The Financial Reporting Council of Nigeria (FRC) wants a synergy with the Security and Exchange Commission (SEC) to establish a National Online Account Reporting Platform.

The FRC Managing Director, Mr Jim Obazee, made this known in Abuja at a meeting with the management of SEC led by its Director-General, Mr Mounir Gwarzo.

Obazee said that establishment of the platform was based on the need to make vital information such as audited and unaudited financial statements of quoted companies readily available to relevant stakeholders.

“I humbly request your commission’s collaboration to establish a National Online reporting platform for audited financial statements.

“Our council is at the verge of finalising a national online reporting platform designed to create a uniform gathering of audited and unaudited financial statements from all registered entities.

“This initiative will among other things allow for online real-time access, cross referencing, historical auditing, planning and confirming tax compliance and government revenue assurance.

“Most importantly, it will serve as a single source for approved audited financial statements for both government agencies and authorised users,” he said.

Obazee said that the initiative would also end the era of companies exploiting the loopholes in the Nigerian accounting and auditing standards and the weak capacity of regulatory bodies in enforcing policies.

He said that the council was also reviewing the current National Code of Corporate Governance.

“Banking is fundamentally about inter-mediation, that is connecting borrowers and savers in the real economy.

“In the run-up to the financial crisis, banking became about banks and not businesses; transactions not relationships.

“This happened because of tax regulation that has now come to haunt us all.

“I believe that we can end this if we collaborate to address this corporate governance regulation,” he said.

In his remarks, Gwarzo pledged his commission’s support to the establishment of the platform.

Gwarzo also appealed to FRC to make it easier for companies to get their audited reports approved by the council.

He said that the complexities, which some companies were going through and the time it takes for FRC to make approvals, were making the companies to constantly submit their annual financial reports late.

This is one area I want us to work together so that these companies will not continue to receive sanctions from us,” he said.