The Financial Reporting Council of Nigeria, FRC has pledged to put in place proper financial reporting structures so as to attract foreign direct investment, FDI into the country.
Its chairperson, Hajia Maryam Laid Ibrahim, who disclosed this in Lagos to a group of finance reporters, stated that foreign investors do not have any particular country in mind to invest, because their aim and intention would always be to get higher returns on their investments.
According to her, such investors would also check if there are rules of corporate governance, adding that though the council has had to contend with some challenges, but it must ensure that the right things were done in the overall interest of the country.
“However, a lot of foreign direct investments have come into this country and more are still coming and when they come, it would create a lot of job opportunities for the teeming unemployed people in the country,” she said.
Ibrahim pointed out that the foreign investors were looking for proper accounting standards which the Council wanted to achieve, adding that risk lax accounting had always been a risk to foreign investors.
On the IFRC Academy, she confirmed that the academy would kick-off in the first quarter of next year as the Council was trying to complete the structures that would enable it to start and enjoined non-profit entities to register with the FRC so that their financial reports would always be known.
She warned that companies that refuse to register or comply with the Council’s requirements would be sanctioned and appealed to Pencom to always ensure that monies deducted from company’s’ staff are remitted, otherwise there would be sanctions for non-compliance.
The FRC boss, disclosed that the harmonization of the Code of Corporate Governance would be finalized by December this year, adding that there had been a closer relationship between the Council and the regulatory agencies, including the Central Bank of Nigeria, CBN; Nigerian Stock Exchange, NSE; Securities and Exchange Commission, SEC and others, which are also members of the FRC board.
Hajia Ibrahim, therefore, pointed out that it would always be easy to track down the listed entities.
The Financial Reporting Council of Nigeria Act No.6, of 2011 was enacted on June 3, 2011,but the governing board of the Council was sworn-in on May 27, 2013.
Before her appointment, Hajia Ibrahim, was the immediate past president of the Association of National Accountants of Nigeria, ANAN.
She had headed various committees of the association before her installation as the president on April 30, 2011.
A graduate of Ahmadu Bello University, Zaria, she held various positions, amongst which was Auditor-General of Kogi State and Secretary to the state government while in public service.
She had attended several courses, workshops and conferences in Africa, America and Europe and is also a recipient of several local, national and international awards.