The Financial Reporting Council of Nigeria (FRC) has announced a new system that will eliminate the need for companies to submit separate financial statements to multiple government agencies and regulators.
The FRC Chief Executive Officer, Rabiu Olowo, made this known during the commissioning of the Council’s new headquarters in Lagos. The facility was commissioned by Vice President Kashim Shettima, who was represented by his Special Adviser to the President on Economic Affairs, Dr. Tope Fasua.
Olowo explained that companies previously had to file their financial statements individually with bodies including the Corporate Affairs Commission (CAC), FRC, Accountant-General of the Federation, and relevant sector regulators such as the Central Bank of Nigeria (CBN).
According to him, that process has now been replaced with a national repository for audited financial statements, which will allow the relevant agencies to access the required information from a central platform.
He said the repository is part of several reforms introduced by the FRC since 2023 under its transformation agenda, which focuses on good governance, greater transparency, stability and effective enforcement.
Olowo also highlighted other regulatory improvements, including enhanced audit practice reviews, the implementation and enforcement of non-financial reporting, the introduction of the Non-Compliance with Laws and Regulations (NOCLAR) framework, and stronger valuation regulation.
He added that the Council had expanded its regulatory coverage and linked its database with the National Identification Number (NIN) verification system.
Speaking at the event, Vice President Shettima stressed the importance of strong institutions in boosting investor confidence. He said investors are attracted not only by security but also by confidence in the institutions governing the business environment.
The Vice President maintained that Nigeria’s reforms could only endure if institutions were strong enough to sustain government policies beyond individual administrations and political cycles.
Also at the event, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said regulatory certainty was vital to improving Nigeria’s competitiveness.
She noted that while investors could assess and manage commercial risks, uncertainty surrounding regulations was much more difficult to predict and price.
Oduwole said predictability, transparency and efficient administration should be regarded as essential elements of a competitive business environment rather than mere conveniences for companies.
Olowo described the commissioning of the new FRC headquarters as the beginning of a new phase for the Council, which traces its origins to the Nigerian Accounting Standards Board established in 1982.
He said the new building should be regarded as a national institution belonging to Nigeria rather than to any individual office holder or administration.
Source: Vanguard
