Vice President Kashim Shettima has said reliable and transparent financial reporting forms the foundation of investor confidence and national economic stability, stressing that sustainable economic prosperity cannot be achieved without strong and credible regulatory institutions.
Shettima stated this through his Chief Special Adviser on Economic Matters, Dr Tope Fasua, during the commissioning of the new permanent headquarters of the Financial Reporting Council of Nigeria in Lagos.
According to the Vice President, while Nigeria possesses abundant natural resources and capital, institutional trust remains the ultimate catalyst for sustainable economic growth.
“A nation may have oil, gas, fertile land, talented people, and abundant capital, but without trust, capital becomes cautious, investment becomes hesitant, and prosperity becomes fragile,” Shettima said.
He noted that financial reporting goes beyond routine accounting metrics, stressing that transparency in corporate disclosures directly influences investment decisions and overall market resilience.
“Financial reporting is, therefore, not simply about numbers; it is about confidence in the numbers. In a serious economy, numbers must tell the truth before they can tell the story of prosperity,” he said.
Shettima said the administration of President Bola Tinubu remains committed to building durable governance structures that would transcend political cycles and provide long-term regulatory certainty for both domestic and international investors.
“Money does not merely follow opportunities; it follows confidence, and confidence follows institutions. A credible financial reporting ecosystem lowers information asymmetry, improves investment decisions, strengthens corporate accountability, supports better allocation of capital, protects investors, enhances the credibility of our markets, and ultimately contributes to economic growth,” he added.
The Financial Reporting Council of Nigeria, originally established as the Nigerian Accounting Standards Board in 1982 before its transformation under the FRC Act No. 6 of 2011, serves as the primary regulator overseeing financial reporting, auditing, corporate governance, valuation and actuarial standards across public interest entities in Nigeria.
In his welcome address, the Executive Secretary and Chief Executive Officer of the FRC, Dr Rabiu Olowo, described the commissioning of the new headquarters as a historic milestone that ended the council’s 44-year search for a permanent institutional home.
“Today is not simply opening a building; today is about opening a new chapter in the history of an institution,” Olowo said.
He said the establishment of a permanent headquarters reflected the stability, regulatory independence and institutional dignity required to effectively enforce corporate governance, actuarial standards and valuation frameworks across public interest entities.
“A headquarters is not merely bricks and mortar; a headquarters is an institutional expression of permanence, stability, independence, credibility, and dignity,” he added.
Olowo noted that the council had significantly expanded its enforcement scope in recent years following the enactment of the FRC Amendment Act 2023.
The law strengthened the council’s statutory powers to penalise reporting infractions, establish a national repository for financial statements and implement early adoption pathways for International Financial Reporting Standards S1 and S2 sustainability disclosures.
