Following the appointment by President Bola Ahmed Tinubu in December, 13 , 2023 of an astute accountant, renowned administrator ,financial expert and advisor, Dr Rabiu Onaolapo Olowo as the new Executive Secretary, Chief Executive Officer ES/CEO of Financial Reporting Council of Nigeria FRC, the die was cast for a new dawn in the hitherto moribund agency of government.
The appointment which came at a time when the former commissioner for finance in Lagos state had embarked on massive financial drive and inclusion for the betterment of all round development of Lagos state between 2019-2023, that jerked up not only the Infrastructural development of the state , but monthly revenue profile from the down time of 20 Billion to 100 Billion per month, with potentials of improvement to 200 Billion having created an enabling environment for more outlets of generation of more internally generated revenue IGR of the state.
Armed with the success story at the sub- national level , private sector driven template that guaranteed progress and development, his timely appointment to one of the federal agencies under the Federal Ministry of Trade and Investment was another opportunity not to only to contribute his quota to national development, but bring to bear his unique attributes and laudable initiatives, reforms and transformation witnessed for four consecutive years at Lagos state.
Under his stewardship as Finance Commissioner for Lagos state, the state became attractive hub for more investment destination, cynosure of economic development through series of assessment and availment of funds and advancement through tripartite and multilateral arrangements, as well as rated by both the local and international ratings from AA to AAA+
On assumption of duty at Financial Reporting Council FRC, Olowo embarked on series of reforms beginning from creating a befitting office accommodation that had provided an enabling environment for the agency with a review to rendering its statutory mandate to the general public in the area of financial reports, compliance and returns.
Without hesitation, he carried out a wholistic decisions that brought a new lease of life and adequate office accommodation to staffers both at the Lagos and Abuja offices of the council, that was before now inadequate and retarding productivity of the staff under its newly amended act FRC 2011.
He carried out major reforms through the creation of new directorates, asserted the mandates of the council through timely and yearly turning in of financial statements and reports both from the private and public agencies with a view to subjecting it to scrutiny, in line with its statutory functions, enhanced compliance with the FRC Act 2011, and restored investor confidence by ensuring that financial statements from Nigeria are credible and reliable,
as well as use it as a base to attract more investment locally and internationally imbibing transparency and accountability as well as due process.
The newly reformed council prioritised enforcement, regulatory and oversight roles in its functions by carrying out due diligence on both government and private agencies and taken a decision to sanctions some erring agencies.
With the new directorates, he rejig the supervisory roles of the council and asserted it's programs in line with its mandate to deliver on quality, accurate, adequate and timely financial statements from all establishments.
The new Chief Executive Officer frowned at the analogue process of it's operations over the years , and without hesitation migrated the activities of the agency towards the new order of automation, digitization and modernisation through its new policy known as "DOSE", (Digitization, Operational Excellence, Stakeholders Engagement and Excellence).
Under its new transformation agenda of the Renewed Hope Agenda of President Bola Ahmed Tinubu through the major reorganisation , he also embarked and improved the revenue profile of the agency through fines, penalty, documentation, registration of entities and oversight of not- to profit bodies through its enumeration and enhancement of corporate governance.
With the introduction of DOSE, the all encompassing policy thrust of the council introduced by the new management under the new leadership, the ground was now set to carry out aggressively its statutory functions under its mandate to deliver in line with its amended act, FRC , 2011, so as to attract not only local investment, confidence of investors , but attract more foreign direct investment FDI to the country.
One year down the line , Olowo had advocated more actions on government policies and programs both locally and internationally, created employment opportunities through engagement of more hands and consultants that had assisted the council in carrying out its statutory functions.
Staff engagements, welfare, orientation and reorientation through promotion of both local and international trainings, internal engagement through in house seminars, workshops, talkshops and encouragement to attend professional programs that will improve the performance of the management and other cadre of staffers of the council.
He was involved in the creation of strong policy framework as a financial expert and advisor that will promote financial inclusion, economic, political and social development of the country, through presentation of papers on topical national and international programs and fora that had contributed adequately to the gradual improvement of these areas in recent times.
With the new order in Financial Reporting Council FRC and the promise by the National Assembly to support it's activities with a view to carrying out it's statutory activities, one year down the line and three years ahead , alot of achievements will be recorded by the new management of the council under the leadership of Dr Rabiu Onaolapo Olowo.
Written BY ABUBAKAR YUSUF on [email protected].
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