BY ABUBAKAR YUSUF
Aside operational excellence that led to the achievement of full complement of seven directorates that was lacking hitherto, the Rabiu Olowo led Financial Reporting Council, FRC ensured the reactivation and function of the two directorates of Valuation Standards, Directorate of Actuarial Standards that had militated against the operation of the council many years down the line.
With the restoration of the full complements under the leadership of the Executive Secretary, Chief Executive officer ES/CEO, Dr Rabiu Onaolapo Olowo, he also convened and focused on other areas like the establishment of the Sustainability Reporting Unit, with emphasis and priority on record keeping in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s administration.
The reversion of the two critical components in the council has assisted greatly in its operation and going forward, which paved way for full digitization, in accordance with both local and international requirements.
Since digitization and automation has been the new order , bane of it’s operation, the need to move along with the world order became desirable and sacrosanct.
The positive development through automation of it’s services paved way for the introduction of other specialised programs like the integration of the Financial Reporting Council, FRC database with the National Identify Card Number (NIN), verification system that enhanced data integrity in it’s operations.
The council also developed Nigeria’s first National Repository Portal, NRP, for audited financial statements, a centralized digital data base capable of enhancing transparency, analytics and regulatory functions.
The implementation of a document and learning management system LMS to digitize workflows and staff training, capacity building became seamless with the new system.
Having streamlined the data base system, the establishment of the Islamic Financial Services, IFS department for regulatory oversight of non -interest financial services was debuted .
The transformation and on going reforms has
strengthened FRC visibility and credibility with structured stakeholder engagements, proactive communication, and consistent publication of the FRC Newsletter.
The maiden and second editions, 2024 & 2025 editions, ISSN: 3092-9520) has assisted greatly in the service of financial reporting and implementation.
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With the two editions , the council also launched Nigeria’s first Journal of Financial Reporting and Corporate Governance which positioned FRC as a national thought leader, creating a dedicated platform for research-driven policy, professional discourse, and stakeholder education.
With FRC’s efforts, it increased compliance participation with 31,799 professionals, 715 firms, and 14,657 companies registered within two years of the ascension of the Executive Secretary, Chief Executive Officer of the council .
Having attained the needed digitization process among many others, efforts is been geared towards consolidating it with administrative wizardry already showcased by the new leadership.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
