In 2022, the Executive Secretary, Chief Executive Officer, Financial Reporting Council FRC, Dr Rabiu Onaolapo Olowo was honored by an international body for making giant strides under 40, both in the private and public sector in Nigeria then as Commissioner for finance, Lagos state .
Then , as Commissioner for Finance in Lagos state , he created a lot of bonds , and was the only state in Nigeria that generated above 600 Billion from the capital market to the state that attracted multiple development.
Having achieved greatly particularly during COVID global emergency period and End SARS crises in Lagos in the area of infrastructure and manpower development, Olowo became the first set of appointees by President Bola Ahmed Tinubu as Head of Agencies, Departments and Parastatals, owing to his unique performance and achievements at the cosmopolitan Lagos state.
The global award and his dedicated service to Lagos state when he became a Commissioner of Finance at 34, became a cynosure of other corporate organizations to synergise.
Fortunately or coincidentally, the new appointment as Executive Secretary, Chief Executive Officer, Financial Reporting Council FRC, that is charged with corporate governance and regulations of accounting systems and activities in Nigeria, became attractive to accounting bodies like Institute of Chartered Accountants of Nigeria, (ICAN) among others.
For four consecutive years in the cosmopolitan Lagos state, Olowo manned effectively and efficiently that transformed both the infrastructural and socioeconomic development of Lagos state, that led to the initiation of many modest developmental projects.
Having achieved through extraordinary performance during the country’s emergency situation particularly COVID and End SARS, his appointment by President Bola Ahmed Tinubu to contribute to the Renewed Hope Agenda of his administration was not out of place , particularly his giant strides to better the lots of Lagosians.
Just one year down the line at the Financial Reporting Council, his extraordinary traits begins to manifest , an indicator that the global honor was not out of place at the state in 2022.
The most recognized and renowned accounting body , Institute of Chartered Accountants of Nigeria (ICAN ) , also confered on him the “2024 Top Chartered Accountant under 40, ” owing to his unique performance and achievements one year after his appointment by President Bola Ahmed Tinubu at FRC.
His achievements under six months at the helm of affairs of Financial Reporting Council FRC that led to the award was obtaining the buy-in of President Bola Ahmed Tinubu, Vice President, Kashim Shettima, Lagos state Governor , Babajide Sanwo-olu, key Ministers and other Stakeholders for the adoption of the new Sustainability Standards IFRS S1( General requirements for the Disclosure of Sustainability Related Financial Information) and IFRS S2
( Climate Related Disclosure) , due to his resourcefulness and remarkable transformation.
Olowo also launched the road map for the adoption of sustainability reporting standards at a session with the Chairman of the ISSB/IFRS foundation, Mr Emmanuel Faber alongside the NGX.
He created the sustainability reporting unit to drive adoption and advocacy for Sustainability Reporting in Nigeria, through the new Financial Reporting Council FRC.
For the first time in Financial Reporting Council FRC history, attaining the full complement of seven directorates following the operationalization of the Directorate of Actuarial standards and Directorate of Valuation Standards.
He also commenced Audit Quality Reviews, the hallmark of the regulatory oversight towards credible financial reporting process in the country.
The new Financial Reporting Council FRC leadership under Olowo synchronised the FRC data base with NIN verification for improved integrity of the data base , to ensure transparency , accountability and due diligence.
With this greater achievements targeted towards improving accounting profession both in the private and public sector, the honor done to him by ICAN was timely and desiring.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
