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FRC, SEC Urge Ethical Leadership as Nigeria Faces Economic Disruptions

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Financial Reporting Council of Nigeria (FRC), the Securities and Exchange Commission (SEC), and other financial stakeholders have called for stronger ethical governance among company boards as the nation faces multiple economic and institutional disruptions.....KINDLY READ THE FULL STORY HERE▶

Speaking at the 55th Annual Accountants’ Conference organized by the Institute of Chartered Accountants of Nigeria (ICAN) in Abuja, the Executive Secretary of the FRC, Dr. Rabiu Olowo, said the country’s economic progress depends largely on the ethical conduct of leaders at the board level.

Olowo, who was represented by Mr. Titus Osawe, the council’s Coordinating Director of Corporate Governance, said weak ethical leadership has been one of the major causes of poor corporate performance and economic instability in Nigeria.

“Ethical leadership is the foundation of any strong economy,” he said. “When board members and executives fail to uphold integrity and transparency, the result is loss of investor confidence, weak institutions, and slow development.”

Call for Reforms

Olowo noted that the FRC, in collaboration with the SEC and other agencies, is working to review Nigeria’s corporate governance codes to strengthen accountability and transparency in both the public and private sectors.

He said the council is ready to sanction any company that violates existing corporate governance laws or manipulates financial reports. According to him, new codes will also be introduced for nonprofit organizations and public institutions to curb misuse of funds and promote responsible management.

The SEC added that stronger collaboration between boards and management is essential to improve trust and efficiency in the business environment. The agency said it is developing new training programs for directors and executives on ethics, financial disclosure, and regulatory compliance.

Stakeholders’ Reactions

Participants at the conference, including representatives from civil society organizations and the private sector, welcomed the push for reform but urged regulators to balance enforcement with support. Some business owners expressed concern that recent levies under the FRC Amendment Act 2023 could burden smaller firms.

The government recently suspended implementation of the annual dues to allow for stakeholder review after private sector groups raised objections. Officials say the review will help prevent overlap and ensure fairness.

Despite the concerns, experts insist that governance reform cannot be delayed. They say many Nigerian companies have suffered collapses due to poor oversight, weak internal controls, and unethical decisions at the top.

“Every corporate scandal starts with a decision made in the boardroom,” said Mrs. Yetunde Alabi, a governance consultant. “Ethical boards create strong institutions, and strong institutions create stable economies.”

Broader Economic Challenges

Nigeria continues to face multiple disruptions, including high inflation, foreign exchange volatility, and declining investor confidence. Analysts say these pressures have exposed deep weaknesses in corporate and public governance structures.

Olowo said addressing these issues requires honesty and discipline from those in leadership. He emphasized that adopting strong governance practices would not only improve financial reporting but also boost investor trust and attract foreign capital.

The FRC also plans to increase engagement with professional bodies like ICAN and the Chartered Institute of Bankers to promote self-regulation and peer accountability.

Path Forward

Regulators and industry leaders agree that stronger ethical standards can help Nigeria recover faster from economic shocks. The FRC urged boards to act responsibly, publish transparent financial statements, and strengthen oversight of management decisions.

“Our goal is to restore public confidence,” Olowo said. “Every director and every board member has a duty to protect shareholders and uphold the integrity of our economy.”

Experts believe that if Nigeria’s corporate sector embraces accountability and transparency, the nation could see better investor inflows, reduced corruption, and long-term economic stability.

For now, the message from regulators is clear: good governance is not optional — it is the key to Nigeria’s future.

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‘We Drank Garri With Muddy Water’ – Kidnapped NYSC Member Recounts Ordeal.

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One of the prospective members of the National Youth Service Corps (NYSC) rescued from kidnappers in Imo State has recounted the horrifying conditions they endured in captivity, revealing that their abductors beat them and forced them to survive on dry garri and dirty water in a forest.....KINDLY READ THE FULL STORY HERE▶

Speaking in an interview with the BBC, the victim disclosed that the kidnappers monitored conversations between captives and their families, assaulting them whenever they were displeased with anything said during the calls.

She was among 20 prospective corps members and another passenger abducted on October 1, 2026, while travelling from Ibadan, Oyo State, to orientation camps in Abia and Akwa Ibom states.

According to her account, the kidnappers allowed the victims to contact their relatives using a phone but subjected them to physical punishment if their conversations provoked the abductors.

She said, “We are given a phone to call our family, and if any family say anything they don’t want to hear or any rubbish that would make them angry, we will be beaten.

“That person will be beaten, used the gun, wood. Sometimes they use their hands to punch them, mostly the guys.”

Recounting the circumstances surrounding the abduction, the victim explained that their journey began at about 9 a.m., with the vehicle making several stops along the way.

She said the driver eventually stopped after reaching a stretch of road considered dangerous, and the passengers were advised to rest before continuing their journey.

The prospective corps member added that she had informed her family they would spend the night in a public place before going to sleep.

However, she said she woke up to find herself caught up in the abduction and could not understand how she had been taken to the forest where they were initially held.

“When I woke up, that was when the incident happened. I don’t know how we got to the forest where we were kept for some time,” she recounted.

The victim said the abductors later moved them further into the forest, where access to food and clean drinking water was severely limited.

Describing their living conditions, she revealed that the captives survived mainly on dry garri and muddy water, despite the poor quality of the water.

“What we are eating there is just garri. Like Igbo garri, dry garri with mud water. Very dirty water. I can’t even give my enemy that water. We don’t have a choice, we have to take it for survival,” she said.

She also described the emotional distress she experienced during captivity, explaining that the situation left her confused, frightened and unable to process what was happening.

“I can’t explain how I felt. I can’t even cry, I was just looking, I was lost. I don’t know what to do,” she said.

“It felt like it was a movie. I don’t believe that this is happening to me.”

The victim further disclosed that she feared she might not survive the ordeal before security operatives intervened.

She expressed gratitude to the government and security personnel, particularly operatives of the Department of State Services (DSS), whom she credited with helping to secure their release.

“The government, the DSS staff, we were rescued by them,” she stated.

The prospective corps members were abducted on October 1 when gunmen reportedly attacked two buses along the Owerri-Onitsha Road near Umunoha in Imo State.

They regained their freedom on October 7 following a coordinated security operation and were subsequently taken to a DSS medical facility in Owerri for treatment.

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‘I’m The Commander Of Field Operations’ – Wike Sends Strong Message Ahead Of 2027 Election

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The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has declared himself the commander of field operations for President Bola Tinubu’s re-election campaign in Abuja ahead of the 2027 general elections.....KINDLY READ THE FULL STORY HERE▶

reports that Wike made the declaration on Monday during a stakeholders’ meeting of the Rainbow Coalition in Abuja.

The meeting was attended by stakeholders from the All Progressives Congress (APC) and the Peoples Democratic Party (PDP), including party chairmen, serving and former senators, National Assembly candidates, and political leaders from the FCT’s six area councils.

Speaking at the gathering, Wike announced plans for a joint mobilisation effort involving APC and PDP members to secure victory for Tinubu in the presidential election and support candidates of the ruling party contesting National Assembly seats in the FCT.

The minister urged participants to prioritise the coalition’s shared political objective over their individual party affiliations.

Wike said the stakeholders had reached a consensus on supporting Tinubu’s re-election bid, adding that he would coordinate political activities in both the FCT and Rivers State.

“For the presidency, all of us have agreed that it is Bola Ahmed Tinubu. I am going to coordinate the FCT and Rivers State. So you can imagine how important it is,” he said.

Emphasising his role in the FCT campaign, Wike added, “I am in charge of the FCT election. I am the commander of field operations as far as the FCT election is concerned.”

He further called on members of both parties to work together, insisting that political differences should not undermine their collective objective ahead of the polls.

“I want to let all of you know that we are going to work together. Nobody should say, ‘I am PDP’ or ‘I am APC.’ For the purpose of this election, we are together,” the minister stated.

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2027 Election: Pantami Reacts As INEC Removes His Name From Final Governorship List.

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Former Minister of Communications and Digital Economy, Professor Isa Ali Ibrahim Pantami, has appealed to his supporters to remain calm following the omission of his name from the Independent National Electoral Commission’s (INEC) final list of candidates for the 2027 Gombe State governorship election.....KINDLY READ THE FULL STORY HERE▶

Pantami, who defected from the All Progressives Congress (APC) to the Peoples Democratic Party (PDP) in May, was absent from the list published by INEC on Saturday.

In a statement shared on his social media platforms, the former minister’s camp described the development as a temporary electoral setback, assuring supporters that efforts were being made to resolve the issue.

The statement, signed by Professor Suleiman Mohammed Gombe, acknowledged the concerns raised by PDP members and supporters of the Pantamiyya Movement both within and outside Gombe State.

According to the statement, Pantami’s legal and liaison teams are engaging relevant PDP organs and INEC to secure compliance with a court order and address the omission within the period allowed by law.

The camp urged supporters to remain optimistic, stressing that the publication of the final list did not bring the matter to a conclusion.

“We are aware of the people working behind the scenes to frustrate good and responsible leadership in Gombe State,” the statement said.

Expressing confidence that the issue would be resolved, the camp encouraged supporters to sustain their mobilisation efforts and remain committed to the movement’s goal of serving humanity.

It also reaffirmed the unity between the PDP and the Pantamiyya Movement, stating that both remained committed to advancing the political aspirations of their supporters in Gombe State.

“No distraction will derail our course, in sha Allah,” the statement added.

Clarify Pantami’s Current Electoral StatusTighten The Repeated Reassurances
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