Business
FRCN Seeks Single Financial Statement For Nigeria

Representative of Cbn Governor, Alhaji Aliyu-Katuka (right), presenting a gift to representative of Adamawa State Governor, Alhaji Mahmud Sali, during a two-day sensitisation programmes on Apex Bank initiatives in Yola on Monday.
The Financial Reporting
Council of Nigeria (FRCN) has called for the development of one financial statement which will show financial position of the tiers of government in the country.
The Chief Executive Officer of FRC, Mr Jim Obazee, made the call yesterday at the ongoing 13th annual governing board meeting of the African Organisation of English Speaking Supreme Audit Institutions.
Obazee said publishing one financial statement for the country and making it public would help to promote transparency and accountability, thereby eliminating corruption.
“With properly recorded financial information, we will be able to harmonise financial reports within government agencies and also have reliable financial information in the country.
“I am looking forward to a situation where governments in Africa can have a whole government financial statement.
“In Nigeria, we should be able to publish the financial statement of the Federal Republic of Nigeria.
“This should include all the figures from the federal, state and local governments which will show us at a given time the true situation,’’ he said.
Obazee also advocated for interim statements through quarterly audit rather than annual audit.
Obazee said using the right set of financial reporting standard was key to curbing corruption and called for the full adoption of the International Public Sector Accounting Standards (IPSAS).
He said IPSAS would make it imperative for public sector to practise full disclosure of financial statements which hinged on transparency, integrity and accountability.
Obazee said this would help to rekindle the confidence of donor agencies and international lenders such as World Bank.
“For us to fully enjoy the benefit of IPSAS in Nigeria, all the states and local governments must have to adopt it.
“For now, only Lagos has adopted and Akwa Ibom is working toward adopting it.
“Also, the Finance Management Act, 1958, has to be revised by the National Assembly.
“It is important that we revise it if we are to embrace IPSAS, otherwise even if we are to operate IPSAS, we won’t be doing it legally,’’ he said.
Obazee also said that it was important for the office of the Auditor-General to be strengthened to enable it sanction erring agencies and ensure that audit practice was properly regulated.
Business
Kenyan Runners Dominate Berlin Marathons
Kenya made it a clean sweep at the Berlin Marathon with Sabastian Sawe winning the men’s race and Rosemary Wanjiru triumphing in the women’s.
Sawe finished in two hours, two minutes and 16 seconds to make it three wins in his first three marathons.
The 30-year-old, who was victorious at this year’s London Marathon, set a sizzling pace as he left the field behind and ran much of the race surrounded only by his pacesetters.
Japan’s Akasaki Akira came second after a powerful latter half of the race, finishing almost four minutes behind Sawe, while Ethiopia’s Chimdessa Debele followed in third.
“I did my best and I am happy for this performance,” said Sawe.
“I am so happy for this year. I felt well but you cannot change the weather. Next year will be better.”
Sawe had Kelvin Kiptum’s 2023 world record of 2:00:35 in his sights when he reached halfway in 1:00:12, but faded towards the end.
In the women’s race, Wanjiru sped away from the lead pack after 25 kilometers before finishing in 2:21:05.
Ethiopia’s Dera Dida followed three seconds behind Wanjiru, with Azmera Gebru, also of Ethiopia, coming third in 2:21:29.
Wanjiru’s time was 12 minutes slower than compatriot Ruth Chepng’etich’s world record of 2:09:56, which she set in Chicago in 2024.
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