The Financial Reporting Council of Nigeria has introduced a national repository for audited financial statements, ending the need for companies to file the same documents with multiple government agencies.
The FRC Chief Executive Officer, Rabiu Olowo, announced the development during the commissioning of the Council’s new headquarters in Lagos.
The facility was commissioned on behalf of Vice President Kashim Shettima by his Special Adviser on Economic Affairs, Dr. Tope Fasua.
Olowo said the new system would eliminate the previous practice of companies submitting separate financial statements to different regulators.
Under the former arrangement, businesses could be required to file their statements with the Corporate Affairs Commission, FRC and Accountant-General of the Federation.
They could also submit separate copies to sector-specific regulators, including the Central Bank of Nigeria.
Olowo said the national repository had now changed that process.
He explained that companies would no longer need to make multiple submissions because relevant agencies could access financial statements through the central platform.
According to him, the repository is part of reforms implemented by the FRC since 2023 under its transformation agenda.
The agenda focuses on good governance, greater transparency, stability and stronger enforcement.
Olowo said the Council had also introduced several other regulatory reforms.
These include comprehensive practice reviews to strengthen audit regulation and the implementation and enforcement of non-financial reporting requirements.
The FRC also introduced the Non-Compliance with Laws and Regulations framework, known as NOCLAR.
It has equally strengthened valuation regulation and expanded its regulatory coverage.
Olowo added that the Council had integrated its database with the National Identification Number verification system.
Speaking at the ceremony, Shettima stressed the importance of strong institutions to Nigeria’s investment prospects.
He said investors needed confidence in the institutions responsible for implementing economic policies.
According to him, sustainable transformation required institutions capable of maintaining policies beyond individual officeholders and political cycles.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, also highlighted the importance of regulatory certainty.
She said investors were accustomed to assessing commercial risks, but uncertainty surrounding regulation was more difficult to measure and price.
Oduwole said predictable and transparent regulation was therefore central to Nigeria’s competitiveness.
She added that efficient administration should not be viewed merely as a convenience for businesses.
Olowo described the new headquarters as a significant milestone in the FRC’s development.
The Council evolved from the Nigerian Accounting Standards Board, which was established in 1982.
He said the new building represented an institutional home for the Council rather than the property of any individual officeholder.
The FRC chief executive said the headquarters ultimately belonged to Nigeria and represented a new chapter in the Council’s development.
