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Dr Rabiu Olowo, the recently appointed Executive Secretary/Chief Executive Officer of the Financial Reporting Council (FRC), has outlined his agenda, emphasizing a commitment to stricter enforcement of standards and the integration of technology for improved efficiency.
Speaking at the organisation’s Media Roundtable in Lagos, themed ‘FRC & The Renewed Hope Agenda For A Stronger Nigerian Economy,’ Olowo expressed the council’s dedication to transforming into a robust, independent, and globally comparable regulator. The core focus of the transformation agenda, he outlined, is ensuring maximum compliance with the FRC Act 2011 (as amended) and other statutory instruments released by the Council. The goal is to instill credibility in financial statements originating from Nigeria, providing investors with reliable information.
Olowo, who assumed office on October 16, 2023, delineated the four pillars of the transformation agenda, encapsulated as ‘DOSE’: Digitisation (D), Operational Excellence (O), Stakeholder Engagement (S), and Enforcement (E). These pillars, he stated, will serve as the foundation for a new FRC that is firm, fair, holds entities and individuals accountable, and restores confidence in corporate reports and governance within the Nigerian economy.
Highlighting the incomplete implementation of the FRC Act, Olowo announced plans to launch two directorates by Q1 2024, focusing on the Directorate of Valuation Standards and Directorate of Actuarial Standards. The goal is to fulfill the provisions of the Act, which outlined seven directorates, with only five currently operational.
In response to global trends in sustainability reporting, Olowo revealed Nigeria’s aspiration to be a leader in this domain. The FRC has outlined a 5-year plan, including issuing a roadmap report for sustainability reporting in Nigeria by the end of Q1 2024. Additionally, the establishment of a Directorate of Sustainability Reporting Standards, empowered by section 24 of the FRC Act 2011 (as amended), is part of their strategic agenda.
Looking ahead, Olowo disclosed ongoing efforts to develop corporate governance codes for the public and not-for-profit sectors. The aim is to institutionalize corporate governance in the public sector, fostering sound policies and economic growth. These codes are expected to be unveiled in the first quarter of 2024.
In conclusion, Olowo reiterated the FRC’s commitment to fostering a regulatory environment that enhances the integrity of financial reporting and contributes to Nigeria’s economic revitalization.
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