The Financial Reporting Council of Nigeria (FRC) has taken a monumental step towards improving the ease of doing business and ensuring efficiency in financial reporting by unveiling its new online registration portal. The portal, officially launched on Thursday, August 22, in Lagos, represents a significant milestone in the Council’s commitment to fostering innovation, transparency, and regulatory compliance in Nigeria’s financial sector.
This user-friendly platform is designed to enable individuals and businesses involved in the financial reporting process to register seamlessly without the need for physical visits to FRC offices. With internet access, applicants can now complete their registration applications from their homes, offices, or anywhere, saving time, reducing costs, and enhancing convenience.
Transforming the Financial Reporting Landscape
In his keynote address, Daniel Asapokhai, the Executive Secretary/CEO of FRC, emphasised the transformative nature of the portal: “With the new individual registration portal, we expect to issue registration numbers within 48 hours after a successful completion of the online registration process. This marks a significant improvement in efficiency, furthering our mandate to promote high standards in financial reporting and corporate governance.”
Asapokhai also urged accountants and professionals involved in financial reporting to take full advantage of the portal to comply with the FRC Act of 2011, which mandates registration and certification before signing any financial reports or statements. He highlighted the portal’s public verification feature, allowing the public to confirm the credentials of professionals, thereby enhancing trust in financial reporting.
A Game-Changer for Business and Regulation
Oluwafemi Elias, Manager of Strategy at the FRC, played a pivotal role in the development and deployment of the portal.
During the launch, Elias stressed the importance of digital transformation for improving Nigeria’s business environment: “A functional digital platform is critical for enhancing the ease of doing business and providing effective public service. This self-service registration portal was designed to simplify the process, offering real-time visibility into application statuses and enabling applicants to submit required documentation electronically. We believe this innovation will have far-reaching impacts on financial reporting and business development in Nigeria.”
Elias highlighted how the portal aligns with the Council’s strategic objectives to streamline processes, boost regulatory compliance, and contribute to economic growth. By reducing the bottlenecks previously associated with registration, the portal will save businesses time and reinforce Nigeria’s reputation as a hub for trade and investment.
Stakeholder Reactions and Future Implications
Key stakeholders, including professional accountants, auditors, and corporate leaders, enthusiastically participated in the launch event. Many expressed their appreciation for the Council’s forward-thinking approach, lauding its reduction of longstanding registration challenges and potential to improve the overall business environment in Nigeria.
Stakeholders anticipate that the portal will strengthen the integrity of financial reporting practices, boost investor confidence by ensuring compliance with international standards, and enhance the global perception of Nigeria as a destination for transparent and efficient business operations.
