The Financial Reporting Council (FRC) of Nigeria has called on estate surveyors and valuers to maintain high standards of integrity, professionalism, and value creation, highlighting their pivotal role in national development and the growth of the real estate sector.

Speaking during the induction of 539 new members of the Nigerian Institution of Estate Surveyors and Valuers (NIESV), Executive Secretary/CEO Dr. Rabiu Olowo emphasized that modern valuation extends beyond technical assessment.

It now carries significant implications for investors, lenders, regulators, development partners, and ordinary citizens, influencing economic welfare and financial decision-making.

“As part of the national infrastructure supporting investment, you must protect public interest, guide government policies, enhance corporate accountability, and shape the credibility of financial reporting,” Olowo said.

He further highlighted the collaboration between FRC and NIESV, citing the Valuation for Financial Reporting Regulation as a landmark initiative aimed at improving valuation practices within Nigeria’s financial ecosystem.

Integrity and Continuous Learning Key for Professional Growth

Olowo urged inductees to embrace lifelong learning, rigorously document assumptions, challenge unreliable information, and avoid conflicts of interest. He stressed that valuation reports carry legal, financial, and reputational weight, affecting loans, investments, mergers, acquisitions, insurance claims, government asset management, and court decisions.

Supporting this view, Umar Kwairanga, Group Chairman of NGX, noted that accurate valuation, transparency, and guidance are pillars of financial stability, and integrity must remain the foundation of practice to inspire investor confidence.

NIESV President Kunle Alonge encouraged members to focus on knowledge acquisition and professional development, urging them to go beyond ordinary practice and make impactful contributions to society.

Special guest, Bisi Onasanya, Chairman/CEO of The Address Homes Ltd, reinforced the importance of hard work, resilience, and commitment to learning, commending NIESV’s leadership for driving ethical and professional standards in real estate valuation.

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The Financial Reporting Council of Nigeria (FRC) has announced plans to integrate Islamic finance services into the country’s national financial reporting framework.

The move involves adopting standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the Council said.

Rabiu Olowo, Executive Secretary and CEO of the FRC, revealed the initiative during the 7th Africa Islamic Finance Conference in Lagos, noting that it aligns with the Council’s mandate to set, monitor, and enforce financial reporting standards across Nigeria.

Olowo highlighted the rapid growth of Islamic finance in Nigeria, including expansion in Islamic banking, Sukuk issuances, Takaful insurance, and non-interest capital market products.

He stressed that the adoption of AAOIFI standards would ensure consistency, reliability, and global comparability in financial reporting for the sector.

“This sector has become a dynamic contributor to financial inclusion, infrastructure financing, and ethical investment alternatives. Integrating AAOIFI standards is both a regulatory necessity and a strategic step toward building trust and transparency in our financial system,” Olowo said.

Vice President Kashim Shettima, represented by the President’s Special Adviser on Economic Affairs, Tope Fasua, welcomed the move, emphasizing that Islamic finance is grounded in ethics, fairness, and shared prosperity.

Speaking at the conference, Muhammadu Sanusi II, 14th Emir of Kano and former Central Bank governor, praised the sector’s growth.

“Islamic financing primarily invests in real assets like roads, power plants, water systems, and digital networks. When applied effectively, it can significantly boost economic development,” Sanusi stated.

He further noted that Islamic finance is particularly suited for infrastructure projects, creating jobs and long-term value while promoting economic stability.

The FRC’s adoption of AAOIFI standards complements existing IFRS practices, providing a dedicated framework for the unique contracts and instruments used in Islamic finance. Officials say the move will strengthen transparency, support financial inclusion, and ensure that Nigeria’s Islamic finance sector continues to play a meaningful role in economic growth.

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Bede Ogueri Anyanwu, FRC’s Head of Strategic Communications, described the bill as crucial for Nigeria’s economic transformation.

According to him, Victor Muruako, FRC’s chairman, believes the bill promotes fiscal responsibility and strengthens Nigeria’s economic foundation.

Muruako emphasized the alignment of the proposed bill with the Fiscal Responsibility Act, 2007, ensuring fiscal policy transparency.

He stressed diversifying revenue sources, reducing oil dependence, and promoting fiscal transparency to prevent unsustainable government expenditures.

Muruako added that a simplified, predictable tax system would encourage investments, stimulate growth, and enhance Nigeria’s fiscal resilience.

Additionally, the FRC urged lawmakers to modernize tax operations, improving efficiency and eliminating bureaucratic hurdles slowing tax administration.

The commission also emphasized providing robust support for MSMEs through targeted tax incentives to stimulate business growth.

Equity in taxation remains vital, ensuring no sector of the economy faces unfair or excessive tax burdens.

It further recommended strengthening compliance frameworks and enforcement measures to curb tax evasion and improve revenue collection.

The FRC called for fair revenue distribution among federal, state, and local governments to sustain national development.

The commission asserted that successful reforms would create an equitable, efficient, and business-friendly tax environment nationwide.

Such reforms, it stated, will generate stable government revenue, fostering long-term economic growth and fiscal sustainability across Nigeria.

The FRC pledged ongoing collaboration with stakeholders, ensuring tax policies stimulate economic progress and transparency nationwide.

These strategic recommendations, the commission believes, will reposition Nigeria’s economy for sustainable growth and global competitiveness.

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