PEBEC to engage stakeholders as FRCN sets new financial charges for companies

The Presidential Enabling Business Environment Council (PEBEC) says it is addressing concerns surrounding the annual dues and fees imposed on companies by the Financial Reporting Council of Nigeria (FRCN).

In a statement on Tuesday, Zahrah Audu, director-general (DG) of PEBEC, said the council is also examining the recent amendments affecting public interest entities (PIEs), particularly regarding annual dues and fees.

On March 10, it was reported that the Manufacturers Association of Nigeria (MAN) opposed the implementation of the new annual financial charges by the FRCN on private enterprises under the FRCN Act.

Segun Ajayi-Kadir, DG of MAN, said the financial levies, as currently implemented, pose significant challenges to the manufacturing companies, the majority of whom are non-listed entities and are categorised under the current definition of Public Interest Entities (PIEs) of the Act.

According to Audu, recent amendments to the FRCN Act have expanded the definition of public interest entities (PIEs) to include various categories of private companies, concession entities, and privatised entities.

“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.”

To address the concerns surrounding the FRCN’s recent amendments, Audu said the council will be 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.

“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.”

Audu also said PEBEC’s commitment to driving business reforms, improving the ease of doing business, and enhancing transparency and accountability remains unwavering.