NOTAP PARTNERS FINANCIAL REPORTING COUNCIL TO STRENGTHEN MANDATES

The National Office for Technology Acquisition and Promotion (NOTAP) is to partner with the Financial Reporting Council (FRC) to strengthen mandates of both organisations.

Acting Director General of NOTAP Dr. Dan-Azumi Mohammed Ibrahim announced the partnership while receiving the Executive Secretary of the Financial Reporting Council and his team who paid a courtesy visit on the Management of NOTAP at its corporate headquarters in Abuja.

He said NOTAP is one of the 17 parastatals under the Federal Ministry of Science and Technology that was established over 30 years ago with a mandate by the Government to regulate the inflow of technology into Nigeria and promote the development of indigenous technology.

Explaining the workings of NOTAP to the visiting team, Dr. Ibrahim said the Office registers technology transfer agreements between Nigerians and their foreign technical partners as a major activity. He pointed out that any agreement that would be registered by NOTAP must meet certain criteria such as; Is the agreement designed in accordance with the laws of Nigeria?, Is the price the Nigerian company paying to its foreign partner fair? and most importantly, is there any clause in the agreement that considers the building of the capacity of indigenous Nigerians in the technology being imported.?

Dr. Ibrahim said all these conditions are seriously considered before any technology transfer agreement is registered by NOTAP and as a result of the strict regulation of technology transfer to Nigeria by the Office, billions of naira that would have amounted to capital flight is being saved the nation annually.

He commended the Financial Reporting Council for the great effort in ensuring strict financial adherence by both public and private organizations and said NOTAP now has a willing and comfortable partner that would work for the development of the country.

Earlier, Executive Secretary of the FRC, Mr. Jim Osayande Obazee, said the visit was necessitated by the fact that NOTAP is an important arm of national development because of its role as a major regulator for competitive neutrality and a national promoter of fair play.

He said the visit is to seek for support in the effort by the Council in moving the current financial reporting and corporate governance regime in Nigeria to greater heights.

Mr. Obazee pointed out that as a result of the global financial crisis, all nations now realize the need for uniform national financial reporting standards and regulations. He said nations that are truly desirous of attracting more foreign direct investments, enhance job opportunities and economic revolution are now freeing their countries from the limits of differential financial reporting standards.

He said the FRC is promoting the use of International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA) as benchmarks for organizations.

He called for the support of NOTAP in the implementation of its Act as it relates to professional ethics, certification of financial statements and other enforcement regimes as obtained in other nations of the world to create the right investment climate in Nigeria.

It is expected that the partnership between NOTAP and FRC will strengthen the mandates of both organizations for better service delivery to the Nigerian people.