Financial Reporting Council Sets New Financial Charges For Companies, PEBEC Begins Engagement
- The Nigerian government, via PEBEC, said it is addressing issues regarding the imposition of new fees by FRCN
- PEBEC said that companies have raised concerns about the new charges, which they said will affect them
- The council revealed that the council is looking into the new FRCN Act, which has caused concerns among stakeholders
The Presidential Enabling Business Environment Council (PEBEC) has said it will address concerns about the annual dues and fees imposed on firms by the Financial Reporting Council of Nigeria (FRCN).
According to a statement by Zahrah Audu, director-general of PEBEC, the council is also looking into the recent amendments affecting public interest entities, especially regarding annual dues and fees.
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Manufacturers raise objections
According to reports, on March 10, 2025, the Manufacturers Association of Nigeria (MAN) opposed the implementation of the new annual financial charges by the FRCN on private firms under the FRCN Act.
The Director General of MAN. Segun Ajayi-Kadir said the financial levies pose challenges to manufacturing firms, most of whom are not listed and are categorised under the current definition of Public Interest Entities (PIEs).
Audu disclosed that the recent amendments to the FRCN Act have expanded the meaning of public interest entities to include other categories such as private companies, concession entities, and privatised entities.
He said:
“These changes aim to enhance transparency and accountability in financial reporting and strengthen corporate governance in Nigeria,” the DG said.
“However, issues have arisen regarding the payment of annual dues and fees by PIEs.
“The FRCN has introduced new payment dates and penalties for non-compliance, which may affect various stakeholders.”
However, PEBEC said issues have arisen regarding the payment of annual dues and fees by PIEs, saying that the FRCN introduced new payment dates and penalties for non-compliance, which may affect stakeholders.
PEBEC promises to address the issues
PEBEC said:
“We are holding a series of stakeholder engagements to address the concerns surrounding the FRCN's recent amendments.
These sessions aim to foster open discussions and collaborative problem-solving among key stakeholders.
We hope to find a meaningful solution for all parties shortly. Hie Presidential Enabling Business Environment Council (PEBEC) is currently examining concerns surrounding the Financial Reporting Council of Nigeria (FRCN) and the annual dues and fees imposed on Public Interest Entities (PIEs).
We call on all parties to remain assured that PEBEC will continue to emulate best practices, ensuring Nigeria remains competitive and an attractive destination for businesses and investors.
Our commitment to driving business reforms, improving the ease of doing business, and enhancing transparency and accountability remains unwavering.”
Source: Twitter
FG moves to sanction two firms for breaches
A previous report by Legit.ng said the Nigerian Data Protection Commission is currently investigating two international mobile applications over Data privacy issues.
The two applications – TikTok and Truecaller – are being investigated over alleged data breaches, and the NDPC has promised to ensure compliance with the Data Protection Act.
National Commissioner and CEO of NDPC, Vincent Olatunji, noted that the commission was ready to take every necessary action to ensure compliance, even if it involved Multinationals.
CBN fines 9 banks 150 million each
Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has sanctioned commercial banks for failing to dispense cash via their ATMs during Christmas, worsening cash scarcity.
Following checks on their branches, the apex bank sanctioned each bank N150 million for non-compliance with its cash distribution guidelines.
The sanction follows several warnings from the apex bank to the banks to guarantee cash availability, especially in the Yuletide.
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Source: Legit.ng
