Federal government has challenged the newly inaugurated Board members of the Financial Reporting Council,(FRC),to take the issues of corporate governance and accountability as a matter of priority as these would ensure the continued interest of investors in the country.
Consequently, it directed the board members to ensure that economic agents in Nigeria produce and publish high quality financial information that underpin the efficient working of Nigeria’s capital markets and indeed the overall economy.
Okechukwu Enelamah,the Minister of Industry Trade and Investment at the inauguration on Thursday in Abuja said,” A new FRC Board will help restore full board oversight to the Council and thereby enable the organization to carry out its mandates more effectively.
He explained further that the current administration is engaging in wide-ranging reforms aimed at diversifying the economy as well as attracting investment into various sectors of the economy,noting further that emphasis is also placed on FRC as a key part of such reforms.
According to him,”The investment case is stronger when investors and other stakeholders have increased confidence that their interests are protected. This is where the work of the Council becomes relevant to our economic recovery and growth – ensuring the existence of high quality standards in financial reporting and corporate governance and enforcement of compliance with such standards”
Meanwhile,available records have shown that Nigeria is currently loosing an estimated 2 to 3 trillion dollars to illicit overseas funds transfer;as a result of this Enelemah at the inauguration said the FRC board would ensure proper oversight which would address the concerns posed by illicit financial flows.
Responding on behalf of the 23 inaugurated board members,Adedotun Sulaiman,the Board Chairman of FRC pledged committment of the members in working closely with the government in aligning financial reporting and cooperate governance to global standrards in Nigeria.
He stated further that the Council would work closely with the government to support the anti-corruption crusade of the present administration,while ensuring that global standards are sustained to enhance Nigeria’s business environment and facilitate ease of doing business.
