Nigeria’s Financial Reporting Chief Concludes UN Leadership Role, Leaving Global Sustainability Reporting Legacy
Rabiu Olowo, Executive Secretary of Nigeria’s Financial Reporting Council (FRC), has concluded his groundbreaking tenure as Chair of the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), marking a significant milestone for Nigeria’s growing influence in global financial governance.
A Year of Transformative Leadership
Olowo’s one-year leadership of the UNCTAD-ISAR body, which concluded on November 12, 2025, in Geneva, Switzerland, represented a period of substantial progress in harmonizing global sustainability reporting standards. His election to this prestigious position in November 2024 was widely seen as recognition of both his personal expertise and Nigeria’s emerging role in international financial transparency initiatives.
In his closing address, Olowo described the experience as an “extraordinary privilege” and emphasized the power of global cooperation in advancing corporate reporting standards. “The achievements of the past year were made possible through partnership, shared purpose, and collective resolve,” he stated, highlighting the collaborative nature of his accomplishments.
Key Achievements in Sustainability Reporting
Under Olowo’s leadership, ISAR-41 made significant strides in bridging the gap between major sustainability reporting frameworks. The working group facilitated crucial dialogue on interoperability between the International Sustainability Standards Board (ISSB) Standards and the European Sustainability Reporting Standards (ESRS), addressing one of the most pressing challenges in global corporate reporting.
The enhanced collaboration with the International Ethics Standards Board for Accountants (IESBA) proved particularly impactful, strengthening the ethical foundations necessary for credible sustainability assurance practices worldwide. This partnership helped reduce fragmentation across global reporting systems, making sustainability information more reliable and comparable across jurisdictions.
Regional Engagement and Digital Transformation
Olowo’s tenure also saw strengthened regional partnerships across Africa, Asia, Latin America, Eurasia, and the Gulf region. These initiatives provided vital platforms for peer learning and technical collaboration, supporting developing nations in implementing complex global reporting standards through practical training and alignment programs.
Digitalization emerged as another cornerstone of his leadership. The expanded use of the UNCTAD Sustainability Reporting Taxonomy and machine-readable formats improved the accessibility and analytical value of reported information, enabling more evidence-based decision-making in both public and private sectors.
Strategic UN Engagement and Future Priorities
Olowo’s representation of ISAR at the United Nations Economic and Social Council (ECOSOC) Coordination Segment in February 2025 demonstrated the working group’s growing relevance in high-level policy dialogues. His consultations with diplomats and UN financing offices advanced discussions on science-based approaches to implementing the 2030 Agenda for Sustainable Development.
Looking forward, Olowo outlined two critical priorities for the next ISAR session: reviewing progress in sustainability reporting harmonization across jurisdictions, and integrating biodiversity and human capital considerations into reporting frameworks to promote long-term value creation.
Implications for Nigeria and Global Financial Governance
Olowo’s successful tenure represents more than personal achievement—it signals Nigeria’s growing capacity to shape international financial standards. His leadership has positioned Nigeria as a thought leader in the convergence of financial and sustainability reporting, potentially influencing how emerging economies engage with global standard-setting bodies.
The legacy of his chairmanship extends beyond technical accomplishments to inspiring a new generation of African professionals in international financial governance. As global economic uncertainty and environmental challenges intensify, the robust corporate reporting frameworks advanced under Olowo’s leadership provide a foundation for trust, responsible investment, and sustainable development worldwide.
Primary source: Business Day Nigeria