Left to Right: Dr. Rabiu Olowo, Executive Secretary and Chief Executive Officer of Financial Reporting Council (FRC) of Nigeria, and Mr. Umar Yakubu, Executive Director of Center for Fiscal Transparency and Public Integrity (formerly Center for Fiscal Transparency & Integrity Watch)
A delegation from the Center for Fiscal Transparency and Public Integrity (formerly Center for Fiscal Transparency & Integrity Watch) led by its Executive Director, Mr. Umar Yakubu paid a courtesy visit to the Financial Reporting Council (FRC) of Nigeria at its Abuja office today, Wednesday, May 15, 2024, as part of an exciting initiative to promote transparency and accountability.
Mr. Yakubu, while speaking during the visit emphasized that as a Civil Society Organization, the Center is tasked with monitoring the Transparency and Integrity Index in the public sector where it measures parameters such as Anti-Bribery, Anti-corruption, Whistleblowing policies and the compliance of organizations to these parameters. To ensure that entities comply with these laws on behalf of the federal, state and local governments, Mr. Yakubu sought the cooperation and collaboration of the FRC as a foremost regulator.
The Executive Secretary/CEO of FRC, Dr. Rabiu Olowo while receiving the team stated that there is alignment in the objectives of the Center and FRC especially because FRC as the Conscience of Regulatory Assurance in Nigeria is interested in sound financial reporting in order to attract foreign investments and protect stakeholder investments in Nigeria.
Dr. Olowo further stated that in furtherance of the Council’s mandate to ensure sound corporate governance practices, the FRC has developed the Nigerian Public Sector Governance Code (NPSGC) that is presently exposed on its website. He enjoined Mr. Yakubu and his team to visit the website and make the required comments on the code in order to produce a robust code for the governance of public institutions. Dr. Olowo assured the delegation that FRC will be willing to work with them to ensure accountability and transparency in accordance with its mandate.
The visit of the Center for Fiscal Transparency and Public Integrity signifies a significant step towards fostering cooperation between a civil society organization and a regulatory body. This partnership aims to fortify the foundation of transparency, integrity, and good governance in Nigeria’s public sector. With both organizations dedicated to upholding these principles, this collaboration promises to make a lasting impact on the nation’s financial landscape.