The Financial Reporting Council (FRC) has sought the removal of a 50% direct deduction from its revenue by the federal government, saying it is impeding the operational capacity of the agency.
The agency’s Chief Executive Officer, Rabiu Olowo, stated this during a meeting with the House of Representatives Committee on Commerce, which members were on an oversight function visit to the agency, adding that the agency carried out operational activities with no budgetary allocation.
He said, “We are a regulator and not a revenue-generating agency. We drive corporate behavioural change. We are not supposed to be revenue-focused. We are supposed to be helping organisations and stakeholders drive towards compliance.”
He further said, “We are more of a technocratic agency. We need high-quality, trained people who we can retain because each one of them has attained the highest in their professions. They can go to any bank or development finance agency, but they are staying here because of their passion.”
