It’s a new era of improved governance at the Financial Reporting Council (FRC) of Nigeria, as the Federal Government’s agency moved to its permanent headquarters in Lagos.
Governor Babajide Sanwo-Olu, on Tuesday, commissioned the eight-storey FRC building located on Allen Avenue in Ikeja, ending the agency’s over four decades of operating from rented offices.
Inaugurating the building, Sanwo-Olu said the development represented a new strength for the institution whose mandates directly impact investors’ confidence and economic prospects of the country.
The Governor said that leading operation from its permanent base would not only boost the regulatory agency’s efficiency and oversight of the environment it regulates, he added that the development would foster greater public trust in its ability to fulfil its responsibilities.
Sanwo-Olu said: “We gather today to commission FRC Building, thereby celebrating the strengthening of an institution whose work has direct implications for the confidence, investment and economic opportunities that Nigeria can generate.
“Businesses need confidence in the rules under which they operate. Shareholders need assurance that their interests are protected. The public needs to know that the institutions responsible for safeguarding the integrity of our economic system are doing their work effectively.
“This is where the Financial Reporting Council plays such an important role. By promoting credible financial reporting, sound corporate governance and greater transparency, the Council helps to reduce uncertainty in the marketplace. This makes investment easier, leading to significant socio-economic consequences.”
Siting the Council’s headquarters in Lagos, Sanwo-Olu said, underscored the State’s pivotal position as Africa’s most important business destination, noting that most of the businesses and enterprises being regulated by FRC have their bases in Lagos.
The Governor said the regulatory agency’s operations in Lagos would improve the economic value of various services in the financial regulation sector, stressing that there would be higher demand for professionals in legal assistance, accounting, consulting technology, hospitality and transportation services.
“Our regulatory institutions must evolve alongside the economy. We therefore expect this new headquarters to provide the platform for the FRC to improve its efficiency, deepen engagement with businesses and professional bodies, strengthen regulatory capacity, and respond more effectively to emerging challenges,” Sanwo-Olu said.
FRC Executive Secretary and Chief Executive Officer, Dr. Rabiu Olowo, said the agency having a permanent workstation would not only enhance transparency and accountability in reporting finances across economic sectors, he said the feat was a step forward in making the regulator globally competitive.
He said the agency’s leadership would ensure the physical infrastructure matched the standards of operations in line with the mandates of the institution.
