FRC Partners With CSOs To Deepen Accountability In Financial Reporting

Financial Reporting Council of Nigeria (FRC) has reiterated its committedness to collaborating with civilian nine organisations (CSOs) to beforehand greater accountability, transparency and compliance with fiscal reporting, firm governance, and sustainability standards crossed Nigeria.

At a one-day capacity-building store held successful Abuja yesterday, organised by the New Era for Sustainability Leadership and Accountability Initiative (NESLAI), Mr. Titus Osawe, coordinating manager astatine the FRC, who represented the enforcement secretary/chief executive, Dr. Rabiu Olowo, said the assembly values partnerships with organisations aligned with its mission.

“We find this precise utile due to the fact that we saw a radical that is funny successful what we do,” Osawe said. “At the Financial Reporting Council, we show compliance with fiscal reporting standards, firm governance, and sustainability codes. When we spot an organisation similar NESLAI acceptable to propulsion the communicative done advocacy, we are keen to collaborate.”

Osawe underscored the pivotal relation of civilian nine successful stakeholder engagement and capableness building, noting that CSOs were instrumental successful the improvement of the 2018 Nigerian Code of Corporate Governance for the backstage sector.

He besides revealed that CSOs are actively progressive successful the ongoing drafting of a governance codification for not-for-profit organisations, which is expected to beryllium finalised this year.

In his remarks, Comrade Edwin Oluwafemi, enforcement manager of the Network for Legislative Strengthening and Accountability Initiatives (NELSAI), emphasised that civilian nine groups are indispensable actors wrong Nigeria’s accountability framework.

“Your relation successful bridging government, the backstage sector, and communities gives you a unsocial presumption to power compliance with fiscal reporting standards crossed the board,” helium said.

Citing the FRC Act of 2011 and the Companies and Allied Matters Act (CAMA) 2020), Oluwafemi reminded participants that transparency and bully governance are ineligible responsibilities—not voluntary choices.

“The grooming is designed not lone to heighten the capableness of CSOs but besides to empower them to pb by illustration by upholding the highest fiscal reporting standards wrong their ain organisations,” helium added.

Also, Comrade Richard Otitoleke, programme coordinator, said the inaugural aims to equip credible civilian nine actors with the method competence to show compliance and clasp institutions accountable.

“This inaugural ensures that backstage and nationalist companies conscionable planetary champion practices,” helium explained. “Civil nine needs the intelligence and method know-how to decently transportation retired oversight successful fiscal reporting.”

Participants astatine the store described the grooming arsenic timely and impactful. Comrade Opanachi Jacob, nationalist coordinator of the Africa Poverty Alleviation Initiative, noted that the league helped span captious cognition gaps.

“It sharpens our skills to attack fiscal reporting based connected some planetary and home standards, particularly successful monitoring procurement processes. With this, CSOs tin amended clasp institutions accountable and trim leakages that substance corruption,” helium said.

Chief Ogakwu Dominic, of the Civil Society Groups for Good Governance (CSGGG), highlighted the broader implications of the grooming connected governance.

“This inaugural is commendable due to the fact that it reawakens america to the information that accountability is not lone for authorities institutions but besides for the backstage assemblage and individuals,” helium stated.

“Every institution listed connected the banal speech needs to beryllium accountable to Nigerians. Corporate governance is precise essential. You cannot say, due to the fact that it is your backstage business, citizens should not inquire questions.”