Financial Reporting Council of Nigeria (FRC) has clinched the award for most Effective Government Agency on formulation and enforcement of accounting, auditing, actuarial and valuation standards in the country for 2016.
The FRC won this award at the 10th Edition of the Nigeria Media
Nite-Out Award Ceremony for merit and excellence awards in Lagos at the weekend.
The Council achieved this feat through its credible financial reporting, vigorous campaigns on the need for Nigeria to key into the National Code of Corporate Governance for accountability and transparency in businesses and, its consistent efforts at creating business environment that will boost Investors’ confidence and attract the needed Foreign Direct Foreign Investment (FDI) especially at a time when the Nation’s economy is in recession.
In a statement by the Media/Communications Consultant to the Council, Mr. Mack Ogbamosa, the award was bestowed on the FRC in recognition of its consistent strives towards ensuring the entrenchment of good corporate governance in the country.
The award recognizes and rewards government that has been most effective in performing its statutory functions as well as creating the right environment for businesses to thrive.
Presenting the award to the Chief Executive Officer, CEO of FRC, Mr. Jim Obazee represented by Alhaji Umaru Sanusi, Head of Administration, FRC, the founder of the award, Mr. Shola Olugbemiro, described the award as a recognition of the Council’s strive to sanitize the country’ financial sector through enforcement of financial regulations.
While responding, Obazee dedicated the award to God and members of staff of the Council whom he said have been great partners in attaining this milestone achievement, saying the award is only “a motivation for the Council to do more in entrenching good corporate governance in the country.”
Established under the Financial Reporting Council Act No6 of 2011, the FRC is charged with regulating accounting, auditing, actuarial and valuation standards as well as issuing and maintaining codes of
corporate governance to ensure transparency and accountability in public and private sectors of the country’s economy.