FRC Inaugurates Technical Working Group to Integrate AAOIFI Standards into Nigeria’s Financial Reporting Framework

The Financial Reporting Council of Nigeria (FRC) has inaugurated a Technical Working Group (TWG) to drive the integration of standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) into Nigeria’s financial reporting framework.

The two-day programme brought together key stakeholders from regulatory bodies, professional institutions, and industry operators to develop a roadmap for strengthening non-interest financial reporting in Nigeria.

Participants at the event deliberated on governance structures, technical alignment with the International Financial Reporting Standards Foundation (IFRS), and the adoption of specialised reporting standards designed to enhance transparency, accountability, and investor confidence in the country’s financial system.

The Executive Secretary and Chief Executive Officer of the FRC, Rabiu Olowo, was represented at the inauguration by the Coordinating Director of the Directorates of Corporate Governance and Inspections & Monitoring, Titus Osawe, who delivered the opening remarks and formally declared the Technical Working Group inaugurated.

Speaking on behalf of the FRC leadership, Osawe emphasised that the success of the initiative would depend on strong technical capacity and collaboration among stakeholders.

“The success of this integration depends on our technical expertise, stakeholder cooperation, commitment to global best practices, and a shared vision for the growth of Nigeria’s financial system,” he said.

Industry experts noted that the integration of AAOIFI standards would help strengthen the regulatory and reporting architecture for non-interest finance, particularly Islamic banking and other Shariah-compliant financial services.

The initiative is expected to enhance Nigeria’s alignment with global best practices in Islamic finance, improve financial disclosure standards, and support the development of a more inclusive and diversified financial system capable of attracting both domestic and international investors.