Coalition Lauds FRC For Strengthening Regulatory Capacity

The Coalition of Civil Society for Good Governance has commended the Financial Reporting Council of Nigeria (FRC) for strengthening its institutional capacity and improving its regulatory effectiveness.

The coalition said the progress recorded by the council under the leadership of its executive secretary/chief executive officer, Dr Rabiu Olowo, reflected deliberate efforts to build a more effective and professionally driven regulatory institution.

In a statement signed by the coalition’s convener, Comrade Muktar Abdulkadir, in Abuja, yesterday, the group identified the FRC’s acquisition of a new office building as one of the significant developments under the current leadership.

The coalition said the new facility went beyond providing office space, describing it as a strategic investment in the council’s capacity to discharge its statutory responsibilities effectively.

“The new facility represents a strategic investment in the future of the institution and demonstrates the leadership’s commitment to providing an appropriate working environment for the effective discharge of the Council’s statutory responsibilities,” the statement said.

It said the development was consistent with what it described as “purposeful leadership, strategic vision, institutional discipline and commitment to building a stronger and more effective regulatory institution.”

The coalition also highlighted measures to improve the welfare and working conditions of FRC personnel, saying that the effectiveness of any regulatory institution largely depended on the capacity and motivation of its workforce.

“We believe that no institution can achieve sustainable success without a motivated, valued and professionally supported workforce,” it stated.

According to the coalition, efforts to improve staff welfare, working conditions and employees’ overall wellbeing were necessary to boost institutional productivity and effectiveness.

It said that the combination of improved working conditions, institutional development, and stronger management could enhance the council’s efficiency in carrying out its responsibilities.

While commending Olowo, the coalition said the progress recorded by the FRC should be seen as a collective achievement involving the management and workforce.

“His stewardship has demonstrated that purposeful leadership, when combined with sound institutional management, can produce tangible and sustainable results,” it said.

The coalition said the council’s institutional development was also important to Nigeria’s broader efforts to promote transparency, accountability, investor confidence and sound corporate governance.

“These initiatives are important to Nigeria’s broader efforts to promote transparency, accountability, investor confidence and a stronger financial and corporate governance ecosystem,” the statement added.

The coalition also welcomed the FRC’s engagement with civil society organisations and other stakeholders, saying sustained interaction between regulators and civic groups could strengthen accountability and public confidence in public institutions.

“We believe that constructive engagement between regulatory institutions and civil society is essential to building public confidence and strengthening Nigeria’s institutional framework,” it stated.

It urged the FRC leadership to sustain the momentum by deepening efforts to improve institutional capacity, professionalism, transparency, regulatory effectiveness and service delivery.