FRC Nigeria Strengthens Regulatory Collaboration with UK Under Enhanced Trade and Investment Partnership

The Financial Reporting Council of Nigeria (FRC Nigeria) has intensified its international regulatory engagement as part of the UK-Nigeria Enhanced Trade and Investment Partnership (ETIP), participating actively in the Finance Technical Working Group of the strategic bilateral platform.

The engagement provided an opportunity for deeper alignment between Nigeria’s financial reporting regulatory framework and that of the Financial Reporting Council (FRC UK), with discussions centred on strengthening audit oversight, improving regulatory cooperation, and facilitating greater cross-border opportunities for Nigerian companies and audit professionals.

According to the council, the collaboration is expected to produce several key outcomes, including improved audit quality in Nigeria through exposure to global best practices, enhanced regulatory support for Nigerian firms seeking to list on UK-regulated markets, and proportionate regulation of auditors while maintaining strong investor protection.

Other anticipated benefits include reduced audit-related compliance costs currently borne by Nigerian companies, as well as improved regulatory frameworks that encourage efficiency and transparency within the financial reporting ecosystem.

The high-level engagements took place at the Institute of Directors and the Parliament of the United Kingdom, where Nigerian and British officials met to advance discussions on regulatory cooperation within the ETIP framework.

Nigeria’s delegation was led by the Executive Secretary and Chief Executive Officer of the council, Rabiu Olowo, who provided updates on ongoing engagements between FRC Nigeria and its UK counterpart aimed at removing regulatory barriers, enhancing global mobility within the audit profession, and supporting the exchange of audit services between both countries.

The meetings were attended by Nigeria’s Supervising Minister for Trade and Investment, Jumoke Oduwole, alongside the United Kingdom’s Minister of State for Trade, Chris Bryant. Other participants included the UK Deputy High Commissioner to Nigeria, Jonny Baxter; the UK Trade Envoy to Nigeria, Florence Eshalomi; and the Chief Executive Officer of FRC UK, Richard Moriarty.

Also part of the Nigerian delegation were the Coordinating Director of the Directorate of Inspection, Monitoring and Corporate Governance, Titus Osawe; the Director and Board Secretary/General Counsel and Head of Human Resources, Ezinwanne Ilodibe-Nnoruka; and the Assistant Director and Head of the Directorate of Auditing Practices Standards, Mufutau Ayinde Olasukunmi.

FRC Nigeria reaffirmed its commitment to strengthening international regulatory cooperation, promoting transparency, and advancing high standards in financial reporting and assurance as part of broader efforts to improve investor confidence and deepen Nigeria’s integration into global financial markets.