The Minister of Industry, Trade and Investment, Dr Okechukwu Enelamah, has called on the board of the Financial Reporting Council of Nigeria (FRC) to ensure high standards in financial reporting.
Enelamah, who inaugurated the board on Thursday in Abuja, said it should work towards achieving the government’s vision on the global Ease of Doing Business Rankings.
“The investment case is stronger when investors and other stakeholders have increased confidence that their interests are protected.”
“The government is irrevocably committed to moving Nigeria up the rankings of the global ease of doing business and is conducted by the World Bank.”
“We will like to move at least 20 places in this year, and by the time this government is coming to an end, we will like to be in the top 100.”
“Therefore, I will like to request that you realign your operations in this direction and please let us be business-friendly.’’
Enelamah said that the 23 member board would help restore full oversight to the council thereby enabling the organisation to carry out its mandates more effectively.
The minister said the objectives of the board were to protect investors and other stakeholders’ interest, give guidance on issues relating to financial reporting and corporate governance to professional, institutional and regulatory bodies.
According to him, it would also ensure accuracy and reliability of financial reports and corporate disclosures, pursuant to the various laws and regulations currently in existence in Nigeria among others.
In his speech, the Chairman of the Board, Mr Adedotun Suleiman said that effective public financial management was critical in the government’s drive to improve the quality of life of the ordinary Nigerian.
Suleiman said the board would constructively engage with relevant stakeholders and forge strategic alliances with other relevant regulatory agencies and organisations.
“We understand the expectation of this government, especially in the area of aligning corporate financial reporting and corporate governance practice to international benchmark.”
“The board will focus on rebuilding the confidence and integrity of financial reporting and the robustness of corporate government practices in Nigeria”.
“And work towards securing the support and buy-in of all stakeholders, the government, the private sector, the not-for-profit sector as well as the international community, academia and civil society in support of achieving its objectives .’’
He said the board would support the management in eliciting the accord of all stakeholders and restore public confidence in the council.