Dr. Rabiu Olowo has been appointed as the Chief Executive of the Financial Reporting Council (FRC) and pledged to transform it into a robust, high-performing regulator in the public interest.
Olowo gave the pledge at the 51st AGM of the Manufacturers Association of Nigeria (MAN), where he represented the President of the Federal Republic of Nigeria, Bola Ahmed Tinubu, and the Minister of Industry, Trade and Investment, Dr. Doris Anite-Uzoka.
During the AGM, Olowo said, “My commitment is to transform the financial reporting council into a new, robust, independent, regulator of corporate governance and accounting and auditing standards in Nigeria, in the interest of the people.”
He also noted that the FRC, under his watch, will hold accountable those responsible for delivering high standards of corporate governance, financial reporting, and auditing to deliver sustainable economic growth for Nigeria.
During his inaugural speech to the FRC, Dr. Rabiu Olowo had also emphasized his desire to transform the FRC into a high-performing regulator. He had first commended the work done by his predecessor, Shuaibu Adamu, noting that his sound leadership was evident in the team’s esprit de corps.
He explained that given importance of the role and the need for greater impact, he needed to work with relevant teams at their full capacity to attain his objective.
Olowo, a former commissioner for finance in Lagos State, has vast leadership experience across public and private sector finance roles. His last role as the commissioner, led Lagos State into attaining the highest International Rating triple A (AAA) as issued by International Ratings Agency, Fitch.
He is also known to have raised a N150b syndicated loan at a competitive rate of 14% as well as a notable N100B Series III Bond at 12.25% – the largest Bond Issuance ever embarked upon by any Sub National entity in the country. Additionally, he led the full conversion of LASG Financial Statements from cash basis reporting to accrual basis reporting with over 1,300 Accountants in Lagos State being trained on IPSAS, amongst a host of others.
In his inaugural speech to the FRC, he also implored the support of relevant stakeholders who would be required to deliver the full capacity of their roles. Additionally, he is committed to capacity building, staff welfare, effective digitization of processes, policies, and activities, and sustainability reporting. It is also his expectation that by entering the right partnerships and alliances, exponential growth will only be imminent.
“I see huge opportunity for us to deliver social impact. The work, the mandate, the span and the scope of what FRC is vast; we need to be even more equipped, more resourced, and more empowered in every way to even do greater things,” Olowo said.
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