After 44 years, FRC commissions new headquarters in Lagos

In its’ more than four decades of existence, the Financial Reporting Council of Nigeria (FRC) has commissioned its new headquarters in Lagos.

The ceremony brought together the Vice President, Senator Kashim Shettima, represented by his 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; professional bodies; regulators; captains of industry and other stakeholders.

Speaking at the ceremony, the Executive Secretary and Chief Executive Officer of the Financial Reporting Council of Nigeria (FRC),  Dr. Rabiu Olowo, described the development as more than the opening of a new building, saying it marked the beginning of a new chapter for an institution that has served Nigeria for more than four decades.

“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 new headquarters represented the evolution of the FRC and the need for its physical infrastructure to match the importance of its statutory mandate.

Representing Vice President Kashim Shettima, Dr. Tope Fasua, said the commissioning was significant because the work of the FRC touched the foundation of every modern economy — trust.

Fasua said reliable financial reporting was essential to investors, banks, government and businesses seeking to make informed decisions.

The Lagos State Governor, Babajide Sanwo-Olu, described the FRC as an important institution in Nigeria’s economic architecture, particularly given Lagos’ position as the country’s leading commercial and financial centre.

Sanwo-Olu said the council’s work in promoting credible financial reporting, transparency and corporate governance had implications beyond the corporate sector.