Why ICAN Honored Olowo of FRC
By Abubakar Yusuf
In 2022, Dr. Rabiu Onaolapo Olowo, then Lagos State Commissioner for Finance, received international recognition for his remarkable achievements under the age of 40. His impactful contributions in both the private and public sectors, particularly during his tenure in Lagos, positioned him as a standout figure in Nigeria’s financial landscape.
As Commissioner, Olowo spearheaded multiple bond initiatives, making Lagos the only state in Nigeria to raise over N600 billion from the capital market—an unprecedented feat that significantly accelerated infrastructural and economic development. His leadership during critical periods such as the COVID-19 pandemic and the End SARS crisis was marked by resilience, innovation, and transformative policies that advanced both human capital and public infrastructure.
Recognizing his exceptional performance, President Bola Ahmed Tinubu appointed Dr. Olowo as the Executive Secretary and Chief Executive Officer of the Financial Reporting Council (FRC) of Nigeria—one of the earliest appointments in his administration. It was a testament to Olowo’s capacity to deliver results in complex, high-stakes environments like Lagos.
His appointment to the FRC, the national regulatory body responsible for corporate governance and financial reporting standards, naturally attracted the attention of key stakeholders, including the Institute of Chartered Accountants of Nigeria (ICAN). ICAN, Nigeria’s foremost accounting body, recently honored Dr. Olowo as the 2024 Top Chartered Accountant Under 40—a recognition well deserved, considering his track record.
In just one year at the helm of FRC, Olowo has initiated reforms that underscore his visionary leadership. He secured high-level endorsement from President Tinubu, Vice President Kashim Shettima, Lagos State Governor Babajide Sanwo-Olu, key ministers, and industry stakeholders for the adoption of new sustainability disclosure frameworks: IFRS S1 (General Requirements for the Disclosure of Sustainability-Related Financial Information) and IFRS S2 (Climate-Related Disclosures). This move places Nigeria on a global path toward responsible, sustainable financial reporting.
Under Olowo’s stewardship, the FRC launched a national roadmap for sustainability reporting alongside the Chairman of the ISSB/IFRS Foundation, Mr. Emmanuel Faber, and the Nigerian Exchange Group (NGX). He established the FRC’s Sustainability Reporting Unit to drive adoption and awareness across sectors.
Furthermore, for the first time in its history, the FRC now operates with a full complement of seven directorates, following the activation of the Directorate of Actuarial Standards and the Directorate of Valuation Standards. Olowo also commenced rigorous Audit Quality Reviews—critical for enhancing financial transparency and regulatory oversight in Nigeria.
In a bid to strengthen data integrity, the FRC under Olowo synchronized its database with the National Identity Number (NIN) system, thereby improving accountability and promoting due diligence across the financial reporting ecosystem.
These reforms, innovations, and transformative initiatives justify the recognition conferred on Dr. Olowo by ICAN. His contributions are not only reshaping the financial reporting space but also reinforcing Nigeria’s commitment to global best practices in corporate governance.
Indeed, the honor was timely, well-earned, and indicative of the brighter future that lies ahead for Nigeria’s accounting profession under young, dynamic leadership.
Written by Abubakar Yusuf yus.abubakar3@gmail.com
