FG tasks new FRC boss on accounting, financial reporting standards

By Felix Khanoba

The Federal Government has moved to boost accounting and financial reporting in the country with the inauguration of the new Executive Secretary of Financial Reporting Council (FRC) of Nigeria. 

Minister of Industry, Trade and Investment, Otunba Adeniyi Adebayo, who inaugurated  the newly appointed Executive Secretary , Alhaji Shuaibu Ahmed, on Thursday in Abuja, called on the agency  to develop a sound accounting and financial reporting standards in accordance with the Act establishing the council.

He also emphasised the need for the FRC to achieve its mandate as specified in section 8 of the Act by enforcing accounting standards; advising the Federal Government on accounting and financial reporting standards; and maintaining a register of professionals in the accounting sector related to the process of creation of financial reports.

A statement made available to newsmen and signed by Ifedayo Sayo, spokesperson of the minister, said Adebayo asked the council to review and monitor the professionals in the accounting sector, and the monitoring of corporate governance financial papers. 

The minister  told the new executive secretary to see his appointment as a privileged one based on his past achievements, and ensure that he left landmark achievements by the time he leaves office.

“You are therefore expected to discharge your duties in accordance with the rules and regulations laid down in the Act establishing the council and Extant Rules,” he counselled.

Responding, Ahmed who said he was prepared to ensure that FRCN live up to expectation under his leadership, noted that the council being the  apex regulatory agency for financial reporting and corporate governance in the country, its actions and inactions may make or mar local and foreign investors confidence in the nation’s economy.

He listed the areas of his priority to include enforcing accounting standards, supervision/collaboration with regulatory supervisory bodies such as Security and Exchange Commission, Central Bank of Nigeria, Corporate Affairs Commission, among others in enforcement,  operations and funding of the council.

On his part, the outgoing Acting Executive Secretary, Dr Iheanyi Anyahara welcomed the new CEO and pledged the support of staff and management towards the realisation of the Council’s mandates

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