In line with the Substantiality Financial Reporting Standards, the Financial Reporting Council of Nigeria has added two more directorates to attain the full complement of seven directorates.
Dr Rabiu Olowo, the Executive Secretary/Chief Executive Officer of the FRC, select the new operationalisation of the Directorate of Actuarial Standards and the Directorate of Valuation Standards.
According to the report on Monday, the council disclosed that before the operationalisation of the two new directorates, the council had five directorates, which was below the stipulated number of directorates by the FRC enabling law.
“The establishment of these new directorates is a testament to the FRC’s commitment to fully implement the FRC Act 2011 (as amended) that provided for seven directorates and therefore creates a robust and comprehensive oversight framework as envisaged in the Act establishing the council,” the statement said.
Olowo said, Mr Olasunkanmi Ayinde had been appointed as the head of the newly established Directorate of Actuarial Standards, While Mr Ugochukwu Nwora is the head of Directorate of Valuation Standards.
He said that the two directorates would play a pivotal role in ensuring the highest quality in financial reporting and corporate governance standards, and promoting confidence among investors.
“By developing and enforcing compliance with actuarial and valuation standards, the FRC aims to foster an environment that promotes transparency, deters financial crimes, and enhances stakeholder confidence in the Nigerian economy.
“This significant milestone underscores the council’s unwavering commitment to upholding the highest standards of accountability and integrity in the Nigerian business landscape,” the statement added.
Section 23 (d & f) of the FRC Act 2011 No. 6 (as amended) allows the council to have seven directorates, namely, Directorate of Accounting Standards-Private Sector; Directorate of Accounting Standards-Public Sector; Directorate of Auditing Practices Standards; Directorate of Actuarial Standards; Directorate of Inspections and Monitoring; Directorate of Valuation Standard; and Directorate of Corporate Governance.
