FRC Partners With CSOs To Deepen Accountability In Financial Reporting

Financial Reporting Council of Nigeria (FRC) has reiterated its commitment to collaborating with civil society organisations (CSOs) to promote greater accountability, transparency and compliance with financial reporting, corporate governance, and sustainability standards across Nigeria.

At a one-day capacity-building workshop held in Abuja yesterday, organised by the New Era for Sustainability Leadership and Accountability Initiative (NESLAI), Mr. Titus Osawe, coordinating director at the FRC, who represented the executive secretary/chief executive, Dr. Rabiu Olowo, said the council values partnerships with organisations aligned with its mission.

“We find this very useful because we saw a group that is interested in what we do,” Osawe said. “At the Financial Reporting Council, we monitor compliance with financial reporting standards, corporate governance, and sustainability codes. When we see an organisation like NESLAI ready to push the narrative through advocacy, we are keen to collaborate.”

Osawe underscored the pivotal role of civil society in stakeholder engagement and capacity building, noting that CSOs were instrumental in the development of the 2018 Nigerian Code of Corporate Governance for the private sector.

He also revealed that CSOs are actively involved in the ongoing drafting of a governance code for not-for-profit organisations, which is expected to be finalised this year.

In his remarks, Comrade Edwin Oluwafemi, executive director of the Network for Legislative Strengthening and Accountability Initiatives (NELSAI), emphasised that civil society groups are essential actors within Nigeria’s accountability framework.

“Your role in bridging government, the private sector, and communities gives you a unique position to influence compliance with financial reporting standards across the board,” he said.

Citing the FRC Act of 2011 and the Companies and Allied Matters Act (CAMA) 2020), Oluwafemi reminded participants that transparency and good governance are legal responsibilities—not voluntary choices.

“The training is designed not only to enhance the capacity of CSOs but also to empower them to lead by example by upholding the highest financial reporting standards within their own organisations,” he added.

Also, Comrade Richard Otitoleke, programme coordinator, said the initiative aims to equip credible civil society actors with the technical competence to monitor compliance and hold institutions accountable.

“This initiative ensures that private and public companies meet global best practices,” he explained. “Civil society needs the intellectual and technical know-how to properly carry out oversight in financial reporting.”

Participants at the workshop described the training as timely and impactful. Comrade Opanachi Jacob, national coordinator of the Africa Poverty Alleviation Initiative, noted that the session helped bridge critical knowledge gaps.

“It sharpens our skills to approach financial reporting based on both international and domestic standards, especially in monitoring procurement processes. With this, CSOs can better hold institutions accountable and reduce leakages that fuel corruption,” he said.

Chief Ogakwu Dominic, of the Civil Society Groups for Good Governance (CSGGG), highlighted the broader implications of the training on governance.

“This initiative is commendable because it reawakens us to the fact that accountability is not only for government institutions but also for the private sector and individuals,” he stated.

“Every company listed on the stock exchange needs to be accountable to Nigerians. Corporate governance is very essential. You cannot say, because it is your private business, citizens should not ask questions.”