Minister tasks Financial Reporting Council of Nigeria with accounting standards enforcement

The Nigerian Minister of Industry, Trade and Investment, Mr Adeniyi Adebayo, has tasked the newly appointed Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Mr Shuaibu  Ahmed, on the need to develop a sound accounting and financial reporting standards in accordance with the Act establishing the council.

The Minister, while inaugurating the new executive secretary, emphasized the need for the FRC to achieve its mandate as specified in Section 8 of the Act by enforcing accounting standards; advising the Federal Government on accounting and financial reporting standards; and maintaining a register of professionals in the accounting sector related to the process of creation of financial reports.

He asked the council to review and monitor the professionals in the accounting sector, and the corporate governance financial papers.

Mr Adebayo told the new executive secretary to see his appointment as a privilege based on his past achievements, and ensure that he leaves landmark achievements by the time his tenure has expired.

“You are therefore expected to discharge your duties in accordance with the rules and regulations laid down in the Act establishing the council and Extant Rules,” he said.

Mr Ahmed Shuaibu, who said he was prepared to ensure that FRC lived up to expectation under his leadership, noted that the council is the apex regulatory agency for financial reporting and corporate governance in the country.

The new executive secretary stated that the actions and inactions of the council may make or mar local and foreign investors’ confidence in the nation’s economy.

He listed the areas of his priority to include enforcing accounting standards, supervision/collaboration with regulatory supervisory bodies such as SEC, CBN, PENCOM, CAC, NAICOM, enforcement, operations and funding of the council.

The outgoing Acting Executive Secretary, Dr. Anyahara, welcomed the new CEO and pledged the support of staff and management towards the realization of the Council’s mandates.

Amaka E. Nliam