The Financial Reporting Council of Nigeria (FRC) has commissioned its permanent headquarters in Lagos, 44 years after the institution began its journey as the Nigerian Accounting Standards Board (NASB), describing the development as a major milestone in strengthening financial reporting and corporate governance in the country.
The commissioning ceremony brought together Vice President Kashim Shettima, represented by his Special Adviser, Dr Tope Fasua; Lagos State Governor Babajide Sanwo-Olu; Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; representatives of the Minister of Finance, members of the National Assembly, traditional rulers, regulators, professional bodies and business leaders.
Speaking at the event, FRC Executive Secretary and Chief Executive Officer, Olowo, said the commissioning was not merely about opening a new building but marked the beginning of a new chapter for the council.
He said the FRC had evolved significantly since the establishment of the NASB in 1982, which later received statutory backing under the Nigerian Accounting Standards Board Act of 2003 before becoming the Financial Reporting Council under the FRC Act of 2011.
According to him, the council’s mandate has expanded from accounting standards to financial reporting, accounting, auditing, actuarial and valuation standards, corporate governance and sustainability reporting.
Olowo noted that despite its more than four decades of institutional development, the FRC had operated without a permanent headquarters of its own.
‘Today, the Council has a home. And this home belongs not to one Executive Secretary or CEO, not to one board, not even to the minister or the president. It belongs to Nigeria,’ he said.
He described the new facility as a symbol of institutional stability, independence, credibility and dignity, adding that its infrastructure would now better reflect the importance of the council’s statutory responsibilities.
The FRC also used the occasion to honour former leaders for their contributions to the development of the institution.
Olowo commended former Executive Secretary and CEO Jim Obazee, who served from 2011 to 2017, for strengthening regulatory enforcement and compliance. In recognition of his contribution, the FRC named an important facility the Jim Obazee Inspections and Investigations Room.
The council also honoured the late Daniel Asapokhai, who served as Executive Secretary and CEO between 2017 and 2021. A facility was named the Late Daniel Asapokhai Accounting Development Centre and Library in recognition of his contribution to accounting development, standardisation and financial reporting.
Ambassador Shuaibu Ahmed, who led the council from 2021 to 2023, was also recognised for his role in strengthening Nigeria’s financial reporting and regulatory framework.
Olowo particularly cited the FRC Amendment Act 2023, signed into law on May 3, 2023, which strengthened the council’s enforcement powers, clarified the definition of public interest entities and provided for a national repository for financial statements. A meeting room at the headquarters will be named after Ahmed.
The FRC also honoured Oduwole for her support for the council and her contribution to corporate governance and institutional reforms. Its principal corporate governance facility will be known as the Dr Jumoke Oduwole Centre for Corporate Governance.
Olowo said the centre would serve as a platform for board education, policy engagement, governance innovation and the promotion of stronger corporate governance practices.
Representing the Vice President, Fasua said the commissioning was significant because the FRC’s work touched the foundation of every modern economy – trust.
He said reliable financial reporting was essential to investors, banks, government and businesses, stressing that investors would be more willing to commit capital when they had confidence in the reliability of financial information and regulatory institutions.
‘Capital does not merely follow opportunities. It follows confidence, and confidence follows institutions,’ Fasua said.
Sanwo-Olu, meanwhile, described the FRC as a critical component of Nigeria’s economic architecture, particularly given Lagos’ position as the country’s commercial and financial centre.
He said stronger financial reporting and corporate governance would support investment decisions, access to capital, business growth, job creation and broader economic development.
Olowo said the new headquarters would provide a permanent base for the FRC to engage investors, regulators, professional bodies, auditors, directors, academics, government institutions and development partners.
He added that the facility represented an investment in the future of Nigeria’s regulatory system and would support the council’s efforts to promote credible financial reporting, sound corporate governance and regulatory assurance.