With the focus and direction of the Renewed Hope Agenda RHA of President Bola Ahmed Tinubu, the Financial Reporting Council, FRC under the leadership of Dr Rabiu Onaolapo Olowo planned to deepen and also integrate not only administrative wisdom and capacity of the present administration by the council, but ensured all activities is laced on transparency and accountability.
Hence the convening of a workshop and seminar in collaboration with the Civil Society Organisations CSO’s, Non- Governmental Organizations NGO’s is to build the lasting impression of utmost sanity in it’s activities that boarders on financial regulations.
The capacity building program which attracted major and well known watchdogs of government activities both at the private and public sector was to guarantee the oversight and roles of the Financial Reporting Council,FRC and input from the agency.
Laced with the supervision of corporate organizations through corporate governance and sustainability standard, the council is poised not only to provide it’s mandate and regulatory roles, but act in accordance with the statutory functions and lay down procedures.
The one day capacity building which attracted all CSO’s and NGO’s operating in the country was another right step in the right direction and an eye opener capable of promoting sane practices in all government activities.
As an essential actors and watchdog within Nigeria’s accountability framework that acts as checks and balances, the decision of FRC management to inculcate the activities of the Organisations will go along way to giving credence not only to it’s activities locally , but internationally.
The unique initiative of the management of Financial Reporting Council, FRC under the Executive Secretary Chief Executive officer, Dr Rabiu Onaolapo Olowo will be a major steps for internal regulations and also exposed the council to external scrutiny.
Glaringly, all hands must be on deck to support the council as aside engaging the media through constant briefing, the CSO’s and NGO’s will be in an better position to portray the activities of organization for public glare .
According to various contributors..
“Organised by the New Era for Sustainability Leadership and Accountability Initiative (NESLAI), Mr. Titus Osawe, coordinating director at the FRC, who represented the executive secretary/chief executive, Dr. Rabiu Olowo, said the council values partnerships with organisations aligned with its mission.”
We find this very useful because we saw a group that is interested in what we do,” Osawe said. “At the Financial Reporting Council, we monitor compliance with financial reporting standards, corporate governance, and sustainability codes. When we see an organisation like NESLAI ready to push the narrative through advocacy, we are keen to collaborate.”
“He underscored the pivotal role of civil society in stakeholder engagement and capacity building, noting that CSOs were instrumental in the development of the 2018 Nigerian Code of Corporate Governance for the private sector.”
“Also revealed that CSO’s are actively involved in the ongoing drafting of a governance code for not-for-profit organisations, which is expected to be finalised this year.”
“Stakeholders from the Network for Legislative Strengthening and Accountability Initiatives (NELSAI), emphasised that civil society groups are essential actors within Nigeria’s accountability framework.”
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
