Islamic Financial Services Department (IFSD) to provide regulatory oversight for non-interest financial services in Nigeria.

FRC Launches National Repository Portal

A major component of the digital transformation was the development of Nigeria’s first National Repository Portal (NRP) for audited financial statements.

The centralised digital platform is designed to enhance transparency, data analytics and regulatory oversight of audited financial statements.

The council also implemented a Document Management System (DMS) and a Learning Management System (LMS) to digitise workflows and strengthen staff training and professional development.

The FRC further integrated its database with the National Identification Number (NIN) verification system, an initiative aimed at improving data integrity and strengthening the council’s regulatory database.

FRC Expands Stakeholder Engagement and Publications

The reforms also placed emphasis on stakeholder engagement, communication and institutional visibility.

The council published editions of its FRC Newsletter, including the 2024 and 2025 editions, with the publication carrying ISSN 3092-9520.

The FRC also launched the Journal of Financial Reporting and Corporate Governance (JFRCG), creating a platform for research, professional discourse, policy development and stakeholder education in financial reporting and corporate governance.

Thousands of Professionals, Firms and Companies Registered

The reforms were also reflected in increased participation in the council’s regulatory ecosystem.

According to the figures cited, 31,799 professionals, 715 firms and 14,657 companies were registered within two years under Dr. Olowo’s leadership.

The administration also recorded improvements in staff engagement, with engagement reportedly rising to more than 60 per cent.

The reforms were said to have contributed to improvements in employee welfare, professional development and organisational performance.

Focus on Staff Welfare and Professional Development

The FRC also strengthened the technical capacity of its workforce through professional development programmes conducted locally and internationally.

The emphasis on training, motivation and staff welfare was complemented by the reported clearance of outstanding employee gratuity claims and severance packages.

The objective, according to the reform narrative, was to achieve financial closure and ensure that outstanding employee obligations were addressed.

Conclusion

The reforms undertaken at the Financial Reporting Council of Nigeria during Dr. Rabiu Olowo’s tenure represented a broad effort to modernise financial reporting, valuation regulation, digital infrastructure and institutional capacity.

From the development of valuation regulations and Nigeria’s membership of the International Valuation Standards Council to the establishment of the National Repository Portal, new directorates, specialised departments and professional training programmes, the initiatives sought to strengthen Nigeria’s financial reporting ecosystem.

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The continued implementation and sustainability of these reforms will remain important to Nigeria’s efforts to improve transparency, regulatory compliance, investor confidence and alignment with global financial reporting and valuation practices.

Written by: Abubakar Yusuf