PEBEC examines concerns on Financial Reporting Council of Nigeria

The Presidential Enabling Business Environment Council (PEBEC) says it is currently examining concerns surrounding the Financial Reporting Council of Nigeria (FRCN), the annual dues and fees imposed on Public Interest Entities (PIEs).

The PEBEC Director General, Zahrah Audu who made this know in a statement disclosed that recent amendments to the FRCN Act have expanded the definition of PIEs

This include various categories of private companies, concession entities and privatized entities.

“These changes aim to enhance transparency and accountability in financial reporting and strengthen corporate governance in Nigeria.

“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.”

According to the Director General, 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.

“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 andinvestors. Our commitment to driving business reforms, improving the ease of doing business, and enhancing transparency and accountability remains unwavering.” She added.

PR/PIAK