The Financial Reporting Council of Nigeria (FRC-N) under the leadership of Rabiu Onaolapo Olowo as the new Executive Secretary and Chief Executive officer CEO has contributed greatly to the new administration of Renewed Hope Agenda of President Bola Ahmed Tinubu through the introduction of a working template known as Digitisation, Operations, Excellent, Stakeholders , Engagement and Enforcement acronym (DOSE).
Appointed in October, 2023 and six months down the line, the vibrant and visionary leadership under the new helmsman has introduced series of innovations and reforms to redirect the activities of the council in line with it’s mandates.
Having met an organization that operated its programs purely on analogue and old order , Olowo did not mince words by upgrading the activities of the council through digitisation and automation of it’s activities in accordance with DOSE.
Armed with alot of experiences from the cosmopolitan Lagos state as immediate past Commissioner for Finance, Olowo prioritised corporate governance both in the public and private sector as a leeway to reliable financial records.
Dissatisfied with the prevalent false accounting template and regulations that had affected the image of the country internally and externally, the new helmsman devised a new way of doing things with the provision of its act as amended in 2011.
To strengthen the regulatory, enforcement and control framework, the new financial council must abide by the modest fillings, analysis, submission of financial statements as at when due in accordance with the code of conduct and public governance code , 2024.
In that vein , he prioritised capacity building, training and retraining of staff to rejig corporate reports, inspection, monitoring, with modern gadgets as well as the implementation and expansion of more departments, with a view to delivering on its mandate.
Olowo six months down the line had developed a road map in line with the Renewed Hope Agenda to sustain financial reporting and statements.
With the introduction of more departments to adhere to compliance, corporate reports, governance and transparency/ accountability in the new council.
In his efforts to enhance sustainability disclosure, the council collaborated with the relevant anti -graft agencies with the maiden visit to EFCC and subsequently ICPC to further synergise in the area of trainings , advocacies, awareness, talk shops, seminars and workshops to drive the new accounting tools and modus operandi.
With DOSE as a guide, the council embarked on the training of CFO’s of both public and private sector with a view to acquainting them with the new norm of automation and digitisation to enhance sustainability reporting.
With the new order and leadership, the financial reporting council introduced a new guidelines to promote business enterprises both locally and internationally in accordance with the best practices.
The introduction of Small and Medium Enterprises Governance Guidelines (SME-CGG ) due to be launched in the course of time will consolidate transparency and accountability tackled risks, and secure unpredictable business environment.
With Medium and Small Scale Enterprises MSMEs as the other of the day and driver of the emerging economies of countries, no doubt the new SME- CGG will galvanize and position the council to attract more investments locally and internationally.
Determined to turn around the council to address corporate good governance, the new helmsman hurriedly developed a roadmap geared towards sane reports on sustainable disclosure, partnerships with both local and international organizations like the IFRS to ensure standard , as well as engaged in the consummation of Memorandum of Understandings MOU’s, and deploying the new accounting tools to improve productivity.
Operating strictly and taken cognizance of it’s mandate and act as amended in 2011, it is obvious that going forward, in view of other indices of reforms been carried out, an indicator that the new financial reporting council under the leadership of Rabiu Onaolapo Olowo will not only drive the economy of the country through a timely and well articulated financial reporting and statements, but attract both foreign direct investments FDIs that will trigger local activities .
Yusuf writes from Abuja on [email protected].
