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FRC Seeks Practical Steps to Boost Market Regulatory Environment

The Financial Reporting Council of Nigeria has said it is important for governance practitioners to take practical steps to boost relationships with regulators.
This was disclosed in a presentation by Amb. Shuaibu Ahmed, the Executive Secretary/Chief Executive Officer, FRC, titled ‘Governance practitioners: Practical steps to boosting relationship with regulators’ at the Institute of Chartered Secretaries and Administrators of Nigeria’s 2022 Governance Practitioners Day in Lagos on Tuesday.
The presentation, which was delivered by the Director/Head, Directorate of Accounting Standards, Private Sector, FRC, Mr Titus Osawe, said the good relationship would be beneficial to practitioners and regulators.
The FRC boss stated in the presentation that practitioners should “Ensure compliance with all regulatory requirements, create required structures to ensure compliance, evolve ways to deal with regulatory conflicts and have a specific corporate strategy to improve relationship.”
He added that they should “Participate in policy making processes, effectively manage inspections, adhere to Nigerian code of corporate governance 2018, and effectively engage with relevant regulators.”
During the event, the President, ICSAN, Mr Taiwo Owokalade, launched the institute’s stamp and practitioners’ guide.
The Registrar-General, Corporate Affairs Commission, Alhaji Garba Abubakar, said the theme of the event could not have been more apt as it was coming at a time when issues of sustainability and corporate governance had become very topical and desirable to facilitate value for business and the operating environment.
“An effective relationship with regulators is critical to assuring an enabling environment for businesses to further their purposes and regulators to preserve the integrity of the business landscape,” he said.
To boost relationship with the regulators, he said there was a need to understand the regulator and regulation, be engaging to have solutions with the regulator, and partnering with the regulators to preserve the integrity of the system.
He said, “A good understanding of the regulator and the regulations promotes ease of doing business both for the operator and the regulator. A good mastery of and compliance with statutory obligations are catalysts for an improved relationship between the regulator and the practitioner.”
News
AOT Issues Bench Warrant against Sanusi, Aero Contractors MD

Advertising Offences Tribunal (AOT) has issued a bench warrant for the arrest of Captain Ado Sanusi, managing director, Aero Contractors Company of Nigeria Limited, for failing to appear before the tribunal in an ongoing case concerning alleged violations of Nigerian advertising laws.
The Advertising Regulatory Council of Nigeria (ARCON) filed a 22-count charge against Captain Sanusi and Aero Contractors, accusing them of exposing advertisements targeted at the Nigerian market without obtaining the necessary approval from the Advertising Standards Panel (ASP). This, according to ARCON, contravenes established Nigerian advertising regulations.
The case was initially scheduled for hearing on February 26, 2025. However, during the proceedings, Captain Sanusi was absent, prompting his legal representatives to assure the tribunal of his presence at the next hearing while also pleading for leniency. Despite these assurances, the defendant failed to appear on the adjourned date.
Given Captain Sanusi’s continued absence, the Advertising Offences Tribunal, in line with its mandate to enforce compliance with advertising regulations, issued a bench warrant for his arrest.
The tribunal has ordered that he be presented at its next sitting, scheduled for May 8, 2025.
News
US Cancels Visas for All South Sudanese Passport Holders

Marco Rubio, US Secretary of State, at the weekend announced that the United States would be cancelling all visas held by South Sudanese passport holders and halting the issuance of new visas.

Donald Trup, US President
This decision comes after allegations that South Sudan has failed to accept the return of its nationals who have been deported from the United States.
Rubio stated that the US State Department “is taking actions to revoke all visas held by South Sudanese passport holders and prevent further issuance to prevent entry.”
The action is part of a broader diplomatic stance, as Rubio criticized the South Sudanese government in Juba for “taking advantage of the United States.”
He further emphasized that “every country must accept the return of its citizens in a timely manner when another country, including the United States, seeks to remove them.”
Rubio also added that Washington would be open to reassessing these measures if South Sudan demonstrates full cooperation with US immigration policies.
South Sudan, which became the world’s youngest nation after gaining independence from Sudan in 2011 through a referendum, has been marred by conflict since 2013.
The violence erupted when leader Salva Kiir Mayardit dismissed his deputy, Riek Machar, accusing him of attempting a coup.
Despite peace agreements inked in 2018 and 2022, the country continues to face instability and periodic violence.
News
Meningitis Outbreak Kills 151 in Nigeria – NCDC

Nigeria Centre for Disease Control and Prevention (NCDC) has confirmed that Nigeria is battling a meningitis outbreak that has led to 151 deaths and 1,826 suspected cases, with a case fatality rate (CFR) of 8.3 percent.
Meningitis is an inflammation of the membranes surrounding the brain and spinal cord (meninges), often caused by infections, and can be a medical emergency requiring immediate attention.
The outbreak, which has affected 23 states, is putting significant pressure on public health resources, particularly in northern Nigeria, where the majority of cases have been reported.
According to the Epidemiological Week 12 Report, which covers the period from March 17 to March 23, 2025, a total of 289 samples were collected from suspected cases, and 126 of these have been confirmed as positive, yielding a 44 percent positivity rate.
Among the confirmed cases, the most prevalent strain is Neisseria meningitidis serogroup C (NmC), which accounts for 27 percent of cases, followed by Neisseria meningitidis serogroup W (NmW) at 13.5 percent.
The outbreak predominantly affects children, with those in the 5-14 age group making up the highest proportion of both suspected and confirmed cases.
Additionally, the outbreak shows a significant gender disparity, with 60 percent of the total suspected cases reported in males.
The situation is most severe in 10 states, with Kebbi and Sokoto being the hardest-hit, accounting for 94 percent of suspected cases.
Gwandu LGA in Kebbi has reported the highest number of cases, with 313 suspected cases, followed by Tambuwal LGA in Sokoto with 155 cases.
In response to the growing crisis, the NCDC has stepped up surveillance, sample collection, and public awareness campaigns. Efforts to provide vaccinations and other interventions are being prioritized in high-risk states to curb the spread of the disease and prevent further fatalities.
Health authorities are urging Nigerians to seek immediate medical attention at the first signs of meningitis, including fever, headache, and neck stiffness, in order to reduce the risk of complications and death.
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