FG reveals position on FRCN's new charges and dues

• The Nigerian government, via PEBEC, said it is addressing issues regarding the imposition of caller fees by FRCN
• PEBEC said that companies person raised concerns astir the caller charges, which they said volition impact them
• The assembly revealed that the assembly is looking into the caller FRCN Act, which has caused concerns among stakeholders 

The Presidential Enabling Business Environment Council (PEBEC) has said it volition code concerns astir the yearly dues and fees imposed connected firms by the Financial Reporting Council of Nigeria (FRCN).

According to a connection by Zahrah Audu, director-general of PEBEC, the assembly is besides looking into the caller amendments affecting nationalist involvement entities, particularly regarding yearly dues and fees.

Zahrah Audu, director-general (DG) of PEBEC, promises to intervene Credit: PEBEC
Source: Getty Images

Manufacturers rise objections

According to reports, connected March 10, 2025, the Manufacturers Association of Nigeria (MAN) opposed the implementation of the caller yearly fiscal charges by the FRCN connected backstage firms nether the FRCN Act.

The Director General of MAN. Segun Ajayi-Kadir said the fiscal levies airs challenges to manufacturing firms, astir of whom are not listed and are categorised nether the existent explanation of Public Interest Entities (PIEs).

Audu disclosed that the caller amendments to the FRCN Act person expanded the meaning of nationalist involvement entities to see different categories specified arsenic backstage companies, concession entities, and privatised entities.

He said:

“These changes purpose to heighten transparency and accountability successful fiscal reporting and fortify firm governance successful Nigeria,” the DG said.“However, issues person arisen regarding the outgo of yearly dues and fees by PIEs.“The FRCN has introduced caller outgo dates and penalties for non-compliance, which whitethorn impact assorted stakeholders.”

However, PEBEC said issues person arisen regarding the outgo of yearly dues and fees by PIEs, saying that the FRCN introduced caller outgo dates and penalties for non-compliance, which whitethorn impact stakeholders.

PEBEC promises to code the issues

PEBEC said:

“We are holding a bid of stakeholder engagements to code the concerns surrounding the FRCN's caller amendments. These sessions purpose to foster unfastened discussions and collaborative problem-solving among cardinal stakeholders. We anticipation to find a meaningful solution for each parties shortly. Hie Presidential Enabling Business Environment Council (PEBEC) is presently examining concerns surrounding the Financial Reporting Council of Nigeria (FRCN) and the yearly dues and fees imposed connected Public Interest Entities (PIEs). We telephone connected each parties to stay assured that PEBEC volition proceed to emulate champion practices, ensuring Nigeria remains competitory and an charismatic destination for businesses and investors. Our committedness to driving concern reforms, improving the easiness of doing business, and enhancing transparency and accountability remains unwavering.”

CBN Governor, Olayem Cardoso, allows fines connected banks Credit: CBN
Source: Twitter

FG moves to authorisation 2 firms for breaches

A erstwhile study by Legit.ng said the Nigerian Data Protection Commission is currently investigating 2 planetary mobile applications implicit Data privateness issues. 

The 2 applications – TikTok and Truecaller – are being investigated implicit alleged information breaches, and the NDPC has promised to guarantee compliance with the Data Protection Act. 

National Commissioner and CEO of NDPC, Vincent Olatunji, noted that the committee was acceptable to instrumentality each indispensable enactment to guarantee compliance, adjacent if it progressive Multinationals. 

CBN fines 9 banks 150 cardinal each

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) has sanctioned commercialized banks for failing to dispense currency via their ATMs during Christmas, worsening currency scarcity.

Following checks connected their branches, the apex slope sanctioned each slope N150 cardinal for non-compliance with its currency organisation guidelines.

The authorisation follows respective warnings from the apex slope to the banks to warrant currency availability, particularly successful the Yuletide.

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Source: Legit.ng