The Financial Reporting Council of Nigeria is expected to implement International Financial Reporting
Standard 17 (IFRS) on or before January 2023. This follows the amendment of the standard on June 25, 2020.

This was disclosed by the Head, Directorate of Accounting Standards Public Sector, FRC, Dr. Iheanyi Anyahara, during a Stakeholders interactive forum with FRC and International Accounting Standards Board (IASB) webinar recently.

Nigeria adopted the IFRS as part of measures to improve transparency, reporting practices and full disclosures.

Having adopted the IFRS by the Council, Anyahara explained that all amendments to existing standards alongside the new standards issued by the International Accounting Standards Board (IASB) must be implemented by all reporting entities in Nigeria.

According to him, the Council is aware that implementing IFRS 17 commands a radical departure from current accounting standards and produces complex operational challenges.

He said, “That is why we are organizing this programme and many more in collaboration with IASB to guide the users of the standards both in application and implementation.

“The Council will be organizing more events in financial reporting, auditing and corporate governance in order to sensitize the general public and lessen the knowledge gap in IFRS standards in Nigeria in collaboration with relevant agencies and organisations.”

Back story:

Last July, Nairametrics reported when FRC released guidelines for reporting in compliance with the Nigerian Code of Corporate Governance. (NCCG 2018).

In a statement posted on its website, the Council explained that it had been engaging with all regulators of sectors for the purpose of developing sectoral guidelines of corporate governance on specific requirements relevant to each sector, which are not covered under NCCG 2018.

A former Nigerian Presidential aspirant, Adamu Garba, has instituted a $1 billion lawsuit against Twitter and its founder, Jack Dorsey, at the Federal High Court Abuja, over his role in the #EndSARS protests which has led to violence across the country, resulting in the destruction of properties and loss of lives.

Jack had been accused of actively supporting the funding of the #EndSARS protests across the nation, as disclosed by Adamu Garba through a series of tweet posts on his official Twitter handle on Tuesday, October 20, 2020.

The motion on notice was brought pursuant to order II Rules 1, 2, 3 of the Fundamental Rights (Enforcement Procedure) Rules, 2009 and Sections 34(1), 35(1) and 41(1), and 43 of the 1999 Constitution.

Others joined in the suit include the President of the Federal Republic of Nigeria, the Attorney General of the Federation, the National Security Adviser, the Inspector General of Police, the Director-General of the Department of State Services, the Commandant of the Nigeria Security and Civil Defence Corps, and the Nigeria Communications Commission.

Garba is seeking an “order directing the 8th (Dorsey) and 9th (Twitter) respondents to jointly pay him the sum of $1bn as damages.”

Garba in his tweet post said, “Here’s your motion of notice, a fine of $1 billion in favor of the Federal Republic of Nigeria as compensation for lost lives, properties and convenience, as a result of your active support for funding of #EndSARS protests after the issues is been attended to by the Government.

“Under a clear mark of gross abuse of privilege, you used your platform to instigate a protest that has now turned into the breakdown of law and order in Nigeria. You should publish a public apology to the Nigerian government and people for violating our sovereignty to peace and security.

“You have violated the international principles of nationhood and democracy by meddling into our local affairs, knowing fully well that these are capable of toppling the democratically elected government of the day and slowing us down from progress on our hard-earned democracy journey. I trust that the Federal High Court of Nigeria will serve you the motion accordingly.”

Backstory

It can be recalled that the former Presidential candidate had some time last week expressed his displeasure at Dorsey for showing support to the #EndSARS protesters even after the Federal Government had disbanded the Special Anti-Robbery Squad (SARS).

In his tweet post, he said, “Dear @jack. It’ll do you a lot more good if you stay away from Nigerian Politics. You should know that the so-called #EndSARS protest has transformed into political agitation, capable of breaking law & order in our country. You should not be a moral and financial sponsor to this.

“This is Nigeria, most of the demands initially presented were attended to by the responsible authorities. SARS no longer exists in this country. Your support for a disbanded entity was a needless interference. We cannot allow killings again in Nigeria in the name of protests.

“I understand that this may play well to your business, you have more content, more people, and more activity on your platform; but to us, it is about life, peace, and security of our dear country, we cannot allow you to be part of the people sponsoring disorder. We need peace and prosperity.

“I can see you are even sharing a link for people to donate money for this protest, an event capable of escalation beyond our already overstretched security management. If this protest continues to evolve into disorder (hopefully not) as a Nigerian citizen, we’ll meet in court.”

Dear @jack,

Here’s your motion of notice, a fine of $1Bn dollars in favour of Federal Republic of Nigeria, as a compensation for lost of lives, properties & convenience as a result your active support for funding of #EndSARS after the issues is been attended to by the Government pic.twitter.com/aunph9OIY8

— Adamu Garba II (@adamugarba) October 20, 2020

The Lagos Chamber of Commerce and Industry (LCCI) disclosed that Nigeria has lost more than N700 billion in economic value since the #EndSARS protests started 14 days ago. 

This disclosure was contained in a statement by The Lagos Chamber of Commerce and Industry (LCCI), through the Chambers President, Toki Mabogunje. 

According to Mrs Toki Mabogunje, LCCI uncovered that the Nigerian economy has suffered an estimated ₦700 billion loss in the past twelve days. 

Mrs Mabogunje explained that the peaceful protest has started to witness various unintended outcomes, despite its positive and noble objectives. 

She emphasized that these unintended outcomes coming from the frustration of the youths, have been at great cost to the economy and this continues to create bottlenecks and disruptions to businesses and the economy in general. 

What you should know 

The ongoing protest by Nigerian youths against police brutality has entered the thirteenth day, and this development has adversely affected the economy of states across the country, as protesters continue to mount blockades and barricades around major cities and interstate highways. 

However, as the protests induced-disruption continue to pile up on the economy, economists and financial experts have made an estimate that businesses in the country lose at least N10 billion daily since the commencement of the #EndSARS protests. 

In like manner, Nairametrics reported that the Lagos State Government has lost at least N234million to the closure of tollgates since the commencement of the #EndSARS protests. 

What they are saying 

The President of LCCI said that there is a great risk that the situation may degenerate into a case of the complete breakdown of law and order, which is certainly not in consonance with the objectives of the peaceful protests.  

(READ MORE: Credit to Nigerian economy falls to N38.67 trillion)

She urged President Muhammadu Buhari to grant audience to the leadership of the #EndSars to deliberate on the way forward and to agree on an action plan for the delivery of agreed outcomes.  

Director-General, Lagos Chamber of Commerce and Industry (LCCI), Dr Muda Yusuf, said the protest is crippling businesses and economy, especially the Small and Medium Enterprises (SMEs). He explained that the SMEs live by daily income and the continued disruption of their businesses may lead to huge loss of income and business growth. 

Dr Muda Yusuf emphasized that the earlier the government engages the protesters, the better for the economy. He advised that the President should dialogue with the protesters for a quick resolution. 

However, the former President, Chairman of Council, Chartered Institute of Bankers of Nigeria (CIBN),  Okechukwu Unegbu, said whatever the economy loses will be temporary and could be gained if the expected reforms are instituted. 

Unegbu said the level of economic activity, especially production, has been nosediving, and if the protests become successful, and policy recommendations are implemented, foreign investors will flood Nigeria with their capital.