Rabiu Olowo appointed FRC chief executive, pledges transformation

Rabiu Olowo appointed FRC chief executive, pledges transformation
The Financial Reporting Council (FRC) has named Dr. Rabiu Olowo as its Chief Executive, and he has vowed to make it into a strong, effective regulator in the public interest.

Olowo delivered the oath while speaking on behalf of Dr. Doris Anite-Uzoka, Minister of Industry, Trade, and Investment, and Bola Ahmed Tinubu, President of the Federal Republic of Nigeria, during the 51st Annual General Meeting (AGM) of the Manufacturers Association of Nigeria (MAN).

During the AGM, Olowo declared: "My commitment is to transform the financial reporting council into a new, robust, independent, regulator of corporate governance and accounting and auditing standards in Nigeria, in the interest of the people."

Additionally, he stated that the FRC, while in his leadership, would hold those accountable for upholding high standards of corporate governance, financial reporting, and audits in order to ensure Nigeria's sustainable economic progress.

Dr. Rabiu Olowo had also stressed his intention to make the FRC a high-performing regulator in his opening remarks to the FRC. First, he gave praise to Shuaibu Adamu, his predecessor, emphasizing that the team's esprit de corps was a testament to his strong leadership.

He said that in order to achieve his goal, he would need to collaborate with the appropriate teams to the fullest extent possible given the significance of the role and the requirement for increased effect.

Olowo, a former commissioner for finance in the state of Lagos, has extensive leadership experience in finance positions in both the public and private sectors. In his final position as commissioner, Lagos State achieved the highest triple A (AAA) international rating given by the international ratings agency Fitch.

He is also known to have raised a significant N100B Series III Bond at 12.25% and a N150B Syndicated Loan at a competitive rate of 14%—the largest Bond Issuance ever undertaken by any Sub National institution in the nation. Along with training more than 1,300 accountants in Lagos State on IPSAS, he oversaw the full conversion of LASG Financial Statements from cash basis reporting to accrual basis reporting.

In his opening remarks to the FRC, he also pleaded for the cooperation of important stakeholders who would need to play their roles to the fullest. He is also dedicated to developing staff capability, staff welfare, efficient digitization of procedures, rules, and practices, and sustainability reporting. He also believes that exponential growth will only be a matter of time if the appropriate partnerships and alliances are formed.

"I think we have a great chance to have a societal effect. We need to be even more prepared, more resourced, and more enabled in every manner to even do larger things because the work, the mandate, the range, and the scope of what FRC does are so extensive, said Olowo.

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