Opinion
Olowo; One Year Reforms and Transformation at Financial Reporting Council
BY ABUBAKAR YUSUF.
Following the appointment by President Bola Ahmed Tinubu in December, 13 , 2023 of an astute accountant, renowned administrator ,financial expert and advisor, Dr Rabiu Onaolapo Olowo as the new Executive Secretary, Chief Executive Officer ES/CEO of Financial Reporting Council of Nigeria FRC, the die was cast for a new dawn in the hitherto moribund agency of government.
The appointment which came at a time when the former commissioner for finance in Lagos state had embarked on massive financial drive and inclusion for the betterment of all round development of Lagos state between 2019-2023, that jerked up not only the Infrastructural development of the state , but monthly revenue profile from the down time of 20 Billion to 100 Billion per month, with potentials of improvement to 200 Billion having created an enabling environment for more outlets of generation of more internally generated revenue IGR of the state.
Armed with the success story at the sub- national level , private sector driven template that guaranteed progress and development, his timely appointment to one of the federal agencies under the Federal Ministry of Trade and Investment was another opportunity not to only to contribute his quota to national development, but bring to bear his unique attributes and laudable initiatives, reforms and transformation witnessed for four consecutive years at Lagos state.
Under his stewardship as Finance Commissioner for Lagos state, the state became attractive hub for more investment destination, cynosure of economic development through series of assessment and availment of funds and advancement through tripartite and multilateral arrangements, as well as rated by both the local and international ratings from AA to AAA+
On assumption of duty at Financial Reporting Council FRC, Olowo embarked on series of reforms beginning from creating a befitting office accommodation that had provided an enabling environment for the agency with a review to rendering its statutory mandate to the general public in the area of financial reports, compliance and returns.
Without hesitation, he carried out a wholistic decisions that brought a new lease of life and adequate office accommodation to staffers both at the Lagos and Abuja offices of the council, that was before now inadequate and retarding productivity of the staff under its newly amended act FRC 2011.
He carried out major reforms through the creation of new directorates, asserted the mandates of the council through timely and yearly turning in of financial statements and reports both from the private and public agencies with a view to subjecting it to scrutiny, in line with its statutory functions, enhanced compliance with the FRC Act 2011, and restored investor confidence by ensuring that financial statements from Nigeria are credible and reliable,
as well as use it as a base to attract more investment locally and internationally imbibing transparency and accountability as well as due process.
The newly reformed council prioritised enforcement, regulatory and oversight roles in its functions by carrying out due diligence on both government and private agencies and taken a decision to sanctions some erring agencies.
With the new directorates, he rejig the supervisory roles of the council and asserted it’s programs in line with its mandate to deliver on quality, accurate, adequate and timely financial statements from all establishments.
The new Chief Executive Officer frowned at the analogue process of it’s operations over the years , and without hesitation migrated the activities of the agency towards the new order of automation, digitization and modernisation through its new policy known as “DOSE”, (Digitization, Operational Excellence, Stakeholders Engagement and Excellence).
Under its new transformation agenda of the Renewed Hope Agenda of President Bola Ahmed Tinubu through the major reorganisation , he also embarked and improved the revenue profile of the agency through fines, penalty, documentation, registration of entities and oversight of not- to profit bodies through its enumeration and enhancement of corporate governance.
With the introduction of DOSE, the all encompassing policy thrust of the council introduced by the new management under the new leadership, the ground was now set to carry out aggressively its statutory functions under its mandate to deliver in line with its amended act, FRC , 2011, so as to attract not only local investment, confidence of investors , but attract more foreign direct investment FDI to the country.
One year down the line , Olowo had advocated more actions on government policies and programs both locally and internationally, created employment opportunities through engagement of more hands and consultants that had assisted the council in carrying out its statutory functions.
Staff engagements, welfare, orientation and reorientation through promotion of both local and international trainings, internal engagement through in house seminars, workshops, talkshops and encouragement to attend professional programs that will improve the performance of the management and other cadre of staffers of the council.
He was involved in the creation of strong policy framework as a financial expert and advisor that will promote financial inclusion, economic, political and social development of the country, through presentation of papers on topical national and international programs and fora that had contributed adequately to the gradual improvement of these areas in recent times.
With the new order in Financial Reporting Council FRC and the promise by the National Assembly to support it’s activities with a view to carrying out it’s statutory activities, one year down the line and three years ahead , alot of achievements will be recorded by the new management of the council under the leadership of Dr Rabiu Onaolapo Olowo.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
There is something common in politics and with Politicians in this clime, it stems from the arrogance of power, it stinks to high heavens, it is shit in its worst form; that a few men and women play God, they assume that their egocentric predilections represent the collective will, and they undermine the Law as well as the mindset of the electorate. They move to Party B with the mandate given to Party A by the People. And they Cross-carpet or decamp to another Party without deference to the provisions of the Law.
Just yesterday the entire Political Structure in my home State of Delta was led by the State Governor Mr. Sheriff Oborevwori from the Peoples Democratic Party PDP to the All Progressive Congress APC, that tsunami of sorts happened without firm reasons but the usual refrain that ‘they want to align with the centre for more democratic dividends to come to the State’. I wouldn’t have opted to do this piece had the All Progressive Congress APC made great feats of the States under its watch, alas President Bola Ahmed Tinubu (PBAT) and his followers are masters of deceit, subterfuge and perfidy. They spew soulless propaganda, having no soul they lack moral margins, they lie about everything and they destroy the moral fabrics of our nation. They are shameless, spineless and have no scruples.
Where is the Soul of the men of power who dumped the PDP just yesterday for the APC in Delta State? They have chosen to stand on a Blood Stained Mandate. They have elected a Hunger ridden mandate. They have chosen a corruption riddled mandate. They laud an insecurity enabling mandate. They salute a nepotistic mandate. And they dance to a frustration festering mandate. Had the PBAT led APC at the Centre made Nigeria better than it met her, I would applaud Governor Sheriff and his fellow travelers, but the truth is what consistently the APC, including Governor Sheriff Oborevwori and his men have chosen to trample upon, nay the Truth is that under the PBAT led APC Government, Nigeria is today worse than it was yesterday.
What logic situates the movement of the Delta State Political Structures from the PDP to the APC at a time when Nigerians feel the most unsafe in their homeland? When the States of Plateau, Benue and Bornu have become theatres of human barbecues. Is it not stupidity to elect a blood stained and a blood soaked mandate over being in a Party in the opposition?
Is it not a show of shame to elect a mandate that has left the masses of the people in poverty, despondency and want over fueling the fervour of an opposition seeking a new deal and a new Republic of hope for the people? Which sincere and people oriented leader would dump the opposition for a Party that is absolutely rudderless and progressively multiplying poverty? Only the soulless and the shameless, surely.
The fulminating shenanigans that undermine the monstrous corruption of the APC Government, the unending Infrastructural decay, the unhinged failure of the energy and the power sector, the pervasive hunger, disease and pain in the land, and the murderous gangs killing and maiming citizens with reckless abandon defines the Olympic soullessness of the Delta State Political Merchants who have elected a Blood Stained Mandate over matching for the redemption of Nigeria.
I believe that it is manifest stupidity to desert the opposition at a time that our nation is in dire straits and badly craving vibrant opposition. I believe that it is a show of shame to decamp to a Party and a Government that has failed to protect lives and property.
And I hereby lampoon with unbridled vehemence all those who have chosen to stand on the blood stained and blood soaked mandate that PBAT epitomizes.
Hmmm, so suddenly my home State is now APC, interesting. A class of less than 300 people nay ‘leaders’ met at the Government House in Asaba, and in one fell swoop changed the political colour, temperature and identity of the State, interesting. My People, this One-Party State wey APC and PBAT dey push and pursue na to what end? PBAT and his Party the APC through this manifest antics of State capture have tied democracy to the stake, and are daily through acts of impunity, lawlessness, and braggadocio shooting violently at democracy, I pray they do not shoot this jingleover democracy to death. I pray that they understand that One Party State is the precursor to Authoritarian Rule and Dictatorship. And I pray that they are not oblivious of the politico-social tendencies of the Nigerian State, a State that cannot and has never been captured by any one tendency. In any case, before they completely murder democracy, it must be on record that someone warned against the Stupidity, against the Show of Shame and against the Shenanigans of our Political Operators.
Call me names, but let it be on record that when the elders and the hoard of egotistic political merchants that predominate our political kaleidoscope fiddled with the poisoned chalice of sycophancy and hypocrisy, I wasn’t quiet. Let it be on record that when they ate poisoned bread baked with blood stained and blood soaked mandate, and when they chose to dance on the tombs of the dead across our space who were unlived because government failed to protect them, that someone called out the discerning, and warned against the omnious times that they make certain.
The sequel to this patriotic effort shall most certainly tell more, reveal more and foretell the pitfalls that a most arrogant and self-seeking political class weave in the path of our ‘democracy’. We have got some difficult days and difficult times ahead.
Call me the Wailer, that’s ok, for I Wail that Nigeria may become Great.
Prof Chris Mustapha Nwaokobia Jnr
Convener COUNTRYFIRST MOVT. A Good Governance Advocacy Group.
It was the famous American former President, Abraham Lincoln who noted that the people when rightly and fully trusted will return the trust.
Thus, when the trust level gets high enough, people exceed apparent limits, discovering new and awesome abilities of which they were formerly unaware.
When trust is placed on those who occupy public office, they need to work had to continue to justify the trust in the people they preside over.Appointment into office is premised on the facts that the appointee is capable and will be of immense values to the realization of the aspirations of the government in power.
Thus, with the coming of President Bola Ahmed Tinubu into office, series of strategic appointment of respected and credible niger9ians were made thereafter.
President Bola Ahmed Tinubu had the qualities of appointing the right people in the right position, having judged their qualification and capabilities. This is a unique ability which good leaders to possess in abundance.
It was this sense of judgement that made him to appoint Chief Adegboyega Isiaka Oyetola CON as the current minister of Marine and Blue Economy.He was the former chief of Staff to the former Governor of Osun State and later became the governor of the state.
Whereby he displayed integrity, self-awareness, courage, respect, compassion, and resilience. This role allowed him to exhibit his administrative shrewdness and dedication to the advancement of the state.
During this time, he played a critical role in implementing policies and initiatives aimed at improving education, healthcare, and infrastructure.He was later appointed minister of transportation by President Bola Tinubu on 16 August 2023, but redeployed four days later to the newly created Ministry of Marine and Blue Economy.
Despite the newness of the ministry, his leadership abilities and acumen as well as his professional qualification eminently qualifies him for the arduous job, for he pursued his education with diligence, earning a degree in Applied Accounting from the prestigious University of Lagos.
With a passion for learning and a keen eye for effective management, he embarked on a career that would see him excel in various sectors.
According to the World Bank, the blue economy is the “sustainable use of ocean resources for economic growth, improved livelihoods, and jobs while preserving the health of ocean ecosystem.”
European Commission defines it as “All economic activities related to oceans, seas and coasts, the realization that Nigeria has vast ocean ecosystem justifies the creation of the ministry.
The ministry’s four action pillars for its first four years (2023–2027) are: promoting sustainable blue economy investments; transforming port operations; enhancing port infrastructure; and strengthening blue governance.
Under Oyetola’s leadership, the ministry targets attracting $2 billion in investments in offshore renewable energy by 2025; establishing at least five new fish processing plants by 2025 and at least two new coastal tourism sites by 2026; and creating three million marine and blue economy-related jobs by 2027.
The importance of this ministry lies in the fact that the life of the planet and correct functioning of ecosystem services are sustained by marine ecosystems.
The blue economy thus has the potential to achieve a sustainable development which does not compromise life on Earth tomorrow.
Thus, his appointment eminently justifies and in line with the aspiration s to make Nigeria a great nation.His achievements in office are attributed to maritime security and safety, port operational efficiency, infrastructure rehabilitation, connectivity and blue economy development.
The Minister, who unfolds the strategic plans of the Ministry and the Agencies which would focus on maritime security, safety, ship building & maintenance, maritime governance, port infrastructure rehabilitation, capacity building, among others.
Under his leadership, the Nigeria’s territorial waters became safer especially in the Gulf of Guinea (GoG) in the past one year, with the maritime sector recorded zero incidence of piracy and maritime terrorism for more than one year.
Ports were upgraded and his ministry worked assiduously to actualize the implementation of the National Single Window at the nation’s ports to facilitate trade and competitiveness of country’s port system.
The value his outstanding leadership will also impact on the acceptability and reelection of the present administration in 2027.
We Commend President Bola Ahmed Tinubu on the confidence reposed in and the subsequent Appointment of Chief Gboyega Oyetola as the Minister of the Marine and Blue Economy.
He is honest and transparent in his stronger determination to reposition the sector as the leading source of revenue to the country and will surely do more based on his past robust antecedents. We thus call on all Nigerians to support his vision and pragmatic leadership in the office, so as to enable impact the lives of many more citizens of the country.
Dr K.M.Tugga is an Abuja resident and public affairs commentator
By Rinret Jennifer Mwarap
The unrelenting massacre of citizens in Plateau State has reached an alarming level. While the government claims to be taking steps to restore order, the reality on the ground tells a different story one that feels like nothing meaningful is being done.
It is heartbreaking to see our loved ones butchered without cause. The questions torment us: What have we done wrong? Who have we offended? Where did we go astray? Must we continue to endure this suffering for no justifiable reason?
The killing of innocent people in Plateau must come to an end. The government and security forces cannot afford to look away. Their responsibility is clear they must act swiftly and decisively to bring the perpetrators to justice, for the sake of the innocent victims and the children left behind.
I call on the Governor of Plateau State to rise to this challenge. Take bold and immediate action against those who seek to destroy our land and shed innocent blood. Let them face the full weight of the law.
This feels like a nightmare—how did we get to the point where the same Plateau where I once slept peacefully with both eyes closed is now a place where even sleeping with one eye open feels unsafe?
Where is the peace in our “Home of Peace and Tourism”?
When will our tears dry? When will justice prevail?
If we truly seek peace, then justice must be non-negotiable.