The Financial Reporting Council of Nigeria recently concluded its highly anticipated 2024 strategic management retreat, held from February 22 – 25, 2024, at the International Institute of Tropical Agriculture (IITA) in Ibadan, Oyo State. The theme of the retreat, “Building a Sustainable Future for the Financial Reporting Council of Nigeria,” set the stage for a dynamic and forward-thinking event that brought together the Council’s Management team alongside critical external stakeholders to craft a strategic roadmap for the Council’s future.
The retreat commenced with a welcome address delivered by the esteemed Executive Secretary/CEO, FRC, Dr. Rabiu Olowo. Dr. Olowo underscored the significance of the Council’s work across both the private and public sectors, emphasizing the pivotal role of the Council in shaping the financial reporting landscape in Nigeria. He emphasized the Council’s mission to emerge as a new, robust, independent, and high-performing regulator of financial reporting and corporate governance in Nigeria, while unwaveringly acting in the public interest. Dr. Olowo also highlighted the Council’s recent activities, noting visible results in terms of earning greater respect among stakeholders and enforcing enhanced compliance. According to him, “the mission of the FRC is to be a new robust, independent, and high- performing regulator of financial reporting and corporate governance in Nigeria, acting in the public interest. In the last couple of months, the Council has carried out a few activities and the results are visible in terms of earning more respect amongst stakeholders and enforcing more compliance.”
A pivotal moment of the retreat was the keynote address on “Building a Sustainable Future for the Financial Reporting Council of Nigeria,” delivered by Rukayat El-Rufai, Special Adviser to the President on NEC and Climate Change. Her address outlined key recommendations that underscored the imperative for the Council to evolve in response to unprecedented changes in the global financial landscape, aligning its policies and practices with international best practices while remaining rooted in the local context.
The retreat also featured a thought-provoking panel discussion session on the future of the Financial Reporting Council of Nigeria, comprising speakers from top accounting firms like PWC, Deloitte, KPMG, E&Y and professional accounting bodies such as Institute of Chartered Accountants of Nigeria (ICAN) and the Association of National Accountants of Nigeria (ANAN). The panelists commended the Council’s international visibility and advocacy for sustainability reporting in Nigeria, paving the way for a stronger, more transparent financial reporting landscape in the country.
Throughout the retreat, the emphasis on digital transformation, transparency, sector-specific regulatory compliance, collaboration opportunities, and sustainability reporting underscored the Council’s commitment to driving positive change and fostering a culture of integrity and innovation within the financial reporting sector.
The retreat culminated in a resounding affirmation of the Council’s dedication to shaping a sustainable future, grounded in international best practices and local relevance, while actively engaging with stakeholders to leave a lasting legacy of excellence and positive impact.
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