By Babajide Komolafe The Financial Reporting Council of Nigeria, FRC, yesterday announced the end of multiple submissions of financial statements by companies to government agencies and regulators, following the launch of a national repository for audited financial statements. Chief Executive Officer of the FRC, Rabiu Olowo, disclosed this at the official commissioning of the Council’s new […] The post FRC ends multiple financial statement filings, unveils national repository appeared first on V
By Babajide Komolafe
The Financial Reporting Council of Nigeria, FRC, yesterday announced the end of multiple submissions of financial statements by companies to government agencies and regulators, following the launch of a national repository for audited financial statements.
Chief Executive Officer of the FRC, Rabiu Olowo, disclosed this at the official commissioning of the Council’s new headquarters in Lagos, where Vice President Kashim Shettima, represented by his Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, commissioned the new head office.
Olowo said companies would no longer be required to submit separate financial statements to the Corporate Affairs Commission, CAC, FRC, Accountant-General of the Federation and sector regulators.
“Before now, you had companies-and some of them are here-that would submit one financial statement to the Corporate Affairs Commission, one to the FRC, another to the Accountant-General, and another to their sectoral regulator, such as the CBN,” Olowo said.
“But today, that cannot happen any longer. We have a national repository for financial statements in Nigeria.”
He said the repository was one of several reforms undertaken by the Council since 2023 as part of its transformation agenda focused on “good governance, increased transparency and excellent stability and enforcement.”
Olowo said the FRC had also “strengthened audit regulation through comprehensive practice reviews, commenced implementation and enforcement in non-financial reporting, introduced the Non-Compliance with Laws and Regulations, NOCLAR, framework and strengthened valuation regulation.
“We have expanded our regulatory reach. We have integrated our database with the National Identification Number verification system,” he said.
Speaking at the event, Shettima said stronger institutions were essential to attracting investment.
“Capital is a cautious traveller. Money does not follow security alone; it follows confidence. And confidence follows institutions,” he said.
He added: “Transformation cannot be sustained by policies alone. We must build institutions capable of carrying those policies beyond individual personalities and political cycles.”
Also speaking, Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said regulatory certainty was critical to Nigeria’s competitiveness.
“Investors understand commercial risk. They assess it, price it and make decisions accordingly. It is much harder to price regulatory uncertainty,” she said.
According to Oduwole, “predictability, transparency and efficient administration are not simply conveniences for businesses.
They are fundamental components of national competitiveness.”
Olowo said the new headquarters marked a new chapter for the FRC, which evolved from the Nigerian Accounting Standards Board established in 1982.
“Today, the Council has a home,” he said. “This building belongs not to one Executive Secretary or CEO, not to one board, not even to the minister or the President. It belongs to Nigeria.”
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