By Nse Anthony-Uko
ABUJA, (Sundiata Post) – The Federal government had challenged the newly inaugurated Board members of the Financial Reporting Council, (FRC) to ensure proper oversight of companies they supervise to stem illicit financial outflows from the country.
Available records have shown that Nigeria is currently losing an estimated 2 to 3 trillion dollars to illicit overseas funds transfer.
Minister of Industry Trade and Investment, Okechukwu Enelamah, while inaugurating the new FRC Board led by Adedotun Sulaiman, on Thursday in Abuja said the financial reporting council board prioritise issues on corporate governance and accountability which would ensure rise in investor’s confidence in the country.
Enelamah also directed the board members to ensure that economic agents in Nigeria produce and publish high quality financial information that underpin the efficient working of Nigeria’s capital markets and indeed the overall economy.
According to him,” A new FRC Board will help restore full board oversight to the Council and thereby enable the organization to carry out its mandates more effectively.
He explained further that the current administration is engaging in wide-ranging reforms aimed at diversifying the economy as well as attracting investment into various sectors of the economy, noting further that emphasis is also placed on Financial Reporting as a key part of such reforms.
Enelamah said, “The investment case is stronger when investors and other stakeholders have increased confidence that their interests are protected. This is where the work of the Council becomes relevant to our economic recovery and growth – ensuring the existence of high quality standards in financial reporting and corporate governance and enforcement of compliance with such standards”
Responding on behalf of the 23 inaugurated board members, Adedotun Sulaiman, the Board Chairman of FRC pledged commitment of the members in working closely with the government in aligning financial reporting and cooperate governance to global standards in Nigeria.
He stated further that the Council would working closely with the government to support the anti-corruption crusade of the present administration, while ensuring that global standards are sustained to enhance Nigeria’s business environment and facilitate ease of doing business.