FRSC’s New Chief Reveals Bold Agenda, Pledges Rigorous Standards Enforcement

The recently appointed Executive Secretary/Chief Executive Officer of the Financial Reporting Council (FRC), Dr. Rabiu Olowo, is committed to ensuring stricter enforcement of standards and leveraging technology to enhance operations under his leadership. The pledge was made during a Media Roundtable event in Lagos, themed “FRC & The Renewed Hope Agenda For A Stronger Nigerian Economy,” hosted by InfoStride News.

Olowo emphasized the transformation agenda of the FRC, aiming to establish a new, robust, independent, and high-performing regulator on a global scale. The core focus of this transformation is to maximize compliance with the FRC Act 2011 (as amended) and other statutory instruments issued by the Council. The goal is to instill credibility in financial statements originating from Nigeria, providing investors with reliable information.

“As we forge ahead, we envision a new FRC that is firm and fair in executing its mandate, holding corporations and individuals accountable, and restoring confidence in corporate reports and governance in the Nigerian economy to enhance President Bola Ahmed Tinubu’s renewed hope,” Olowo stated.

Having assumed office on October 16, 2023, Olowo outlined the regulatory body’s transformation agenda, encompassing four broad areas referred to as the ‘DOSE’ strategy: Digitization, Operational Excellence, Stakeholder Engagement, and Enforcement.

In his address, Olowo disclosed plans for the launch of two FRC directorates by Q1 2024. While the FRC Act 2011 (As amended) provided for seven directorates, only five were operational. As part of the transformation agenda, the Council aims to establish the remaining two directorates, engaging relevant stakeholders for the creation of the Directorate of Valuation Standards and Directorate of Actuarial Standards.

Highlighting the global trend of sustainability reporting, Olowo announced the FRC’s actions for 2024, aligning with emerging issues and standards’ nature. The FRC aspires for Nigeria to be a global leader in sustainability reporting, unveiling a 5-year plan. This plan includes issuing a roadmap report for sustainability reporting in Nigeria by the end of the first quarter of 2024 and establishing a Directorate of Sustainability Reporting Standards, empowered by section 24 of the FRC Act 2011 (as amended).

Olowo further revealed ongoing efforts to develop corporate governance codes for the public sector and the not-for-profit sector. Recognizing the public sector’s role as an economic catalyst, he emphasized the importance of institutionalizing corporate governance to promote sound policies and economic growth. The FRC plans to unveil these codes in the first quarter of 2024, marking significant strides toward a stronger Nigerian economy.