Financial Reporting Council of Nigeria (FRC) to Adopt Islamic Finance Reporting Framework in Nigeria!

Financial Reporting Council of Nigeria (FRC) to Adopt Islamic Finance Reporting Framework in Nigeria

By Amos Dachung | Sele Media Africa
Date: November 11, 2025

The Financial Reporting Council of Nigeria (FRC) has announced its intention to formally integrate Islamic finance services into the national financial reporting framework by adopting the standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI). [1]

In his address at the 7th Africa Islamic Finance Conference in Lagos, FRC Executive Secretary/CEO Rabiu Olowo said that Nigeria’s growing Islamic finance sector—including Islamic banking, sukuk issuances, takaful insurance and other non‑interest products—calls for a dedicated reporting framework to enhance transparency, consistency and global comparability. [1]

Olowo explained that the AAOIFI standards would complement the existing International Financial Reporting Standards (IFRS), rather than replace them, filling the gap where IFRS does not adequately capture Sharia‑compliant contracts and instruments.
The conference, which featured remarks from Vice President Kashim Shettima and the Muhammadu Sanusi II (Emir of Kano), emphasised Islamic finance’s potential role in infrastructure financing, financial inclusion and ethical investment, noting that the country’s regulatory architecture must evolve to support the sector’s growth. [3]

For implementation, the FRC says it has already begun building capacity internally, engaging stakeholders and forming a technical‑working group to oversee the phased adoption of the new framework.
Citations:
1.⁠ ⁠Vanguard News: www.vanguardngr.com/2025/11/frc-to-adopt-islamic-finance-reporting-framework-in-nigeria/?utm_source=chatgpt.com
2.⁠ ⁠allAfrica.com: allafrica.com/stories/202511060338.html?utm_source=chatgpt.com
3.⁠ ⁠ThisDayLive: www.thisdaylive.com/2025/11/05/shettima-emir-sanusi-others-urge-africa-to-leverage-islamic-finance-for-inclusive-sustainable-development/?utm_source=chatgpt.com

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David Joshua Oliver

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Oliver David Joshua is a seasoned media professional with a passion for impactful journalism and strategic leadership. As the Chief Operating Officer (COO) of Sele Media Africa, he oversees the organization’s editorial vision, ensuring high standards of truth, balance, and bold reporting. Known for his sharp editorial eye and commitment to excellence, Oliver plays a key role in shaping the voice of Sele Media Africa across the continent. His leadership continues to drive innovation, credibility, and growth in Africa’s digital media space.

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