FRC commissions permanent Lagos headquarters after 44 years

The Financial Reporting Council of Nigeria has commissioned its permanent headquarters in Lagos, 44 years after the institution was established, describing the development as a major step in strengthening financial reporting, corporate governance and regulatory oversight in Nigeria.

The commissioning ceremony was attended by Vice President Kashim Shettima’s 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, regulators, professional bodies and business leaders.

Speaking at the event, FRC Executive Secretary and Chief Executive Officer, Dr. Rabiu Olowo, said the new building was more than an office complex, describing it as the beginning of a new phase for the council.

“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 FRC had evolved significantly since its establishment, with its roots tracing back to the Nigerian Accounting Standards Board, which was established in 1982.

The NASB later received statutory backing through the Nigerian Accounting Standards Board Act of 2003 before becoming the Financial Reporting Council of Nigeria under the FRC Act of 2011.

Olowo said the council’s responsibilities had also expanded beyond accounting standards to include financial reporting, auditing, actuarial and valuation standards, corporate governance and sustainability reporting.

He noted that despite the institution’s more than four decades of existence, it had operated without a permanent headquarters of its own.

According to him, the new facility would provide the council with the stability and infrastructure required to carry out its mandate effectively.

“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.