R-L: Executive Secretary/CEO, FRC, Dr. Rabiu Olowo and Chairman, IoD Centre for Corporate Governance (IoDCCG), Mr. Urum Kalu Eke, MFR, F.loD during the visit.
In a significant development, the Chairman of the IoD, Centre for Corporate Governance (IoDCCG), Mr. Urum Kalu Eke, MFR, F.loD, led his team on a courtesy visit to the Financial Reporting Council of Nigeria (FRC) on Wednesday, March 13, 2024, in Lagos. This visit marked a pivotal moment for fostering collaboration and advancing corporate governance practices in Nigeria.
During the visit, Mr. Eke outlined the purpose of their visit, which encompassed several important objectives. Firstly, he congratulated Dr. Rabiu Olowo on his well-deserved appointment as the Executive Secretary/Chief Executive Officer of the FRC. This acknowledgement highlighted Dr. Olowo’s expertise and dedication in the field of corporate governance.
Secondly, Mr. Eke provided an update to the Council on the IoDCCG’s activities over the years. He shared valuable insights from their strategic retreat, in which they devised a comprehensive 20-point initiative to reset and recalibrate the center’s previous activities.
Furthermore, the IoDCCG expressed its gratitude to the FRC for her support during the first edition of the National Corporate Governance Summit. They reaffirmed their collaboration with the FRC for the forthcoming second edition of the National Corporate Governance Summit, scheduled to be held from July 16 to 17, 2024. Additionally, Mr. Eke informed Dr. Olowo of his appointment as the Chairman with the Director-General, Ministry of Finance Incorporated (DG MOFI) as Co-chair of the summit, highlighting the FRC’s pivotal role in promoting corporate governance in Nigeria.
The IoDCCG also proposed the implementation of certification levels for Directors, using its main founding organization, Chartered Institute of Directors (CIoD) as a veritable springboard. Mr. Eke explained that these certifications would ensure directors remain updated on current developments within the corporate governance landscape. He emphasized the importance of capacity building through training initiatives and the establishment of minimum expectations for Directors generally whether within the IoDCCG, and its related and affiliate organizations & associations.
The IoDCCG delegation also highlighted the significance of the FRC’s role in financial reporting integrity, which serves as a crucial factor for foreign investors and other users of financial statements when making investment decisions.
In their closing remarks, the IoDCCG appealed to key stakeholders, including the SEC, CAC, and NSE, to enforce sanctions on any member who fails to attain the requisite certification through dedicated capacity-building sessions. This call to action aims to promote better financial reporting and corporate governance within the industry.
Mr. Eke commended the FRC for developing the Nigeria Code of Corporate Governance for the Public Sector 2023, recognizing it as a comprehensive and vital document for corporate governance practices. This code stands as a testament to the FRC’s commitment to fostering transparent and accountable governance across the public sector.
In response, Dr. Rabiu Olowo, the Executive Secretary/CEO of the FRC, warmly welcomed the IoDCCG delegation, emphasizing the longstanding partnership between the FRC and the Centre. He underscored the Institute’s credibility as a valuable partner for discussions on corporate governance practices. Dr. Olowo highlighted the alignment between the FRC and the IoDCCG in fulfilling the FRC’s core mandate.
Dr. Olowo also emphasized the FRC’s pivotal role in deepening corporate governance practices in Nigeria, which according to him, has drawn the attention of President Bola Ahmed Tinubu, GCFR. He took the opportunity to explain the Council’s strategic DOSE framework, encompassing Digitization, Operational Excellence, Stakeholders Engagement, and Enforcement.
Additionally, Dr. Olowo informed the delegation that the FRC’s draft Nigeria Public Sector Governance Code (NPSGC) 2023 has been made available to the public for comments and inputs. He solicited the support of the IoDCCG in submitting valuable comments, recognizing their expertise and insights in the field of corporate governance.
The courtesy visit to FRC by IoDCCG marked a significant milestone in their joint commitment to strengthening corporate governance practices in Nigeria. This collaboration promises to foster a transparent, accountable, and efficient business environment within the private and public sector.
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