The Financial Reporting Council (FRC) of Nigeria is pleased to announce the establishment of two new Directorates in line with the FRC Act, 2011 No. 6 (as amended). The newly established Directorates are the Directorate of Actuarial Standards and the Directorate of Valuation Standards. This significant development comes years after the establishment of the Council and under the leadership of its Executive Secretary/CEO, Dr. Rabiu Olowo.
The establishment of these new Directorates is a testament to the FRC’s commitment to fully implement the FRC Act 2011 (as amended) that provided for 7 directorates and therefore creates a robust and comprehensive oversight framework as envisaged in the Act establishing the Council.
The Directorate of Actuarial Standards and the Directorate of Valuation Standards will play a pivotal role in enhancing oversight, ensuring the highest quality in financial reporting and corporate governance standards, and promoting confidence among investors. By developing and enforcing compliance with actuarial and valuation standards, the FRC aims to foster an environment that promotes transparency, deters financial crimes, and enhances stakeholder confidence in the Nigerian economy.
This significant milestone underscores the Council’s unwavering commitment to upholding the highest standards of accountability and integrity in the Nigerian business landscape, in line with its renewed Hope Agenda.