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Dr. Rabiu Olowo, Executive Secretary/Chief Executive of the Financial Reporting Council (FRC) of Nigeria, stated that the newly unveiled SMEs Corporate Governance Guidelines will play a crucial role in preserving small businesses amid challenging economic conditions.
During a courtesy visit from the leadership of the Chartered Institute of Directors Nigeria (CIoD Nigeria), led by its President/Chairman, Governing Council, Alhaji Tijjani Borodo, at the FRC headquarters in Abuja, Olowo highlighted the lack of adequate support for the SMEs sector, despite its importance to economic development. He emphasized that the guidelines aim to address and rectify these shortcomings.
Olowo noted, “The study has shown that small businesses have been sidelined even though they remain viable tools for economic development. The guidelines are designed to provide the necessary information to sustain these businesses over the long term.”
He also mentioned that the FRC is developing similar codes for the public sector and non-profit entities. “We are currently engaged in advocacy, concept approval, and presentations to ensure a comprehensive understanding of our efforts. This is a crucial phase, and your support is essential for our success,” Olowo said.
The FRC is also advocating for a new code of corporate governance for the non-profit sector. “This sector has significant national and international dimensions and plays a vital role in our societal coordination. Establishing a governance code is imperative,” Olowo added.
He assured the CIoD of a partnership, stating, “FRC aligns closely with the core values of the institute, particularly in corporate governance, developmental frameworks, regulatory assurance, setting standards for directors, and fostering collaboration. It’s essential for us to strengthen our partnership to achieve our shared goals and mandates.”
Earlier, Borodo had requested that the FRC nominate a qualified representative to the institute. In response, Olowo welcomed the gesture but suggested a membership status that would not conflict with the council’s core functions and mandate.
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