FRC, SALI sign MoU on digital platform for regulatory reporting

The Financial Reporting Council (FRC) has signed a Memorandum of Understanding (MoU) with SALI, a United Kingdom Artificial Intelligence, company and the Regulatory Compliance Readiness Advisors (RCRA), for the implementation of a National Digital Platform on sustainable regulatory reporting in Nigeria.

The Executive Secretary/CEO, FRC, Dr. Rabiu Olowo who signed the MoU on behalf of the Federal Government said the agreement represents a defining moment in the evolution of corporate reporting in the country, noting that across the world, sustainability is no longer a peripheral concern.

It has become central to capital allocation, risk management, governance, and long-term value creation.

Dr Olowo spoke at the agreement signing ceremony for the development of a national digital platform on sustainability regulatory reporting in Abuja, stating that investors, regulators, lenders, development partners, and citizens now demand not only financial performance but responsible, transparent, and measurable sustainability performance.

He said: “Nigeria must not stand on the sidelines of this transformation. The National Digital Platform we are launching today positions Nigeria firmly within the global movement toward credible, technology and enabled sustainability regulation.

‘This platform will enable structured sustainability reporting across Public Interest Entities. It will enhance regulatory monitoring. It will strengthen enforcement and capability. It will generate actionable analytics. And importantly, it will support assurance activities that enhance credibility and trust.”

He added that for too long, sustainability reporting has been fragmented, manual, inconsistent, and difficult to verify, assuring that the country is replacing fragmentation with integration and opacity with transparency, manual inefficiency with digital intelligence. Through this platform, the FRC will be able to standardize sustainability disclosures in alignment with globally recognized frameworks.

The leader of the United Kingdom team, SALI, Dr. Eberechi Weli said they are in Nigeria to work with the FRC on replicating what AI technology is doing in Europe. This whole MoU signing comes with a lot of benefits for Nigeria, assuring that they are ready to partner with FRC to bring it to fruition

The Chief Executive Officer and founder Regulatory Compliance Readiness Advisors (RCRA), Limited, Dr. Iheanyi Anyahara said this is a credible national capacity development, technological systems alone cannot do it, people need to be involve, which is where RCRA steps in to assist with technicalities.