Federal government had challenged the newly inaugurated Board members of the Financial Reporting Council (FRC),to prioritise issues on corporate governance and accountability which would ensure rise in investor’s confidence in the country.
Okechukwu Enelamah,the Minister of Industry Trade and Investment at the inauguration on Thursday in Abuja said,” A new FRC Board will help restore full board oversight to the Council and thereby enable the organization to carry out its mandates more effectively.
He directed the board members to ensure that they are economic agents helping Nigeria produce and publish high quality financial information that underscores the efficient working of Nigeria’s capital markets and indeed the overall economy.
He noted that the current administration is engaging in wide-ranging reforms aimed at diversifying the economy as well as attracting investment into various sectors of the economy. Emphasis is also being placed on Financial Reporting as a key part of such reforms.
“The investment case is stronger when investors and other stakeholders have increased confidence that their interests are protected. This is where the work of the Council becomes relevant to our economic recovery and growth – ensuring the existence of high quality standards in financial reporting and corporate governance and enforcement of compliance with such standards,” Enelamah said.
Meanwhile, available records have shown that Nigeria is currently loosing an estimated 2 to 3 trillion dollars to illicit overseas funds transfer. Following this, Enelemah at the inauguration said the financial reporting council board would ensure proper oversight which would address the concerns posed by illicit financial flows.
Speaking on behalf of the 23 inaugurated board members, Adedotun Sulaiman, the Board Chairman of FRC pledged commitment of the members in working closely with the government in aligning financial reporting and cooperate governance to global standards in Nigeria.
He stated that the Council would work with the government to support the anti-corruption crusade of the present administration, while ensuring that global standards are sustained to enhance Nigeria’s business environment and facilitate ease of doing business.