Rabiu Olowo, executive secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC), on Wednesday, November 12, 2025, officially concluded his historic tenure as Chair of the 41st Session of the United Nations Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) at the Palais des Nations, Geneva, Switzerland.
His one-year leadership of the UN body left a legacy of global impact, as Nigeria reaffirmed its growing influence in shaping international financial and sustainability reporting standards.
The closing ceremony, which included the election of new officers and the formal handover of the ISAR Chairmanship, marked the end of a tenure defined by innovation, collaboration, and measurable progress in global corporate reporting reforms. Olowo’s election in November 2024 as Chair of the 41st Session of UNCTAD-ISAR was widely celebrated as a recognition of his leadership excellence and expertise, having successfully transformed and repositioned the FRC as a driver of transparency and good governance in Nigeria’s financial system.
In his address at the opening of the 42nd Session of ISAR in Geneva, Olowo expressed deep appreciation to the UNCTAD Secretary-General, Rebeca Grynspan, the ISAR Secretariat, and Member States for their commitment to advancing high-quality, transparent, and decision-useful financial and sustainability reporting across jurisdictions. Reflecting on his term, he described his service as an “extraordinary privilege,” adding that the past year demonstrated what could be achieved through collective resolve and global cooperation.
According to Olowo, his leadership focused on two central priorities, advancing the harmonization and practical implementation of sustainability reporting, assurance, and ethical standards, and integrating financial and sustainability reporting through digitalization. He emphasised that these priorities represented a shared commitment to strengthening market trust, enhancing accountability, and supporting sustainable development worldwide.
Highlighting key milestones achieved under his chairmanship, Olowo noted that ISAR-41 made significant progress in harmonizing sustainability reporting frameworks by deepening global dialogue on interoperability among key standards, including the International Sustainability Standards Board (ISSB) Standards and the European Sustainability Reporting Standards (ESRS). He also cited strengthened collaboration with the International Ethics Standards Board for Accountants (IESBA), which reinforced the ethical foundations underpinning credible sustainability assurance practices and reduced fragmentation across global reporting systems.
He further explained that ISAR-41 promoted regional and global consultative engagements such as the Africa Regional Partnership–IESBA Dialogue held in May 2025 and the IPSASB consultative meeting on climate-related disclosures. These engagements, he said, helped advance independent sustainability assurance practices, enhance user confidence, and promote integrity in sustainability information.
On the role of technology, Olowo highlighted that ISAR-41 recognised digitalization as a key driver of integrated reporting. The expanded use of the UNCTAD Sustainability Reporting Taxonomy and structured, machine-readable formats, he noted, improved accessibility, comparability, and analytical value of reported information, enhancing evidence-based decision-making across both public and private sectors.
Olowo also recalled his participation at the February 2025 Coordination Segment of the United Nations Economic and Social Council (ECOSOC) in New York, where he represented ISAR and contributed to high-level policy dialogues on financing sustainable development. He held consultations with diplomats and the UN Financing for Sustainable Development Office, advancing discussions on coherent, science-based, and evidence-driven approaches to implementing the 2030 Agenda. According to him, these engagements reinforced ISAR’s strategic relevance in informing UN policy direction on sustainability, transparency, and capacity-building.
On regional cooperation, he observed that during 2025, ISAR’s regional partnerships became stronger, providing platforms for peer learning, technical collaboration, and sustained capacity-building across Africa, Asia, Latin America, Eurasia, and the Gulf. These partnerships supported countries in implementing global reporting standards through practical training and alignment initiatives.
Commending the ISAR Secretariat, Olowo praised its professionalism, analytical rigour, and technical leadership in maintaining ISAR’s credibility and global relevance. He underscored the continuing importance of ISAR’s work amid global economic uncertainty and environmental challenges, describing robust corporate reporting as “a foundation for trust, fair markets, responsible investment, and sustainable development.”
Looking ahead, Olowo outlined two key thematic priorities for the 42nd Session of ISAR, reviewing progress in the harmonization of sustainability reporting requirements across jurisdictions, and integrating biodiversity and human capital considerations into sustainability reporting frameworks to promote long-term value creation. He said these discussions reaffirmed the global community’s shared commitment to coherent, high-quality, and decision-useful reporting.
In his closing remarks, Olowo attributed the successes of his tenure to collaboration and shared purpose, saying, “The achievements of the past year were made possible through partnership, shared purpose, and collective resolve. I am grateful for the trust placed in me to serve as Chair, and I remain confident that the work undertaken here will continue to shape a more transparent, accountable, and sustainable global economy.”
He encouraged ISAR delegates to continue their efforts with clarity, unity, and commitment, stressing that their decisions “contribute to the integrity of global financial systems and to the well-being of societies everywhere.”
Olowo’s outstanding performance as ISAR Chair not only elevated Nigeria’s profile within the United Nations system but also underscored the country’s growing reputation for thought leadership in financial and sustainability reporting. His accomplishments serve as a beacon of excellence, inspiring younger professionals to embrace competence, integrity, and dedication as pathways to global recognition and impact.
