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.
Ken Nnamani, a former president of the senate, says he did not beg Elisha Abbo, a former senator representing Adamawa north, on behalf of any judge after the ex-lawmaker lost his election case in court.
In October 2023, the court of appeal sacked Abbo and declared Amos Yohanna, candidate of the Peoples Democratic Party (PDP), as the winner of the Adamawa north senatorial election.
Appearing on Channels Television on Wednesday, Abbo said he was a victim of “miscarriage of justice”.
The former senator said Nnamani pleaded with him on behalf of a judge after he lost his election case in 2023.
Reacting in a statement, the former senate president described Abbo’s claim as “blatant lies”.
“My greatest surprise was to hear him state that Senator Ken Nnamani visited him to plead with him on behalf of a judge for the miscarriage of justice. This statement is a blatant lie. I do not know how Senator Abbo can boldly fabricate an event that never happened to buttress his allegation of judicial miscarriage against him,” he said.
“For the avoidance of doubt, I have never visited Senator Elisha Abbo at his house or anywhere. Up to this moment, I do not know where he lives. I have never discussed with him about his case, or any case pending or decided by any court of law in Nigeria.
“The only time I met with him was when he visited me in my house. It was more of a social visit by him. At this meeting, we never discussed his case or any case. I recall that when the matter of his political career came up, I advised him to avoid controversies as a young politician.
“The statements Senator Abbo made regarding me and his case are all fabrications. I believe I have had a sterling and distinguished public service career. I am determined to maintain my integrity and commitment to excellence till the end of my life.”
Heineken Lokpobiri, minister of state for petroleum resources, says the federal government plans to commence implementing the drill-or-drop provisions of the Petroleum Industry Act (PIA).
Section 94 of the PIA gives operators a period of three years to begin oil production or relinquish the assets to the federal government.
Speaking during the Cross Industry Group (CIG) meeting held on Tuesday in Florence, Italy, Lokpobiri said it is in the best interest of the country that all inactive wells go to work.
He said the federal government, under the leadership of President Bola Tinubu, has provided every necessary incentive to ensure international oil companies (IOCs) in Nigeria run smoothly and profitably.
“Now, it is imperative for these industry players to match the government’s efforts with increased investment by announcing final investment decisions (FIDs),” he said.
Furthermore, Lokpobiri discussed “the challenges, expectations, and measures to enhance the sector’s contributions towards domestic energy needs and regional expansion across Sub-Saharan Africa”.
He emphasised that while IOCs have highlighted engineering, procurement, and construction (EPC) contractors as a challenge, “EPCs will not come unless they see strong commitments from industry players”.
“The government has done its part to provide the requisite and investment-friendly fiscals, the ball is now in the court of the IOCs and other operators to make strategic investment decisions that will drive increased production and sustainability in the sector,” he said.
“We must also recognise that domestic crude supply is essential to national energy security. The best solution to this challenge lies in increasing production, which will ensure a balance between domestic supply obligations and external commitments.”
The minister further urged industry players to explore collaborative measures, such as shared resources for contiguous assets and the release of underutilised assets to operators ready to invest in production.
The Progressive Students Movement (PSM), a leading Pan-African student body, has commended the leadership of the Nigeria Police Force (NPF) in Ogun State under Commissioner of Police (CP) Lanre Ogunlowo, PhD, for its commitment to security and community engagement.
In a statement released on Thursday, the President of PSM Nigeria, Comrade Ambassador Okereafor Bestman, highlighted the CP’s efforts in strengthening collaboration between the police, stakeholders, and other security agencies to maintain peace and stability in the state.
“It is worthy of note that CP Lanre Ogunlowo, PhD, has further fostered a harmonious working synergy between the police, stakeholders, and other security agents aimed at ensuring peace and tranquility in Ogun State,” Okereafor said.
The student leader expressed confidence in CP Ogunlowo’s leadership, stating that Ogun State is on track to becoming one of the most peaceful states in Nigeria under his administration.
He also praised the professionalism and dedication of the Ogun State Police Command in tackling crime, regardless of its scale.
Additionally, PSM acknowledged the Ogun State government’s continued support for security agencies, particularly in providing mobility and logistics to enhance their operational efficiency.
The commendation comes at a time when security remains a top priority for residents and authorities in the state, with ongoing efforts to curb crime and ensure public safety.