By Tyavzua Saanyol, Abuja
The Federal Government has inaugurated a 23-member Financial Reporting Council (FRC) Board in a bid to ensure that economic agents in Nigeria produce and publish high quality financial information that underpin the efficient working of the country’s capital markets and the overall economy.
Inaugurating the board yesterday in Abuja, the Minister of Industry, Trade and Investment, Okechukwu Enelamah noted that “the inauguration today of a new FRC Board will help restore full board oversight to the Council and thereby enable the organization to carry out its mandates more effectively.”
The Minister stated that investment cases are stronger when investors and other stakeholders have increased confidence that their interests are protected. “This is where the work of the Council becomes relevant to our economic recovery and growth to ensure the existence of high quality standards in financial reporting and corporate governance and enforcement of compliance with such standards” Enelamah noted.
According to him, “May I also seize this opportunity to remind you that the government is irrevocably committed to moving Nigeria up at least 20 places in the global Ease of Doing Business Rankings and therefore request that you realign your operations in this direction and remain business friendly”.
He charged the Board to take as a priority, the review of the draft National Code of Corporate Governance (NCCG) with a view to accommodating stakeholders’ contributions and come up with a more acceptable code of corporate governance. “In doing this, I recommend that you follow strictly all the processes and procedures necessary for such an exercise”.
Enelamah revealed further that FRC is responsible for developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria; and for related matters.
He stated that the functions of the Council amongst others is to review, promote and enforce compliance with the accounting and financial reporting standards adopted by the council; advice the federal government on matters relating to accounting and financial reporting standards; Monitor and promote education, research and training field of accounting, auditing, financial reporting and corporate governance and the registration of professionals.
In his acceptance speech, the Chairman of the Board, Adedotun Sulaiman stated that effective public financial management is critical to government drive to improve the quality of life of the ordinary Nigerian.
He assured that the Board will constructively engage relevant stakeholders and forge strategic alliance with other relevant regulatory agencies and organization to ensure efficient management of resource to develop human capital.
It will be recalled that on January 9, 2017, President Muhammadu Buhari, appointed Mr. Adedotun Sulaiman, and Mr. Daniel Asapokhai as the Chairman and Executive Secretary/CEO of the Council respectively.
Both are expected to work with the reconstituted Board to chart a new direction for FRC towards effective and efficient delivery of the Council’s mandates.
The Board is made up of 23 members including the Chairman and CEO. There are three statutory committees of the Board and the number of meetings of Board of parastatals is restricted to a maximum of 4 times a year.
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