FRCN’s Olowo becomes Chair of UNCTAD ISAR

The Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN), Dr. Rabiu Olowo, has been elected as Chair of the United Nations Conference on Trade and Development’s (UNCTAD) Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) 41st session.

As the Chair of UNCTAD ISAR, Olowo will play a crucial role in shaping the global financial reporting landscape.

Olowo’s tenure at UNCTAD ISAR is expected to drive significant advancements in global corporate reporting, promoting greater financial accountability, transparency, and comparability across markets worldwide.

According to UNCTAD, Olowo’s election recognises his expertise and leadership in corporate reporting, as well as his commitment to improving transparency and comparability in corporate reporting, which will unlock capital flows globally.

Speaking after his election, Olowo expressed his gratitude and commitment to leading the global collaboration of experts.

Olowo highlighted his vision to drive transparency and comparability in financial reporting, which he sees as essential for unlocking global capital flows.

“It is a great honour to be elected Chair of the 41st session of UNCTAD ISAR. I am committed to leading a global collaboration of experts focused on improving transparency and comparability in corporate reporting across the globe in order to unlock capital flows,” he stated.

According to a statement by the FRCN, Olowo’s leadership at the council has already brought transformative advancements, including the launch of Small and Medium Enterprises Corporate Governance Guidelines (SME CGG) and a strategic roadmap for sustainability reporting standards, developed in collaboration with the Chairman of the International Sustainability Standards Board (ISSB).

The council stated that Olowo’s work has bolstered Nigeria’s reputation as a leader in transparent corporate reporting, adding that his new role will allow him to bring this expertise to the global arena.

“Under Olowo’s leadership, the FRC has introduced initiatives to promote excellence in financial reporting and governance. With a focus on improving transparency, Olowo seeks to make corporate reporting a catalyst for capital flow and economic growth.

“On transformational leadership at FRC, Olowo has spearheaded initiatives, including governance guidelines for SMEs and sustainability reporting standards in Nigeria, positioning FRC as a model of excellence,” the statement stated.