New FRCN Boss Vows to Enforce Accounting Standards in SEC, CBN, PenCom, Others

The newly appointed Executive Secretary/Chief Executive,
Financial Reporting Council of Nigeria (FRCN), Alhaji Shuaibu
Ahmed, Thursday said he is committed to the enforcement of
accounting standards, supervision and collaboration with regulatory
supervisory bodies including the Securities and Exchange Commission
(SEC), Central Bank of Nigeria (CBN) and the National Pension
Commission (PenCom).

He also listed the Corporate Affairs Commission (CAC) and
National Insurance Commission (NAICOM) as other priority
institutions to be assessed during his regime.

He spoke during his inauguration by the Minister of Industry,
Trade and Investment, Mr. Niyi Adebayo, in Abuja.

The minister had earlier tasked the FRCN boss on the need to
develop a sound accounting and financial reporting standards in
accordance with the Act establishing the council.

He also emphasised the need for the council 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.

Adebayo further tasked the council to review and monitor the
professionals in the accounting sector and the monitoring of
corporate governance financial papers.

He urged Ahmed to consider his appointment as a privileged one
based on his past achievements and ensure that he left landmark
achievements by the time he leaves office.

In a statement issued by his media aide, the minister said: “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.”

Nonetheless, Ahmed who said he was prepared to ensure that FRCN
lived up to expectation under his leadership, pointed out 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
economy.

The newly appointed Executive Secretary/Chief Executive,
Financial Reporting Council of Nigeria (FRCN), Alhaji Shuaibu
Ahmed, Thursday said he is committed to the enforcement of
accounting standards, supervision and collaboration with regulatory
supervisory bodies including the Securities and Exchange Commission
(SEC), Central Bank of Nigeria (CBN) and the National Pension
Commission (PenCom).

He also listed the Corporate Affairs Commission (CAC) and
National Insurance Commission (NAICOM) as other priority
institutions to be assessed during his regime.

He spoke during his inauguration by the Minister of Industry,
Trade and Investment, Mr. Niyi Adebayo, in Abuja.

The minister had earlier tasked the FRCN boss on the need to
develop a sound accounting and financial reporting standards in
accordance with the Act establishing the council.

He also emphasised the need for the council 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.

Adebayo further tasked the council to review and monitor the
professionals in the accounting sector and the monitoring of
corporate governance financial papers.

He urged Ahmed to consider his appointment as a privileged one
based on his past achievements and ensure that he left landmark
achievements by the time he leaves office.

In a statement issued by his media aide, the minister said: “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.”

Nonetheless, Ahmed who said he was prepared to ensure that FRCN
lived up to expectation under his leadership, pointed out 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
economy.