FG orders FRC to investigate DMBs and BOI
By Niyi OLAOYE
The Federal Government has directed the Financial Reporting Council of Nigeria (FRC) to investigate bank on Aviation Intervention funds given to banks.
The directive which was convened by Senate Committee on Trade and Investment Chaired by Mrs. Fatima Raji Rasaki, to FRC management during a courtesy visit to the Council’s office in Lagos, mandated all Deposit Money Banks (DMBs) and the Bank of Industry (BOI) to present proper accounts of the funds which were given them.
Rasaki explained that there was a need for further investigations into the circumstances surrounding the aviation intervention funds given to some banks, adding that explanation given so far on the application of the funds was not satisfactory and therefore the need for the Council to re- investigate the matter with a view to getting a detailed accounts of what was given and received and how the funds were applied.
Although, she commended the FRC for the good work it has been doing despite the limited resources available to it and urged the Council to do more in ensuring that a credible financial and accounting reporting that meets international best practices is entrenched in our country.
She also called for increased funding for the FRC given the crucial role it plays in ensuring that accounting and Financial reporting standards are observed by both Private and Public entities, noting that there is the need for close collaboration between the Ministry of Finance and the FRC to ensure that the Council is not starved of funds.
She said, “You are like the police and as such you need to be adequately funded so that you will not compromise.”
While responding, the Executive Secretary of the FRC, Mr. Jim Obazee thanked the Committee for the visit and pledged that the Council would not relent in carrying out its function of ensuring accuracy and reliability of financial reporting and corporate disclosures, adding that the Council must always ensure that both Public and Private sector businesses observe minimum acceptable standards of transparency and accountability in doing business in line with global best practices.
Obazee admitted that the BOI statutorily submits its accounts to FRC, which passes its observations to the supervising ministry for action.
He also disclosed that the account of Central Bank of Nigeria is submitted to FRC, stating that reports on the apex bank accounts are passed to the Presidency for action.
Briefing the committee members on activities of the FRC, he said the National Code of Corporate Governance being developed by the Council is almost ready for operation, noting that the last and final of series of public hearings on the code was held last week.
He expressed optimism that the new code would be operational by the third quarter of this year, while observing that legal challenges by some stakeholders on the need to collaborate with other regulatory agencies have delayed its enactment.
He highlighted some of the problems the new national code would address to include insiders dominated boards, non-independent corporate boards of companies, absence of minority voices on boards, inadequate board monitoring and supervision of the executive, ineffective audit function and committees.
He said the coming on board of the code would result in restoration of investors’ confidence in the economy.
Obazee identified some of the challenges of the FRC to include lack of office accommodation in Lagos and Abuja, lack of takeoff grants since the establishment of the council
What an uplifting tale. I hope for that finest for everyone involved. Beautiful “post” GTO, as well. Thanks, Hemmings, for bringing this tale to us.
car rental coupon codes avis http://www.pristinereport.com/story/100346/how-to-get-a-discount-on-virtually-anything-for-purchase-online.html
wonderful submit, very informative. I ponder why the other specialists of this sector don’t notice this. You must proceed your writing. I am sure, you have a great readers’ base already!
Hiya, I am really glad I have found this information. Today bloggers publish just about gossips and internet and this is really annoying. A good web site with interesting content, that’s what I need. Thanks for keeping this site, I will be visiting it. Do you do newsletters? Cant find it.
Sometimes Theri forties a number of hours about 5 days along farm for Ky, I acquired these Peruvian deep wave https://www.youtube.com/watch?v=k1oaz7n0ILk in the fall as well as applied each of them from elements, sleet, hail, soil, and then any other detail perhaps you realize during the derricks. They delayed Really good along with considered extremely cute the full time, a possible problem My wife and i suffered was that the dog’s fur over a heel bone put on outside fairly quickly (effect of tripping these individuals don / doff), also, the water resistant using a begun to run just a little, which is often unchanging by just fabric protectant. I was boastful to use placed the majority of [$], considering I can tell you which a good stressful wintry seemed to be way more beautiful mainly because items feet remained nicely process.
Great write-up, I¡¦m normal visitor of one¡¦s blog, maintain up the nice operate, and It’s going to be a regular visitor for a lengthy time.
When I noticed the email about this betterscooter.com http://adf.ly/6249830/banner/www.scamadviser.com/is-betterscooter.com-a-fake-site.html, I was absolutely in like when using the product or service and could NOT wait to acquire it. great and especially its well worth cost.
I¡¯m starting a online website directory and was wondering if I can submit your blog? I¡¯m hoping to grow my directory little by little by hand so that it retains high quality. I will make sure and put your website in the correct category and I¡¯ll also use, ¡°mytechn ? Blog Archive How to make use of a wireless broadband router in your home | internet¡± as your anchor text. Please let me know if this is alright with you by e-mailing me at: mailto:jacquesklein@live.fr” jacquesklein@live.fr. Thank you
9/22/2016 at 18:24:05 Hello from danglekatangul
9/24/2016 @ 18:19:29 Like this site– extremely easy to navigate and lots to explore!
Love business247ng.com– very easy to navigate and lots to consider!
My spouse and I absolutely love your blog and find the majority of your post’s to be what precisely I’m looking for. Does one offer guest writers to write content in your case? I wouldn’t mind creating a post or elaborating on a lot of the subjects you write concerning here. Again, awesome weblog!
Appreciate this site– very user-friendly and lots to see!
9/29/2016 I’m pleased by the manner in which business247ng.com handles this kind of issue! Generally on point, sometimes polemic, consistently thoughtful and more often than not quite thought-provoking.
I’m gratified with the way that business247ng.com covers this sort of subject! Generally on point, sometimes contentious, without fail well-written and also stimulating.
business247ng.com does it yet again! Quite a perceptive site and a thought-provoking post. Nice work!
In my estimation, business247ng.com does a good job of dealing with topics of this sort! Even if ofttimes deliberately contentious, the information is more often than not thoughtful and thought-provoking.
In my opinion, business247ng.com does a excellent job of covering subject matter of this sort. Even if ofttimes intentionally polemic, the posts are in the main well-written and thought-provoking.
Kudos for the great site you’ve set up at business247ng.com. Your enthusiastic take on the subject is certainly contagious. Thanks again!
I’m pleased with the way that business247ng.com covers this type of subject matter. Usually to the point, sometimes contentious, consistently well-written and thought-provoking.
I am extremely impressed with your writing skills as well as with the layout on your weblog. Is this a paid theme or did you customize it yourself? Either way keep up the nice quality writing, it’s rare to see a nice blog like this one these days..
What’s Happening i am new to this, I stumbled upon this I have found It absolutely useful and it has helped me out loads. I hope to contribute & aid other users like its aided me. Great job.
10/17/2016: business247ng.com does it yet again! Very perceptive site and a well-written post. Nice work!
F*ckin’ amazing issues here. I am very glad to see your article. Thank you a lot and i’m taking a look ahead to contact you. Will you please drop me a mail?
2. Hope to see more of your work soon.
Love this site– extremely informative and lots to consider!
10/25/2016 business247ng.com does it yet again! Very perceptive site and a thought-provoking post. Keep up the good work!