The Central Bank of Nigeria (CBN) governor, Lamido Sanusi, has assured the Financial Reporting Council (FRC) of Nigeria of the apex bank’s support towards the implementation of the FRC Act and promotion of sound Financial Reporting and Corporate governance in Nigeria.

Sanusi made this known during the weekend, when the Executive Secretary of the FRC, Jim Obazee and his team paid him a courtesy visit.

Sanusi, who declared his commitment to the efforts of agencies like the Securities and Exchange Commission, the Corporate Affairs Commission, and FRC amongst others, said that the FRC should be co-opted into the Financial Services Regulation Co-ordinating Committee (FSRCC), a body of regulatory agencies responsible for the formulation of policies on Financial Reporting issues.

The bodies are collaborating to ensure the implementation of the International Financial Reporting Standards (IFRS), so as to address issues peculiar to Nigeria.

The FRC Chief Executive had, earlier, sought the collaboration of the CBN in addressing issues concerning the implementation of IFRS and specifically asked the apex bank to furnish the Council with regulations made in respect of Financial Reporting and Corporate governance for adoption and codification in accordance with Section 59 off the FRC Act, 2011 and, amongst other things, assist the  council in the standardisation of the codes of corporate governance that are currently under separate supervision by the CBN, SEC and the CAC.