Ethical Financial System Key To Nigeria’s Economic Resilience — Expert

The executive director of the New Era for Sustainable Leadership and Accountability Initiative (NESLAI), Comrade Edwin Olorunfemi, has emphasised the need for a robust financial system to foster economic growth.

He stated this on Tuesday when the Financial Reporting Council of Nigeria (FRC) and civil society leaders converged for the 2nd edition of the Roundtable Engagement on Strengthening Nigeria’s Financial Integrity Framework.

LEADERSHIP reports that the forum focused on the achievements, challenges and future prospects of the FRC.

Olorunfemi described the roundtable as not a routine policy dialogue but as a defining moment in Nigeria’s accountability journey.

“This engagement is not merely another meeting; it is a strategic convergence of regulators, reform advocates, and accountability champions, united by a shared resolve to advance transparency, responsibility, and trust in Nigeria’s financial ecosystem,” he said.

He commended the FRC for its consistency in promoting ethical standards and sound financial reporting across both public and private sectors, stressing that Nigeria’s aspiration for sustainable development and global competitiveness rests on the integrity of its financial systems.

“When financial systems fail, lives are affected, trust erodes, institutions collapse, and hope is weakened.

But when financial integrity is protected, nations rise,” he stated.

The programme coordinator, Comrade Richard Otitoleke, urged the participants to translate dialogue into concrete action.

He reaffirmed on behalf of NESLAI and allied civil society organisations, an unwavering commitment to supporting the FRC in fulfilling its mandate and protecting Nigeria’s financial future.

The engagement, which NESLAI organised, brought together regulators, reform advocates, accountability champions, and civil society organisations.

At the heart of discussions was the FRC’s evolving regulatory role, particularly the enforcement of FRC Rule 14 on Non-Compliance with Laws and Regulations, which takes effect from January 1, 2025.

The rule mandates stricter responsibilities for external auditors, requiring them to actively identify, assess, and respond to both direct and indirect non-compliance with laws and regulations that may affect financial statements.