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PEBEC to probe concerns over dues imposed on public interest entities by FRCN

Published on March 25, 2025 at 09:30 PM

The Presidential Enabling Business Environment Council said it is examining the annual dues imposed on public interest entities by the Financial Reporting Council of Nigeria.

The Director General of PEBEC, Princess Zahrah Mustapha Audu disclosed this in a statement on Tuesday.

PEBEC vowed to engage all stakeholders to address all concerns to enable the ease of doing business in Nigeria.

The council called on all parties to remain calm while it seeks best practices to boost investment in Nigeria.

“The Presidential Enabling Business Environment Council (PEBEC) is currently examining 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 privatised 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.

“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”, the PEBEC statement reads.