The Financial Reporting Council of Nigeria (FRC), in partnership with the New Era for Sustainable Leadership and Accountability Initiative (NESLAI), has sensitised SMEs and cooperative societies in Borno State on the importance of proper financial reporting and record-keeping.
The sensitisation campaign, themed “Benefits for Business Enterprises, Cooperatives and the National Economy,” brought together business leaders, entrepreneurs, cooperative societies, trade associations and other stakeholders in the state.
Representing the Executive Secretary of the FRC, Dr. Rabiu Olowo, at the event was the Director, Directorate of Accounting Standards, FRC Nigeria, Mr. Kabiru Musa Jemaku.
Speaking on behalf of the Executive Secretary, Jemaku said financial reporting should not be viewed merely as a statutory or regulatory requirement, but also as a business development tool that could strengthen enterprises and support sustainable growth.
According to him, credible financial statements enable businesses to demonstrate their financial performance and improve their engagement with banks, investors, development finance institutions, government agencies and other potential sources of funding.
He said proper financial records enable business owners to understand their income, expenses, assets, liabilities and overall performance, thereby helping them make informed business decisions.
“Financial reporting is not simply a regulatory requirement. It is a business development tool,” he said.
The FRC representative further explained that transparent financial records could help SMEs improve access to capital, strengthen operational management and enhance their credibility, while positioning them to take advantage of wider markets, including opportunities under the African Continental Free Trade Area (AfCFTA).
He stressed that the Council’s responsibility goes beyond enforcement, noting that the FRC is also committed to education, capacity building, technical guidance and stakeholder engagement to help businesses understand and meet appropriate financial reporting requirements.
Jemaku acknowledged the resilience and entrepreneurial activities of people in Borno State, particularly in sectors including trade, agriculture, livestock, transportation, services and manufacturing.
He said the need for stronger financial structures had become particularly important as Borno continues its reconstruction, economic revitalisation and investment drive.
He encouraged entrepreneurs, cooperative leaders and trade associations to take advantage of the sensitisation programme by engaging with the FRC’s technical team and applying the knowledge gained to strengthen their businesses.
The FRC also acknowledged the support of the Borno State Ministry of Trade, Investment and Tourism towards the programme.
The Council equally acknowledged the contribution of NESLAI, led by its Executive Director, Mr. Edwin Olorunfemi, for partnering with the FRC to take financial reporting awareness directly to the business community.
The campaign is part of a broader effort to improve financial reporting awareness among SMEs and cooperative societies and highlight the practical benefits of transparency, accountability and proper record-keeping.
The organisers said stronger financial reporting practices could benefit individual businesses and contribute to investor confidence, improved access to finance, employment generation and sustainable economic development.
The Borno engagement follows earlier phases of the campaign held in Kano and Awka, as the FRC and its partners continue efforts to deepen financial reporting awareness among businesses across Nigeria.
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