BY ABUBAKAR YUSUF
Opinion
The Financial Reporting Council FRC decision to revolutionize Small Medium Enterprises SMEs through partnership with the hub of high level activities, organizations and international agencies has showed the determination of the leadership under Dr Rabiu Onaolapo Olowo , the Executive Secretary efforts to transform the entire programs in the country beyond mere lip service and publicity.
Under the leadership of the current Chief Executive Officer , Dr Rabiu Onaolapo Olowo has introduced series of reforms that will not only re-introduced robust MSMEs programs, that will stand the taste of time , but outlive both it’s good legacies and intentions in Nigeria.
Therefore, the recent partnership between the Lagos State Chamber of Commerce and Industry LCCI among many other stakeholders locally and internationally to introduce modern and modest reforms and development into the workings of SMEs in Nigeria cannot be overemphasized.
The decision of the Financial Reporting Council FRC to partner with LCCI among many others local and foreign agencies had also demonstrated the level of determination and genuineness by the council to treat the new approach beyond nomenclature and window dressing, but impactful and consolidated reforms.
While expressing regrets on the mode and time of existing SMEs in the country, Olowo observed that most viable MSMEs known in the country does not exist beyond five years , a system and operations that was quite discouraging and unfortunate.
He stated that world over , MSMEs had been the bane of the existence of large scale businesses that are thriving in the present dispensation, driving the economies of countries,stating that Nigeria should not be an exception.
Dr Olowo who maintained that sane policy thrust needed to be put in place to give a long leverage of years to the existence of SMEs in the country, stating that the Renewed Hope Agenda of President Bola Ahmed Tinubu welcomed such a viable national and international programs to enhance socioeconomic and political developments of the country.
In that vein, aside partnerships, orientations and re-orientation with relevant stakeholders and organisations across the country and beyond, the council had also set up a well thought program that will encourage more participation to galvanize the activities in Nigeria.
This included the newly introduced programs using DOSE as a better approach towards genuine reforms and the recently launched SME -CGG to galvanize the activities of the small and medium scale actors towards a better economy, in spite the precarious economic situations met by the present administration which has rated him high in recent times and with efforts at improving the economy and greater signs.
The introduction of the SME-CGG into the curriculum of activities of the council will not only leverage on encouragement, but improvement on the modus operandi of SMEs, that will consolidate on its operations across the country.
Hence partnered with ACCA to train stakeholders on governance and audit regulation and also
completed and issued the Small and Medium Enterprises Corporate Governance Guidelines (SME CCG)
Promoted adoption of SME-CGG and Business Integrity Certification (BIC) to improve corporate ethics and sustainability.
Dr Olowo also Strengthened global cooperation through IVSC membership, Developed and publicly exposed Nigeria’s first Valuation Regulations, Conducted nationwide training in four geopolitical zones, reaching over 200 professionals, while over 923 stakeholders were engaged. , The Council has
Published and distributed the Valuation Guide nationwide.
The Executive Secretary also Strengthened partnerships with strategic government agencies with others ongoing including NAICOM, PENCOM, NHIS, NAS, IFoA (UK), SOA (USA), CAS (USA), TASK (Kenya), and IAA.
Initiated integration of Actuarial Science into Nigeria’s secondary school curriculum.
Strengthening Audit Regulation, Standards, and International Collaboration
Conducted the first comprehensive practice reviews across 16 audit firms, including the Big Four, covering 143 audit engagements.
The council introduced the NOCLAR framework (FRC Rule 14), aligned with international standards, aimed at enhancing the responsibilities of external auditors for their clients in cases of non-compliance with laws and regulations to uphold the integrity of financial reporting and protect public interest.
The Commencement of the Implementation and enforcement of ICFR guidance,
hosted Inaugural Leadership Summit for Auditors with over 764 participants in attendance.
Dr Olowo Signed an MOU with the Financial Reporting Oversight Board (FROB) of The Gambia to foster African regulatory collaboration and partnership, He also Advanced the UK and Nigeria Enhanced Trade and Investment Partnership (ETIP) to achieve Regulatory Equivalence, and mutual recognition of audit qualifications with FRC UK.
Under the Renewed Hope Agenda, the improved economy and national discourse and administrative decisions have created an enabler to the new way of operation of SME’s, been pioneered by the Financial Reporting Council, FRC, under the leadership of Dr Rabiu Onaolapo Olowo as Chief Executive officer.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
