The Federal Government as inaugurated the newly appointed Executive Secretary of the Financial Reporting Council of Nigeria (FRC), Alhaji Shuaibu Adamu Ahmed after the expiration of the tenure of the former ES, Dr Iheanyi Anyahara.
The minister of Industry, Trade and Investment, Otunba Richard Adeniyi Adebayo while inaugurating the new chief executive stressed on the need to develop a sound accounting and financial reporting standards in accordance with the Act establishing the council.
Adebayo emphasised the need for the FRC to achieve its mandate as specified in section 8 of the Act by enforcing accounting standards; advising the Federal Government on accounting and financial reporting standards; and maintaining a register of professionals in the accounting sector related to the process of creation of financial reports.
“You are therefore expected to discharge your duties in accordance with the rules and regulations laid down in the Act establishing the council and Extant Rules,” he said.
Ahmed who said he was prepared to ensure that FRC lived up to expectation under his leadership, noted that the council being the apex regulatory agency for financial reporting and corporate governance in the country, its actions and inactions may make or mar local and foreign investors confidence in the nation’s economy.
He said his areas of his priority will include enforcing accounting standards, supervision/collaboration with regulatory supervisory bodies such as SEC, CBN, PENCOM, CAC, NAICOM, enforcement, operations and funding of the council.
On his part, the outgoing Acting ES/CEO, Dr Iheanyi Anyahara pledged the support of staff and management towards the realisation of the Council’s mandates.