The Financial Reporting Council of Nigeria (FRC) has reaffirmed its commitment to bolstering the institutional frameworks of Civil Society Organisations (CSOs) to ensure they align with global best practices and transparency standards.
This commitment was highlighted on Thursday, during a courtesy visit to the Council by International IDEA, an EU-funded delegation. The meeting focused on forging a strategic partnership centered on governance, sustainability, and regulatory compliance within the third sector.
The visiting delegation, representing the CSO Strengthening Bridge (EU CSO-BRIDGE) Project, included members from the Ethics and Good Leadership Awareness Initiative (EGLAI) and the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN).
Strengthening the Third Sector
The EU CSO-BRIDGE Project aims to enhance the credibility of Nigerian CSOs, creating a more enabling environment for them to contribute effectively to the nation’s sustainable development goals.
Mr. Idem Udoekong, Project Manager of the EU CSO-BRIDGE, led the delegation, emphasizing the need for structured collaboration to address existing gaps in governance and regulation.
Regulatory Guidance and Capacity Building
Responding to the delegation, Mr. Titus Osawe, the FRC’s Coordinating Director for the Directorates of Corporate Governance, Inspections, and Monitoring, assured the group that the Council is ready to provide the necessary technical and regulatory runway for CSOs to thrive.
“The FRC will collaborate closely with Civil Society Organisations across key areas of need, including regulatory guidance, capacity building, and institutional development, to ensure alignment with best practices and global standards,” Mr. Osawe stated.
A Roadmap for Self-Regulation
Beyond general oversight, the FRC plans to take a hands-on approach to leadership training. Mr. Osawe noted that the Council would provide specialized training for CSO board members. This initiative is designed to harmonize the self-regulation project work plan, ensuring that various organizations operate under a unified and high-standard framework.
According to the Council, this coordinated approach is expected to enhance transparency standard through reporting and accountability measures, improve Performance by streamlining organizational operations through better leadership, and Deepen Public trust by strengthening the relationship between CSOs, donors, and the Nigerian public.
