Lagos State Governor, Babajide Sanwo-Olu, has commissioned the new permanent eight-storey headquarters of the Financial Reporting Council of Nigeria (FRC) on Allen Avenue, Ikeja, describing the development as a major step towards strengthening financial regulation and corporate governance in Nigeria.
The Governor, who spoke during the commissioning ceremony, noted that the FRC had operated from rented facilities for over four decades before securing its permanent headquarters.
Sanwo-Olu said strong institutions require a solid foundation to effectively carry out their responsibilities, stressing the importance of transparent financial systems, clear business regulations, investor confidence and protection of shareholders.
According to him, the FRC plays a critical role in ensuring that businesses operate within established regulatory standards while promoting accountability and public trust in Nigeria’s financial system.
The Governor also highlighted the strategic importance of locating the Council’s headquarters in Lagos, describing the state as Nigeria’s leading business and commercial centre.
He noted that many of the businesses and organisations regulated by the FRC are based in Lagos, making the new headquarters strategically positioned to enhance the Council’s engagement with businesses and strengthen regulatory oversight.
Sanwo-Olu further said the presence of the FRC in Lagos would create additional opportunities for professionals in accounting, auditing, consulting and other related fields.
He emphasised that Nigeria’s institutions must continue to evolve alongside the country’s growing economy, urging the FRC to use its new permanent base to respond more effectively to emerging challenges in the financial and corporate sectors.
The Governor expressed confidence that the new headquarters would enable the Council to work more closely with businesses and contribute significantly to raising the standard of corporate governance across the country.
He congratulated the Financial Reporting Council of Nigeria on the completion of the landmark building and commended its leadership and stakeholders for the achievement.
Sanwo-Olu reaffirmed Lagos State’s commitment to supporting institutions and initiatives that promote economic growth, accountability, transparency and sustainable development.
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