FRC ends multiple financial statement filings, unveils national repository

By Babajide Komolafe

The Financial Reporting Council of Nigeria, FRC, yesterday announced the end of multiple submissions of financial statements by companies to government agencies and regulators, following the launch of a national repository for audited financial statements.

Chief Executive Officer of the FRC, Rabiu Olowo, disclosed this at the official commissioning of the Council’s new headquarters in Lagos, where Vice President Kashim Shettima, represented by his Special Adviser to the President on Economic Affairs, Dr. Tope Fasua, commissioned the new head office.

Olowo said companies would no longer be required to submit separate financial statements to the Corporate Affairs Commission, CAC, FRC, Accountant-General of the Federation and sector regulators.

“Before now, you had companies-and some of them are here-that would submit one financial statement to the Corporate Affairs Commission, one to the FRC, another to the Accountant-General, and another to their sectoral regulator, such as the CBN,” Olowo said.