Trade Minister task FRC over enforcement of accounting standards in Nigeria

May 6, 2021
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The Minister of Industry, Trade and Investment, Otunba Richard Adebayo has called the newly appointed Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Alhaji Shuaibu Ahmed to develop sound accounting and financial reporting standards in accordance with the Act establishing the council.

While inaugurating the new management on Thursday in Abuja, Adebayo emphasised 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.

The Minister also asked the council to review and monitor the professionals in the accounting sector, and the monitoring of corporate governance financial papers.

“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 counseled.

On his part, Shuaibu Ahmed said he was prepared to ensure that FRC lived up to expectation under his leadership, noting that the council being the apex regulatory agency for financial reporting and corporate governance in the country, its actions and inactions 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 ES/CEO, Dr Anyahara welcomed the new CEO and pledged the support of staff and management towards the realisation of the Council’s mandates.

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