About FRC

To bring utmost confidence to investors, reputation to oversight and ensure quality in accounting, auditing, actuarial, valuation and corporate governance standards and non-financial reporting issues.

To be the conscience of regulatory assurance in financial reporting and corporate governance in Nigeria

 

In all that we do, we hold to our core values of integrity, accountability, transparency and fairness.

 

Facts About FRC

The Financial Reporting Council (FRC) of Nigeria is a federal government agency established by the Financial Reporting Council of Nigeria Act, No. 6, 2011.  It is under the supervision of the Federal Ministry of Industry, Trade and Investment.

The FRC is responsible for, among other things, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria; and for related matters.

The Council’s main objects, as defined in the FRC Act, are to:

  • Protect investors and other stakeholders’ interest;
  • Give guidance on issues relating to financial reporting and corporate governance to professional, institutional and regulatory bodies in Nigeria;
  • Ensure good corporate governance practices in the public and private sectors of the Nigerian economy;
  • Ensure accuracy and reliability of financial reports and corporate disclosures, pursuant to the various laws and regulations currently in existence in Nigeria;
  • Harmonise activities of relevant professional and regulatory bodies as relating to corporate governance and financial reporting;
  • Promote the highest standards among auditors and other professionals engaged in the financial reporting process;
  • Enhance the credibility of financial reporting; and
  • Improve the quality of accountancy and audit services, actuarial, valuation and corporate governance standards.

The benefits of high-quality Financial Reporting are numerous. They include:

  • Promoting private sector growth and reducing volatility in the economy by strengthening the country’s financial reporting architecture and reducing the risk of financial market crises together with the associated negative economic impact;
  • Enhancement of local and foreign Direct and portfolio Investments as investors are better able to evaluate corporate prospects and make informed decisions resulting in access to capital at lower costs;
  • Facilitating the growth of small-scale enterprises as their compliance with transparent reporting will provide easier access to credit;
  • Facilitating integration into global financial and capital markets;
  • Improvement of public sector fiscal discipline and enhancement of value for money; and
  • Generation of employment opportunities.

Organogram

Management Team

S. A. Ahmed

Executive Secretary/
Chief Executive Officer

I. O. Anyahara

Director, Directorate of Accounting Standards – Public Sector

A. K. A. Ibrahim

Director, Finance & Accounts

T. E. Osawe

Director, Directorate of Corporate Governance

V. O Okhiria

Deputy Director, Directorate of Accounting Standards – Private Sector

J. M. Shibigem

Deputy Director, Human Capital & Administration

C. E. Mgbamoka

Deputy Director, Information Technology

A. B. Amoo

Deputy Director, Directorate of Auditing Practices Standards

E. D. Nnoruka

Deputy Director, Board Secretary & General Counsel

F. C. Azubuike

Deputy Director (Policy, Planning, Research and Statistics)

Board Members

The Board consists of representatives of:

  • Institute of Chartered Accountants of Nigeria;
  • Association of National Accountants of Nigeria;
  • Office of the Accountant General of the Federation;
  • Office of the Auditor General for the Federation;
  • Central Bank of Nigeria;
  • Chartered Institute of Stockbrokers;
  • Chartered Institute of Taxation of Nigeria;
  • Corporate Affairs Commission;
  • Federal Inland Revenue Service;
  • Federal Ministry of Industry, Trade and Investment;
  • Federal Ministry of Finance;
  • Nigerian Accounting Association;
  • Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture;
  • Nigerian Deposit Insurance Corporation;
  • Nigerian Institution of Estate Surveyors and Valuers;
  • Securities and Exchange Commission;
  • National Insurance Commission;
  • Nigerian Stock Exchange; and
  • National Pension Commission.