The Financial Reporting Council of Nigeria (FRC) has commissioned its new headquarters in Lagos as part of efforts to strengthen its regulatory capacity and boost investor confidence in Nigeria’s financial reporting and corporate governance system.
The new facility, commissioned at a ceremony attended by the Vice President, Senator Kashim Shettima, represented by Tope Fasua, his special adviser, Babajide Sanwo-Olu, governor, Lagos State, Jumoke Oduwole, minister of Industry, Trade and Investment, representatives of the Minister of Finance; members of the National Assembly and other stakeholders, provides the council with its first permanent headquarters in more than four decades of operation.
Speaking at the ceremony, Rabiu Olowo, FRC executive secretary and chief executive officer, said the new headquarters marked a new chapter for an institution whose mandate had expanded significantly since its establishment. “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 development reflected the evolution of the FRC and the need for its physical infrastructure to match the importance of its statutory responsibilities. The council’s institutional journey began with the establishment of the Nigerian Accounting Standards Board (NASB) in 1982. The NASB later received statutory backing through the Nigerian Accounting Standards Board Act of 2003 before evolving into the Financial Reporting Council of Nigeria under the FRC Act of 2011.
Its mandate has since expanded beyond accounting standards to include financial reporting, accounting, auditing, actuarial and valuation standards, corporate governance and sustainability reporting. Olowo said the council had operated without a permanent headquarters despite more than four decades of institutional development, describing the new facility as a symbol of stability, independence, credibility and dignity. “Today, the Council has a home. And this home belongs not to one Executive Secretary or CEO, not to one board,