FRC Commissions Permanent Eight-Storey Headquarters in Lagos, Honours Past Leaders

The Financial Reporting Council of Nigeria (FRC) has commissioned its new permanent corporate headquarters, FRC House, at 74 Allen Avenue, Ikeja, Lagos, in a landmark development aimed at strengthening the Council’s capacity to promote high-quality financial reporting, corporate governance, transparency and accountability in Nigeria.

The commissioning ceremony, held in Lagos, brought together senior government officials, regulators, business leaders, professional bodies, traditional rulers and other stakeholders in Nigeria’s financial and corporate governance ecosystem.

The event featured a keynote address by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, MFR, while the Executive Governor of Lagos State, Babajide Olusola Sanwo-Olu, delivered a special address. The Vice President of the Federal Republic of Nigeria was represented by the Special Adviser to the President on Economic Affairs, Office of the Vice President, Dr. Tope Fasua.

Speaking at the ceremony, the Executive Secretary/Chief Executive Officer of the FRC, Dr. Rabiu Olowo, described the new headquarters as a significant milestone in the evolution of the Council and a reflection of the importance of its statutory mandate.

Olowo said the establishment of a permanent headquarters was necessary to ensure that the Council’s physical infrastructure matched the growing responsibilities entrusted to it under its enabling legislation.

He noted that the completion of FRC House was not the achievement of one individual or administration, but the product of institutional continuity, collective sacrifice, perseverance and the contributions of several individuals who had, at different times, invested their knowledge, influence, resources and goodwill in advancing the Council.

According to him, the new headquarters symbolises the growth of the FRC and its determination to provide an institutional environment capable of supporting its regulatory, inspection, investigation, standard-setting and corporate governance functions.

The FRC also used the occasion to honour individuals whose contributions to financial reporting, corporate governance and Nigeria’s economic development have helped shape the Council.

Key facilities within the new headquarters were named after distinguished personalities, including the Dr. Jumoke Oduwole Centre for Corporate Governance, the Jim Obazee Inspections and Investigations Meeting Room, the Late Daniel Asapokhai Accounting Development Centre & Library, and the Ambassador Shuaibu Ahmed Stakeholders Meeting Room.

The naming of the facilities, according to the Council, was a recognition of the contributions of the honourees to the development of financial reporting, accounting, corporate governance and institutional regulation in Nigeria.

The Lagos State Governor, Babajide Sanwo-Olu, described the commissioning as a major institutional achievement, noting that the FRC had operated from rented premises for more than four decades before securing its permanent headquarters.

“For over forty years, the Financial Reporting Council of Nigeria operated out of rented spaces. Today, I had the honour of commissioning its new permanent eight-storey headquarters on Allen Avenue, Ikeja,” Sanwo-Olu said.

The Governor stressed the importance of strong institutions to the development of a modern economy, noting that businesses require clear rules, investors need confidence, shareholders require protection, while the general public must have confidence in the transparency and regulation of the financial system.

He described the FRC as a critical institution in achieving these objectives and said locating its permanent headquarters in Lagos was strategically appropriate, given the state’s position as Nigeria’s leading commercial and business centre.

According to him, many of the businesses and institutions regulated by the Council operate in Lagos, making the location important for effective regulatory engagement and oversight.

Sanwo-Olu said the presence of the FRC in Lagos would also create opportunities for professionals in accounting, auditing, consulting and related fields, while facilitating closer interaction between the regulator and the business community.

He urged the Council to leverage the new headquarters to respond more rapidly to emerging challenges in the financial and corporate sectors and deepen engagement with businesses while raising the standard of corporate governance in the country.

Also speaking, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, described the commissioning as a significant milestone in Nigeria’s regulatory landscape and evidence of the Federal Government’s commitment to building strong, transparent and effective public institutions.

Oduwole said the new permanent headquarters would strengthen the operational capacity of the FRC and contribute to greater market integrity, investor protection and confidence in Nigeria’s financial system.

“Strong institutions are the backbone of a thriving economy,” the Minister stated, adding that a permanent headquarters for the Council would reinforce its ability to discharge its responsibilities effectively.

She said strengthening the FRC was important to Nigeria’s efforts to improve the quality of financial reporting, deepen corporate accountability and position the country more competitively in the global economy.

The Minister further noted that credible financial reporting and effective corporate governance remained essential to attracting investment, protecting stakeholders and building confidence in the Nigerian business environment.

The commissioning ceremony also featured goodwill messages from the Oniru of Iruland, His Royal Majesty Oba Omogbolahan Lawal (Abisogun II); Chairman of the Senate Committee on Trade and Investment, Distinguished Senator Sadiq Suleiman Umar; and Chairman of the House Committee on Commerce, Hon. Ahmed Mohammed Munir.

Other goodwill messages came from Mr. Jim Obazee, former Executive Secretary/CEO of the FRC, and Ambassador Shuaibu Ahmed, also a former Executive Secretary/CEO of the Council.

The new FRC House, an eight-storey corporate headquarters located at 74 Allen Avenue, Ikeja, represents more than the provision of permanent office accommodation for the Council.

It marks a new phase in the institutional development of the FRC and provides a dedicated base from which the Council can further pursue its mandate of promoting high-quality financial reporting, corporate governance, accountability and transparency.

The commissioning also underscores the increasing importance of effective financial regulation to Nigeria’s economic development, particularly at a time when the country is seeking to attract domestic and international investment, strengthen its capital markets and improve confidence in its corporate sector.

With its new permanent headquarters, the FRC is expected to deepen its regulatory engagement with businesses and other stakeholders while strengthening its role in building a more transparent, accountable and trusted financial reporting ecosystem in Nigeria.