The Financial Reporting Council of Nigeria (FRC) has opened its new headquarters in Lagos, marking a major milestone in the institution’s more than four decades history.
The ceremony brought together the Vice President, Senator 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; professional bodies; regulators; captains of industry and other stakeholders.
Olowo described the development as more than the opening of a new building, saying it marked the beginning of a new chapter for an institution that has served Nigeria for more than four decades.
‘Today is not simply opening a building. Today is about opening a new chapter in the history of an institution,’ Olowo said.
He said the new headquarters represented the evolution of the FRC and the need for its physical infrastructure to match the importance of its statutory mandate.
According to him, the institutional journey of the council began with the establishment of the Nigerian Accounting Standards Board (NASB) in 1982. The NASB later received statutory backing through the Nigerian Accounting Standards Board Act of 2003 before evolving into the Financial Reporting Council of Nigeria under the FRC Act of 2011.
The council’s mandate subsequently expanded beyond accounting standards to cover financial reporting, accounting, auditing, actuarial and valuation standards, corporate governance and sustainability reporting.
Olowo noted that despite more than four decades of institutional development, the council had operated without a permanent headquarters of its own.
He described the new building as a symbol of institutional stability, independence, credibility and dignity.
‘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
Olowo used the occasion to recognise former leaders of the council for their contributions to the development of the institution.
He commended former Executive Secretary and CEO, Jim Obazee, who served from 2011 to 2017, for his emphasis on regulatory enforcement and compliance.
According to Olowo, Obazee helped establish the principle that regulatory standards must be supported by credible enforcement.
Ambassador Shuaibu Ahmed, who served as Executive Secretary and CEO from 2021 to 2023, was also recognised for his contribution to Nigeria’s financial reporting and regulatory architecture.
The FRC also honoured the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR, for her support for the council and her contribution to corporate governance and institutional reforms.
Olowo said the minister’s support was instrumental to the acquisition and development of the new headquarters.
Representing Vice President Kashim Shettima, Dr. Tope Fasua said the commissioning was significant because the work of the FRC touched the foundation of every modern economy – trust.
Fasua said reliable financial reporting was essential to investors, banks, government and businesses seeking to make informed decisions.
‘Financial reporting is, therefore, not simply about numbers. It is about confidence in the numbers,’ he said.
Lagos State Governor Babajide Sanwo-Olu described the FRC as an important institution in Nigeria’s economic architecture, particularly given Lagos’ position as the country’s leading commercial and financial centre.
Sanwo-Olu said the council’s work in promoting credible financial reporting, transparency and corporate governance had implications beyond the corporate sector.
He said stronger financial reporting could improve investment decisions, facilitate access to capital, strengthen businesses and contribute to job creation and economic growth.
The governor urged the FRC to continue evolving with Nigeria’s economy by improving efficiency, deepening engagement with businesses and strengthening its regulatory capacity.
He congratulated Olowo and the FRC management on the achievement, saying the new headquarters should become a centre of excellence whose impact would be reflected in stronger businesses, better investment decisions and increased public confidence in Nigeria’s economic institutions.