CIVIL SOCIETY COALITION APPLAUDS FRC OVER REGULATORY REFORMS AND INSTITUTIONAL GROWTH

The Coalition of Civil Society for Good Governance has commended the Financial Reporting Council of Nigeria for strengthening its institutional capacity and improving the effectiveness of its regulatory operations.

The coalition, in a statement issued in Abuja on Wednesday by its Convener, Comrade Muktar Abdulkadir, attributed the progress recorded by the council to what it described as deliberate efforts by its leadership to build a more efficient, professional and effective regulatory institution.

The group particularly praised the Executive Secretary and Chief Executive Officer of the FRC, Dr Rabiu Olowo, for initiatives aimed at improving the council’s operational capacity and creating an environment capable of supporting the effective discharge of its statutory responsibilities.

One of the developments highlighted by the coalition was the acquisition of a new office building for the council. The group described the facility as more than just an improvement in accommodation, saying it represented a strategic investment in the long-term development and effectiveness of the regulatory institution.

According to the coalition, providing the FRC with an appropriate working environment would enable its personnel to operate more effectively while supporting the council in carrying out its regulatory responsibilities.

The organisation also commended steps taken to improve the welfare and working conditions of FRC employees. It stressed that the effectiveness of any regulatory institution depends significantly on the competence, motivation and wellbeing of its workforce.

The coalition maintained that investments in staff welfare and professional development could improve productivity and strengthen the ability of employees to deliver on the council’s mandate.

It further praised the management of the FRC for combining institutional development with stronger administrative practices, saying such measures could contribute to sustainable improvements in the council’s performance.

While highlighting Olowo’s leadership, the coalition said the progress achieved by the FRC should not be viewed solely as the accomplishment of its chief executive. It described the development as a collective effort involving the council’s management and workforce.

The group also linked the strengthening of the FRC to wider national objectives, particularly efforts to promote transparency, accountability and confidence among investors and other participants in Nigeria’s financial and corporate environment.

According to the coalition, a stronger regulatory institution is important to the development of a credible financial reporting and corporate governance system. It said effective regulation could help improve public confidence while supporting a healthier business environment.

The coalition also welcomed the FRC’s engagement with civil society organisations and other stakeholders, describing continued dialogue between regulators and civic groups as an important component of institutional accountability.

It said constructive engagement could provide opportunities for stakeholders to raise concerns, exchange ideas and contribute to strengthening regulatory systems and public confidence in government institutions.

The group urged the FRC leadership to sustain the momentum by continuing to invest in institutional capacity, professionalism, transparency, staff welfare and effective service delivery.

It expressed optimism that continued improvements in these areas would further position the council to effectively fulfil its statutory responsibilities and contribute to strengthening Nigeria’s financial and corporate governance framework.