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The Chief Executive Officer of the Financial Reporting Council (FRC) of Nigeria, Rabiu Olowo, has underscored that Nigeria’s ambition for lasting economic transformation hinges on ethical leadership and professional integrity within the accounting and financial management community.
Olowo, represented by Titus Osawe, Coordinating Director of Corporate Governance and Inspections & Monitoring at the FRC, made this assertion at the 55th Annual Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN) held in Abuja. The conference, themed “Building Resilience, Aligning Reforms for Nigeria’s Development,” brought together key stakeholders to discuss the intersection of ethics, governance, and economic reform.
Presenting a paper titled “Ethical Leadership: Strengthening Professional Accountants for Economic Transformation,”Olowo emphasised that ethical leadership forms the bedrock of national trust, urging professionals to champion integrity, transparency, and accountability in all financial dealings.
“Ethical leadership is not about compliance; it is about doing what is right even when no one is watching,” he said. “In the accounting profession, ethics is not optional—it is the soul of trust and the lifeblood of economic credibility.”
He cautioned that lapses in ethical standards and professional judgment have dire consequences for national stability, investor confidence, and institutional credibility.
“When ethics falter, financial statements become fiction, investor confidence evaporates, and corruption thrives,” he warned, referencing global corporate scandals such as Enron and WorldCom that reshaped governance standards worldwide.
Olowo described ethical failure as a systemic risk that undermines both economic stability and public trust. To address this, he said, the FRC continues to embed ethics into Nigeria’s financial ecosystem through robust regulatory frameworks and consistent oversight.
Among these frameworks are the Nigerian Code of Corporate Governance (NCCG 2018), Audit Regulations (2020), and the adoption of International Financial Reporting Standards (IFRS)—all designed to enhance transparency, accountability, and investor confidence.
The FRC, he noted, also ensures the registration and monitoring of accounting professionals and firms, enforcing global ethical standards and maintaining disciplinary procedures through its Directorate of Inspections and Monitoring.
“Our whistleblower framework strengthens transparency and accountability by encouraging both professionals and the public to report unethical conduct,” Olowo added.
In line with global trends, the FRC has broadened its oversight to include sustainability and climate-related disclosures, following the adoption of the International Sustainability Standards Board (ISSB) guidelines. This initiative, he explained, aims to promote accurate ESG (Environmental, Social, and Governance) reporting and curb corporate greenwashing.
The Council is also advancing public finance reforms through the implementation of International Public Sector Accounting Standards (IPSAS), which are expected to deepen fiscal transparency and accountability in government expenditure.
“Ethical leadership must be nurtured,” Olowo stated. “That is why we continue to engage accountants through technical training, advocacy, and collaboration with professional bodies such as ICAN and ANAN.”
He described accountants as “custodians of truth and stewards of public trust,” noting that their roles extend beyond compliance to shaping Nigeria’s developmental trajectory.
“We are not just regulators; we are shaping the future of the profession. Our mission is to ensure that ethics is not just an exam topic but a professional identity,” he said.
Olowo also highlighted emerging ethical challenges arising from artificial intelligence, cross-border financial operations, ESG misreporting, and political interference, stressing the need for stronger governance mechanisms. To this end, the FRC is developing a new Code of Corporate Governance for the Public Sector and Not-for-Profit organisations and plans to enhance real-time digital monitoring systems for better oversight.
In closing, Olowo urged accountants to drive Nigeria’s economic reforms with both competence and conscience.
“Resilience without ethics is hollow. Reforms without integrity will collapse under the weight of distrust,” he said. “For Nigeria to unlock its full potential, our economic transformation must be rooted in moral reform.”
He reaffirmed the Council’s commitment to fostering ethical leadership and building a financial culture anchored on trust, integrity, and accountability.
“Ethics is not a soft issue,” he concluded. “It is the hard driver of sustainable growth. We must build not only wealth but trust—and lead not only with skill, but with character.”
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