The Financial Reporting Council of Nigeria (FRC) has won the award for most Effective Government Agency on formulation and enforcement of accounting, auditing, actuarial and valuation standards in the country.
This award was bestowed on the FRC by the Nigeria Media Nite-Out Award at its 10th edition ceremony for merit and excellence awards in Lagos at the weekend.
The council achieved this feat through its implementation of accounting standards, vigorous campaigns on the need for Nigeria to key into the National Code of Corporate Governance for accountability and transparency in businesses and its consistent efforts at creating business environment that will boost investors’ confidence and attract the needed foreign direct investment (FDI) especially at a time the nation’s economy is in recession.
The award recognises and rewards government agency that has been most effective in performing its statutory functions as well as creating the right environment for businesses to thrive.
Presenting the award to the Chief Executive Officer (CEO) of FRC, Mr. Jim Obazee, represented by Alhaji Umaru Sanusi, Head of Administration of the Council, the founder of the award, Mr. Shola Olugbemiro, described the award as a recognition of the council’s consistent strive to sanitise the country’s financial sector through enforcement of financial regulations.
Responding, Obazee dedicated the award to God and members of staff of the council whom, he said, have been great partners in attaining this milestone achievement, saying the award is only “a motivation for the council to do more in entrenching good corporate governance in the country”.
Established under the Financial Reporting Council Act No 6 of 2011, the FRC is charged with regulating accounting, auditing, actuarial and valuation standards as well as issuance and maintaining of codes of corporate governance for transparency and accountability in both public and private sectors of the country’s economy.