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Olowo Backs Single Financial Statements Portal for Corporate Governance

Rabiu Olowo

​The need for the creation of a single financial statements portal for companies to strengthen corporate governance has been emphasised by the chief executive of the Financial Reporting Council of Nigeria, Mr Rabiu Olowo.

The former Commissioner for Finance in Lagos State gave this suggestion when he visited his counterpart at the Corporate Affairs Commission (CAC), Mr Hussaini Ishaq Magaji (SAN).

He submitted that the single platform would eliminate the filing of two different financial statements by companies to beat the laws of the land.

Mr Olowo said he was at the CAC to seek cooperation and foster inter-agency synergy for economic growth and good corporate governance, noting that both agencies have a joint responsibility to ensure the success of the Nigerian Code of Corporate Governance 2018.

According to him, some public firms file supposedly dubious different sets of financial statements to different regulators, calling for joint monitoring.

He also stressed the need for the CAC to ensure alignment in the verification and certification of financial statements companies submit to the CAC to comply with the international financial reporting standards.

While speaking on his organisation’s mandate as regards verification of professionals and firm ownership, Mr Olowo said the CAC portal, especially the Beneficial Ownership Register (BOR), was critical to discharging their responsibility.

In his remarks, Mr Magaji described the visit as timely and strategic, considering the commission’s ongoing transition to an Artificial Intelligence Registration Portal.

He maintained that integration with the FRC was vital to ensuring that credible financial statements were filed by public companies, expressing the readiness of his agency to partner in the area of capacity building, among others.

It was learned that a committee was set up to examine and evaluate potential areas of immediate collaboration with a view to improve corporate governance in the country.

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