R-L: Member, Membership and Standard Recognition Board (MSRB), International Valuation Standards Council (IVSC), Dr. Uche Egwuatu; Chief Executive, IVSC, Mr. Nick Talbot; Executive Secretary/CEO, FRC, Dr. Rabiu Olowo; Drew Dorweiler, IVSC Membership and Standards Recognition Committee (MSRC) Board Chair; Head, Directorate of Valuation Standards, FRC, Mr. Ugochukwu Nwora; and Head, Accounting Standards (Public Sector), FRC, Mr. Ibe Ibe in a group photograph during the visit by IVSC in Abuja.
In a significant development aimed at advancing financial reporting and valuation standards, Mr. Nick Talbot, the Chief Executive of the International Valuation Standards Council (IVSC), paid a courtesy visit to Dr. Rabiu Olowo, the Executive Secretary/Chief Executive Officer of the Financial Reporting Council (FRC) of Nigeria, on Tuesday, April 16, 2024, at the Council’s office in Abuja.
During the meeting, Dr. Olowo expressed his appreciation for the visit and stated that the visit marks the first of what promises to be a continuous and mutually beneficial relationship between the IVSC and the FRC. He emphasized that the establishment of the Directorate of Valuation Standards on January 23, 2024, came at a crucial time when President Asiwaju Bola Ahmed Tinubu has set forth a roadmap for economic transformation, aiming to achieve a $1 trillion economy. This roadmap emphasizes the importance of sound financial reporting and corporate governance practices, connecting them to the overall economic goals of Nigeria.
Dr. Olowo underscored the critical role played by robust valuation standards in ensuring credible financial reporting. He commended the valuation professionals in Nigeria for their remarkable contributions to credible financial reporting, expressing his confidence that with the Council’s oversight and regulation, the quality of their work will be further strengthened. This, in turn, will enhance the credibility of financial reporting, ultimately bolstering investors’ confidence.
Assuring the IVSC of FRC’s commitment to global best practices, Dr. Olowo emphasized that the Directorate of Valuation Standards will adhere to these standards in all its operations and practices. He expressed the FRC’s desire for continued support and shared insights from the IVSC, highlighting the importance of collaboration in driving the advancement of financial reporting and valuation standards.
The visit by Mr. Nick Talbot and his team signifies the beginning of a collaborative journey between the IVSC and the FRC, aimed at promoting transparency, reliability, and credibility in financial reporting and valuation practices in Nigeria. This partnership holds the potential to significantly impact the Nigerian financial landscape, fostering trust and confidence among investors and stakeholders.
The IVSC and the FRC’s joint commitment to upholding global best practices and their shared vision for sound financial reporting and valuation standards will undoubtedly contribute to the economic growth and development of Nigeria. As they forge ahead, the collaboration between these two organizations promises to drive positive change and elevate the standards of financial reporting and valuation in the country.