Left to Right: Mr. Ibe Obiahu Ibe, Head of Directorate of Accounting Standards (Public Sector); Ikpefua Edner, Member Communication and Advocacy Team; Dr. Anyahara Iheanyi Odinakachi,Coordinating Director for Directorate of Accounting Standards (Private & Public) and Sustainability Reporting Unit; Dr. Rabiu Olowo, Executive Secretary and Chief Executive Officer of Financial Reporting Council (FRC) of Nigeria; Dr. Bademosi Tinuola,Ag. Director FSS2020; Mr. Adegbite Gideon, Head Strategic Implementation Group; Mrs. Adebiyi Helen, Member MSME team; Mr. Adewole Adeleke O, Chief of Staff to the Executive Secretary.
The Financial Reporting Council (FRC) of Nigeria welcomed Dr. Mrs. Bademosi Tinuola, the Ag. Head of Financial Systems Strategy 2020 (FSS2020), and her team to its office in Abuja on Tuesday, May 14, 2024. The visit aimed to explore potential areas of collaboration between the FRC and FSS2020, including sustainability reporting, financial reporting, and the institutionalization of financial reporting infrastructure for SMEs.
Strengthening the Financial Sector through Collaboration: During the visit, Dr. Rabiu Olowo, the Executive Secretary/CEO of the FRC, emphasized the importance of collaboration between the FRC and other financial services regulators to enhance the effectiveness and vitality of the financial sector. Dr. Olowo recognized the efforts of FSS2020 in fostering collaboration among financial services regulators for the benefit of the country.
Areas of Collaboration and Future Initiatives: Dr. Olowo informed the FSS2020 team about the FRC’s initiatives in sustainability reporting, including the exposure and launch of the adoption roadmap. He also highlighted the significance of developing a financial reporting infrastructure for SMEs, expressing confidence that it could be achieved within 60 to 90 days with the right support from stakeholders. Additionally, he mentioned the upcoming launch of the SME guideline on May 30, 2024, which aims to encourage SMEs to scale up and sustain themselves over the long term.
Commitment to Achieving Collaborative Goals: Both the FRC and FSS2020 teams agreed that concerted efforts were necessary to achieve the identified areas of collaboration. They emphasized the need for further engagements and the development of an action plan to effectively accomplish their shared goals.