The Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo, has officially concluded his tenure as Chair of the 41st Session of the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR), a body under UNCTAD, at the United Nations Palais des Nations in Geneva.

Olowo’s one-year tenure marked a historic period of global leadership for Nigeria, reinforcing the nation’s position in shaping international standards for financial reporting and sustainability disclosures.

The formal handover of the ISAR chairmanship took place during the opening of the 42nd Session of ISAR, with global representatives, diplomats, and experts in attendance.

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A Legacy of Global Impact

Elected in November 2024, Dr. Olowo’s appointment as ISAR Chair was widely celebrated as a recognition of his expertise and transformative leadership at the FRC.
During his tenure, he spearheaded initiatives that advanced global harmonization of sustainability reporting standards, digital integration in corporate disclosures, and strengthened ethical and assurance frameworks.

Speaking at the closing ceremony, Dr. Olowo expressed gratitude to the UNCTAD Secretary-General, Ms. Rebeca Grynspan, the ISAR Secretariat, and all member states for their support and collaboration.

“Our collective efforts were guided by two priorities — harmonizing sustainability reporting and integrating financial reporting through digitalization,” Olowo said.
“These efforts reflect our shared commitment to strengthening market trust, promoting accountability, and supporting sustainable development.”

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Major Achievements During Olowo’s Tenure

Dr. Olowo highlighted several key accomplishments under his leadership at ISAR-41:

1. Advancing Global Sustainability Reporting Frameworks

ISAR-41 deepened international collaboration between major sustainability frameworks, including the ISSB Standards and European Sustainability Reporting Standards (ESRS).
The session also strengthened partnerships with the International Ethics Standards Board for Accountants (IESBA), promoting ethical accountability and improving consistency in global reporting practices.

2. Strengthening Assurance and Ethical Standards

Through regional and global consultative meetings — including the Africa Regional Partnership Dialogue (May 2025) and the IPSASB Consultative Forum on Climate-Related Disclosures — ISAR enhanced the credibility and independence of sustainability assurance systems.

3. Promoting Digital Integration in Reporting

Under Olowo’s leadership, ISAR championed the use of the UNCTAD Sustainability Reporting Taxonomy, improving the accessibility and comparability of financial data.
This digital transformation, he noted, enables evidence-based decision-making across both public and private sectors.

4. Strengthening Global Partnerships through ECOSOC

Representing ISAR at the UN Economic and Social Council (ECOSOC) meeting in New York earlier in 2025, Olowo engaged in high-level consultations on sustainable finance, data-driven policymaking, and the 2030 Agenda for Sustainable Development.

5. Expanding Regional Capacity-Building Initiatives

ISAR expanded its Regional Partnerships across Africa, Asia, Latin America, and Eurasia — fostering peer learning, technical training, and alignment with international standards.

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Commendations and Reflections

Olowo praised the ISAR Secretariat for its professionalism and technical leadership, noting that their analytical rigor ensured ISAR’s continued relevance as a trusted global platform.

“At a time of global uncertainty and environmental stress, ISAR’s work is more essential than ever,” he said.
“Robust reporting is not just a compliance obligation—it is the foundation of trust, fair markets, and sustainable development.”

He also outlined the agenda for ISAR-42, emphasizing two priorities:

• Reviewing progress in sustainability reporting harmonization to enhance comparability across jurisdictions.
• Integrating biodiversity and human capital considerations into sustainability reports, recognizing their role in long-term value creation.

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Nigeria’s Leadership on the Global Stage

Dr. Olowo’s successful tenure underscores Nigeria’s growing reputation for excellence and thought leadership in global financial governance.
His performance demonstrated that Nigerian professionals can excel on international platforms through competence, integrity, and innovation.

“The achievements of the past year were made possible through partnership and shared purpose,” Olowo concluded.
“I remain confident that our work will continue to strengthen transparency and accountability across global financial systems.”