PEBEC to Hold Stakeholder Engagements on FRCN’s Annual Dues and Fees for PIEs In Nigeria

The Presidential Enabling Business Environment Council (PEBEC) has issued a press release calling for stakeholder engagement to address the Financial Reporting Council of Nigeria (FRCN) newly imposed annual dues and fees on Public Interest Entities (PIEs) in Nigeria.

In the press release signed by the Director General, Princess Zahrah Mustapha Audu, PEBEC announced it is actively reviewing business concerns tied to these charges. This development comes amid recent amendments made by the Financial Reporting Council of Nigeria, introducing new payment dates and penalties for non-compliance

The press statement read: “The Presidential Enabling Business Environment Council (PEBEC) is currently examining business concerns surrounding the Financial Reporting Council of Nigeria (FRCN) and the annual dues and fees imposed on Public Interest Entities (PIEs).

“Recent amendments to the Financial Reporting Council of Nigeria Act have expanded the definition of Public Interest Entities (PIEs) to 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 directly affect various stakeholders.

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