FRC marks 44 years with permanent headquaters in Lagos

The Financial Reporting Council of Nigeria (FRC) has commissioned its permanent headquarters in Lagos, 44 years after the institution began its journey as the Nigerian Accounting Standards Board (NASB), describing the development as a major milestone in strengthening financial reporting and corporate governance in the country.

The commissioning ceremony brought together Vice President Kashim Shettima, represented by his Special Adviser, Dr Tope Fasua; Lagos State Governor Babajide Sanwo-Olu; Minister of Industry, Trade and Investment, Dr Jumoke Oduwole; representatives of the Minister of Finance, members of the National Assembly, traditional rulers, regulators, professional bodies and business leaders.

Speaking at the event, FRC Executive Secretary and Chief Executive Officer, Olowo, said the commissioning was not merely about opening a new building but marked the beginning of a new chapter for the council.

He said the FRC had evolved significantly since the establishment of the NASB in 1982, which later received statutory backing under the Nigerian Accounting Standards Board Act of 2003 before becoming the Financial Reporting Council under the FRC Act of 2011.

According to him, the council’s mandate has expanded from accounting standards to financial reporting, accounting, auditing, actuarial and valuation standards, corporate governance and sustainability reporting.

Olowo noted that despite its more than four decades of institutional development, the FRC had operated without a permanent headquarters of its own.

“Today, the Council has a home. And this home belongs not to one Executive Secretary or CEO, not to one board, not even to the minister or the president. It belongs to Nigeria,” he said.

He described the new facility as a symbol of institutional stability, independence,…