FRC Gets Permanent Lagos Headquarters After 40 Years in Rented Offices
Kehinde Adeleye
The Financial Reporting Council of Nigeria (FRC) has taken a major step towards strengthening its operations with the commissioning of a new permanent headquarters in Ikeja, Lagos.
Lagos State Governor, Babajide Sanwo Olu, commissioned the 8 storey facility on Allen Avenue, describing the development as an important boost to the council’s ability to carry out its regulatory responsibilities.
The new building ends more than 4 decades of the council operating from rented premises and provides the FRC with a permanent base in Nigeria’s leading commercial centre.
Sanwo Olu said the development was significant because effective regulation depends on strong institutions with the capacity and resources to perform their duties.
According to the governor, businesses require clear regulatory rules, investors need confidence, shareholders must be protected, while the public expects greater transparency in the management of the financial system.
He said the decision to have the FRC headquarters in Lagos was appropriate, considering the state’s position as the country’s major business hub and the large number of companies operating within Lagos that fall under the council’s regulatory oversight.
Sanwo Olu also said the new facility should enable the FRC to respond more quickly to emerging issues in the financial and corporate sectors while maintaining closer engagement with businesses.
He added that the growth of Nigeria’s economy must go hand in hand with the strengthening of the institutions responsible for regulating economic activities.
The governor further expressed optimism that the permanent headquarters would create a better working environment for professionals in accounting, consulting and related fields, while supporting the FRC’s efforts to raise corporate governance standards across the country.
He urged the council to use the new facility as a platform to improve its regulatory effectiveness and contribute to greater confidence in Nigeria’s financial system.
