The Financial Reporting Council of Nigeria (FRC) hereby issues a public notice regarding the suspension and restatement of the Nigerian Maritime Administration and Safety Agency’s (NIMASA) audited financial statements for the year ended December 31, 2018. This action is taken in accordance with the FRC Act 2011 (as amended) and the Financial Reporting Council of Nigeria-Guidelines/Regulations for Inspection and Monitoring of Reporting Entities.

Suspension of FRC Registration Numbers: The FRC registration numbers of certifiers of NIMASA’s 2018 Audited Financial Statement, Dr. Bashir Jamoh (FRC/2017/CIANG/00000016699) and Chudi Offodile (Unregistered), are hereby suspended. This suspension renders them incapable of certifying any financial statements in Nigeria.

Click here for the full notice: https://frcnigeria.gov.ng/wp-content/uploads/2023/11/Public-Notice-on-NIMASA-FINAL.pdf

The Financial Reporting Council (FRC) of Nigeria is happy to announce its upcoming Media Parley themed “FRC & THE RENEWED HOPE AGENDA FOR A STRONGER ECONOMY.”

This exclusive event is designed to introduce the FRC and its new transformational agenda to the media and stakeholders; shaping the transformational agenda towards fulfilling its mandate of ensuring sound financial reporting, auditing, and corporate governance standards in Nigeria.

Date and Time: November 29, 2023, at 11 a.m. prompt

Venue: Lagos Oriental Hotel, 3, Lekki-Epe Expressway, Victoria Island, Lagos State.

The 15th Meeting of the National Council on Industry, Trade, and Investment drew to a close, with Dr. Rabiu Olowo, the Executive Secretary/CEO of the Financial Reporting Council of Nigeria, being one of the key participants.

Under the theme “Digitalization of Industry, Trade, and Investment Sector for National Development,” this weeklong event took place in Katsina State, gathering prominent government officials and esteemed industry leaders. The objective was to engage in fruitful discussions and find comprehensive solutions to the challenges hindering the nation’s economic growth and development.

The event was officially opened by Dr. Doris Nkiruka Uzoka-Anite, the Minister of Industry, Trade, and Investment. Although unable to attend in person, she was represented by Dr. Evelyn N. Ngige, the Permanent Secretary of the Ministry of Industry, Trade, and Investment. In her address, Dr. Uzoka-Anite emphasized the significance of embracing information and communication technology (ICT) to foster the development of industry and commerce, ensuring sustainable economic growth.

During her speech, Dr. Uzoka-Anite also highlighted some of the pressing issues plaguing the sector. She urged all participants to actively engage in the sessions and contribute meaningfully, with the aim of generating suggestions that would pave the way for economic prosperity.

Additionally, the Katsina State Governor, Dr. Dikko Radda, took the opportunity to showcase the economic potential of the state. He encouraged potential investors to seize the opportunities and tap into the state’s resources, assuring them that the government was diligently working to create a conducive atmosphere for investment.

Throughout the event, panel discussions were held, focusing on various topics related to the role of ICT in different aspects of industry, trade, and investment. These discussions allowed participants to explore innovative ideas and strategies to drive growth and development in these sectors.

The 15th Meeting of the National Council on Industry, Trade, and Investment served as a platform for key stakeholders to come together and collectively address the challenges hindering Nigeria’s economic progress. The discussions and solutions proposed during this event have the potential to shape the future of the nation’s industry, trade, and investment sectors, driving them towards sustainable development in the digital age.

As part of the FRC’s strategic engagements with development partners to achieve its transitional agenda, the FRC recently hosted a delegation from the UN Global Compact, led by Ayotola Jagun,.

The meeting which served as a courtesy call for Dr. Rabiu Olowo, the newly appointed Executive Secretary/CEO, was geared towards exploring a potential partnership between the FRC and the UN Global Compact.   

During the meeting, areas of collaboration were identified where the UN Global Compact could provide assistance to the FRC. These areas include technical assistance in capacity building, research, and infrastructure improvement.

It is important for the FRC to engage with development partners to leverage their expertise, resources, and networks. Collaborative partnerships can contribute to the FRC’s efforts in enhancing financial reporting, corporate governance, and regulatory practices in Nigeria.

This partnership between the FRC and the UN Global Compact certainly holds great potential for advancing sustainable development and promoting responsible business practices in Nigeria. By working together, they can contribute to the achievement of the FRC’s transformational agenda and create a more sustainable and equitable future.