FG Clarifies FRCN’s Imposed Fees, Dues On Public Interest Entities

The federal government, through the Presidential Enabling Business Environment Council (PEBEC) has addressed concerns regarding the annual dues and fees imposed by the Financial Reporting Council of Nigeria (FRCN)  on public interest entities (PIEs).

The director-general of PEBEC, Princess Zahrah Mustapha Audu, who made the clarification, stated that the federal government is currently reviewing issues related to the annual dues and fees  imposed on PIEs by FRCN.

She highlighted that recent amendments to the Financial Reporting Council of Nigeria Act had expanded the definition of PIEs to include various categories of private companies, concession entities, and privatised entities.

These changes, she noted, are aimed at enhancing transparency and accountability in financial reporting and strengthening corporate governance in Nigeria.

“However, issues have arisen regarding the payment of annual dues and fees by PIEs. The FRCN has introduced new payment deadlines and penalties for non-compliance, which may impact various stakeholders,” she added.

“In order to address the concerns surrounding the FRCN’s recent amendments, we are holding a series of stakeholder engagements. 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,” she said.

She called on all parties to remain assured that PEBEC will continue to emulate best practices to ensure 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,” she added.