Corporate Reporting: Employers’ Group, Financial Reporting Council Deepen Collaboration

The Nigeria Employers’ Consultative Association (NECA) and the Financial Reporting Council of Nigeria (FRCN) have strengthened collaboration on corporate reporting, sustainability practices and the promotion of a transparent business environment.

NECA’s Director-General, Mr Adewale-Smatt Oyerinde, recently led a delegation to a strategic engagement with the Council in Lagos, during which both institutions discussed enhanced cooperation on regulatory compliance and private-sector readiness for emerging reporting standards.

Chairman of FRCN, Dr. Rabiu Olowo, said the Council is expanding capacity-building programmes targeted at Small and Medium Enterprises and Micro, Small and Medium Enterprises to support them in meeting financial reporting requirements.

Olowo disclosed that the Council would roll out a structured readiness programme ahead of the implementation of the forthcoming mandatory Sustainability Reporting framework.

He said the initiative is designed to ensure that organisations are adequately prepared when the new reporting regime takes effect.

He also commended NECA member companies that have emerged as early adopters and voluntary sustainability reporters. The FRCN chairman further acknowledged NECA’s establishment of an Environmental, Social and Governance Advisory Board, describing it as a positive development that aligns with efforts to strengthen responsible and sustainable business practices in Nigeria.

As part of the resolutions reached at the meeting, both bodies agreed to establish a NECA–FRCN Joint Technical Committee. The committee is expected to coordinate sustained collaboration, oversee capacity-building initiatives, and ensure that private-sector perspectives are reflected in the Council’s regulatory processes.