Business
Nigeria set to adopt digital sustainable financial reporting
As FRC, SALI, RCRA sign MoU
By Progress Godfrey
Nigeria has taken a decisive step towards modernising corporate disclosure with the adoption of digital sustainable financial reporting, following the signing of a Memorandum of Understanding (MoU) between the Financial Reporting Council of Nigeria (FRC), SALI Technologies and Regulatory Compliance Readiness Advisors (RCRA), Limited.
The concession agreement formalises the implementation of a National Digital Platform for Sustainability Reporting, aimed at strengthening transparency, accountability and data-driven regulation across Nigeria’s corporate ecosystem.
Speaking at the signing ceremony in Abuja on Wednesday, Executive Secretary and CEO of the Financial Reporting Council, Dr Rabiu Olowo described the development as more than a routine agreement or cosmetics, saying that through the platform, the FRC would standardise sustainability disclosures, monitor compliance in real time, detect risks and misstatements, and strengthen enforcement through data-driven oversight.
According to him, the platform marks a shift from fragmented and manual sustainability reporting to a technology-enabled framework that enhances credibility and trust in corporate disclosures.
He stated: “This platform will enable structured sustainability reporting across Public Interest Entities. It will enhance regulatory monitoring. It will strengthen enforcement capability. It will generate actionable analytics. And importantly, it will support assurance activities that enhance credibility and trust.
“For too long, sustainability reporting has often been fragmented, manual, inconsistent, and difficult to verify. Today, we are replacing that fragmentation with integration. We are replacing opacity with transparency, and we are replacing manual inefficiency with digital intelligence.”
The FRC boss noted that the platform would also accommodate Small and Medium Enterprises (SMEs) through a phased and proportionate approach, ensuring sustainability reporting supports competitiveness rather than becoming a regulatory burden.
Chief Executive Officer of SALI Technologies, Dr Eberechi Weli, said the partnership reflected Nigeria’s readiness to embrace advanced, data-driven sustainability reporting supported by artificial intelligence.
He explained that SALI’s technology was developed to reduce manual effort, improve accuracy and enable digital evaluation of sustainability reports across sectors and organisations, adding that, “What we intend to do is to enable reporting and evaluation of reporting digitally.”
He said the collaboration with the FRC would help position Nigeria as a leader in credible sustainability reporting, with positive implications for investors, regulators and public interest entities.
Founder/Chief Executive of RCRA, Dr Iheanyi Anyahara, described the initiative as a national capacity development effort that impacts beyond just a regulatory exercise.
Speaking on RCRA’s role, he said: “As a partner responsible for capacity under the NDP, RCRA recognises that technology alone does not transform systems, people do. Standards do not implement themselves. Platforms do not operate themselves. Data does not become credible without competencies.”
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