FRC Collaborates with EFCC to Establish MoU

Following the recent development of the Federal Reporting Council Of Nigeria (FRC) signing into law the amendment in its ongoing efforts to promote transparency, accountability, and good governance in Nigeria’s economy. It introduces several key changes to regulations and standards governing financial reporting in Nigeria.

The Financial Reporting Council of Nigeria (FRC), amidst low public trust, has on Wednesday, made a publication to inform the public about its visit to the headquarters of the anti-graft agency, Economic and Financial Crimes Commission (EFCC) on Monday, December 18, 2023, in collaboration with to establish MoU. A visit aimed at fostering an enabling environment that promotes not only collaboration with the enforcement agency but also aimed at promoting transparency, which deters financial crimes and enhances stakeholders’ confidence in the Nigerian economy.

The Executive/CEO of FRC, Dr. Rabiu Olowo, in a statement, said, “The visit aimed to solidify the collaboration between the FRC and EFCC, focusing on the DOSE agenda (Digitization, Operational Excellence, Stakeholder Engagement, and Enforcement).”

Dr Olowo congratulated the EFCC chairman, Olanipekun Olukoyode, as the newly appointed executive. He emphasized the transformational agenda of the FRC under his leadership as encapsulated in the DOSE framework. This agenda highlights the Council’s commitment to digitization, operational excellence, stakeholder engagement, and enforcement in line with its core mandate.

While financial crimes are a common instance around the political class, FRC aims to centre its investigation around enforcement while leveraging its respective technical competencies in collaboration with EFCC to tackle financial crimes and uphold a high standard of accountability and integrity in the Nigerian business space.

Speaking about the visit, Dr Rabiu Olowo stated, “Our visit to the EFCC headquarters signifies our commitment to strengthening enforcement mechanisms and engaging key stakeholders in the fight against financial crimes. We believe that by working together, the FRC and EFCC can effectively address issues related to corporate governance, financial reporting, and integrity in the Nigerian business environment.”

On resolute of the said visit, the two public agencies made known the ongoing partnership towards establishing a Memorandum of Understanding (MoU) that will serve as a framework for collaboration, facilitating seamless cooperation and coordination between the two agencies on issues of tackling financial crimes reoccurrence, Dr Olowo also stressed on the importance of information sharing between the two organizations to enhance their collective efforts in combating financial crimes and promoting accountability in the Nigerian business landscape.

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Mayowa Durosinmi

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M. Durosinmi is a West Africa Weekly investigative reporter covering Politics, Human Rights, Health, and Security in West Africa and the Sahel Region

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