The Federal Government yesterday inaugurated the Board of Financial Report Council (FRC).
The inauguration which was conducted by the Minister of Industry, Trade and Investment, Dr. Okechukwu Enelamah took place at the Transcorp Hotel in Abuja.
The 23 member board has Mr. Adedotun as chairman and Mr. Daniel Asapokhai as Executive Secretary.
Enelamah in his inaugural speech said that the event was significant, given the critical role of the FRC in ensuring that economic agents in Nigeria produce and publish high quality financial information that underpin the efficient working of Nigeria’s capital markets and indeed the overall economy.
He added that the inauguration of the new FRC Board will help restore full board oversight to the Council and thereby enable the organization to carry out its mandates more effectively.
In his acceptance speech, the board chairman commended the President for giving him and his team the responsibility to serve the country in that capacity. He however promised to deliver as well as use the opportunity to key into the ongoing fight against corruption in Nigeria.
FRC is a federal government agency established by Act, No. 6 of 2011 as one of the agencies under the supervision of the Federal Ministry of Industry, Trade and Investment. The Council is responsible for, among others, developing and publishing accounting and financial reporting standards to be observed in the preparation of financial statements of public entities in Nigeria and for related matters.