He said that at a time when the government is talking of ease of doing business and begging investors to come to the country, it is contradictory to subject private non-quoted companies to multiple taxes such as the FRCN’s annual dues.

Reacting to concerns expressed by the affected entities, the Director General of PEBEC, Zahrah Audu, said the council was working out modalities to address the issues raised by stakeholders.

She noted that recent amendments to the FRC Act have expanded the definition of 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,” she said.

She said that to address the concerns surrounding the FRC Act’s recent amendment, the council is holding a series of stakeholder engagements.

These sessions, she said, would foster open discussions and collaborative problem-solving among key stakeholders.

She called on all parties to remain calm as PEBEC would continue to emulate best practices, ensuring that Nigeria remains competitive and an attractive destination for businesses and investors.



https://guardian.ng/business-services/business/pebec-intervenes-as-stakeholders-kick-against-frcns-yearly-dues/