Its key roles include:
Setting and enforcing accounting and financial reporting standards for public interest entities.
Ensuring compliance with International Financial Reporting Standards (IFRS) and related codes.
Registering and regulating professionals and firms involved in financial reporting.
Monitoring and reviewing financial statements to promote transparency, accuracy, and investor confidence.
Issuing the Nigerian Code of Corporate Governance and overseeing its implementation.
Overall, the FRCN promotes high-quality financial reporting, good corporate governance, and public trust in Nigeria’s financial system.
The financial reporting of a bank is not exactly the same as that of insurance or other sectors both in context, presentation and disclosure.
Even within the same banking sector, the reporting and audit approach cum requirements of a microfinance bank is not exactly the same as that of the commercial Bank.
The FRC is empowered by law to impose sanctions and penalties where there are infringements.
Sharia Financing/Islamic Banking.
Sharia financing are mostly non interest banking, hence the establishment of Islamic Banking department by the FRC
Biblical basis for non- interest banking
Prohibition of charging interest to the needy.
The Bible repeatedly warns against taking interest from the poor or vulnerable:
Exodus 22:25 – God forbids charging interest to the poor.
Leviticus 25:35–37 – Israelites are commanded to support the needy without interest.
This supports a financial system built on compassion rather than exploitation.
Interest seen as unjust gain
Ezekiel 18:8, 13 condemns taking interest and excessive profit as unrighteous behavior.
Psalm 15:5 describes the righteous person as one who “does not lend at interest.”
These passages frame interest-taking as morally questionable, especially when it harms others.
Love and mercy over profit
Luke 6:34–35 teaches lending without expecting gain, emphasizing love, mercy, and reward from God rather than financial profit.
This aligns strongly with non-interest banking principles, which focus on shared risk and ethical returns.
Introduction of Sharia/Islamic Financing to the Nigerian Banking system
BAOFIA- BANKS AND OTHER FINANCIAL INSTITUTIONS ACT 1992.
Regulatory frameworks by the Central Bank of Nigeria (CBN) — especially the Non-Interest Financial Institutions guidelines issued in 2011
If sharia financing has been incorporated into our banking system, there should be regulation to guide it hence the FRC.
The sharia/Islamic financing does not infringe on the rights of any Non- Muslim. Any Non -Muslim or Christian who is qualified can also access any of their loans and facilities .
I think this should really challenge our MEN OF GOD who are brandishing their luxurious lifestyles and private jets with poor peoples tithes, and offerings to come up with similar things given the high level of poverty among church members and in the country and lack of access to funds and the associated conditionalities.
Cornelius Okolo, Edited by Abubakar Yusuf
B.Sc, ACTI, FCIAN, CFAN, FCA
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