In a significant move towards fostering effective enforcement and stakeholder engagement, the Executive Secretary/CEO of the Financial Reporting Council of Nigeria, Dr. Rabiu Olowo, and his team paid a visit to the headquarters of the Economic and Financial Crimes Commission (EFCC) on Monday, December 18, 2023. The visit aimed to solidify the collaboration between the FRC and EFCC, focusing on the DOSE agenda (Digitization, Operational Excellence, Stakeholder Engagement, and Enforcement) as outlined by Dr. Olowo.
During the visit, Dr. Olowo extended his congratulations to the Chairman of the EFCC on his appointment and emphasized the transformational agenda of the FRC under his leadership, encapsulated in the DOSE framework. This agenda highlights the Council’s commitment to digitization, operational excellence, stakeholder engagement, and enforcement, in line with its core mandate.
The collaboration between the FRC and EFCC centers around investigation and enforcement, leveraging their respective technical competencies. Dr. Olowo stressed the importance of information sharing between the two organizations to enhance their collective efforts in combating financial crimes and promoting accountability in the Nigerian business landscape.
To formalize their partnership, the FRC and EFCC are working towards establishing a Memorandum of Understanding (MoU) that will serve as a framework for collaboration, facilitating seamless cooperation and coordination between the two agencies.
Speaking about the visit, Dr. Rabiu Olowo stated, “Our visit to the EFCC headquarters signifies our commitment to strengthening enforcement mechanisms and engaging key stakeholders in the fight against financial crimes. We believe that by working together, the FRC and EFCC can effectively address issues related to corporate governance, financial reporting, and integrity in the Nigerian business environment.”
The Chairman of the EFCC expressed his appreciation for the collaboration, acknowledging the importance of the FRC’s expertise in supporting the EFCC’s enforcement efforts. He emphasized that this partnership would significantly contribute to the overall goal of promoting transparency, accountability, and good governance in Nigeria.
The Financial Reporting Council of Nigeria and the Economic and Financial Crimes Commission are dedicated to upholding the highest standards of accountability and integrity in the business landscape. Through their strengthened collaboration, they aim to foster an environment that promotes transparency, deters financial crimes, and enhances stakeholder confidence in the Nigerian economy.