The Financial Reporting Council of Nigeria (FRCN) has advised all public firms and their holding companies, concessioned/privatised companies, regulated private companies, and the general public that NCCG reports would now be submitted digitally through the Council’s Online Web Portal.
This was confirmed in a statement issued by the FRCN and seen by Nairametrics
According to the agency, the Web Portal is being developed to improve Ease of Doing Business by reducing the cost, time, and effort required to comply with NCCG 2018. The web portal will also serve as a repository for investors, researchers, and other stakeholders to gather and generate corporate governance information on Nigerian entities in the private and public sectors.
What FRCN is saying about the Code
The agency stated “The Financial Reporting Council of Nigeria (“the Council) hereby informs all public companies and their holding companies, concessioned/privatised companies, regulated private companies as defined in the Regulation to NCCG 2018 (“entities”), and the general public that submission of NCCG 2018 reports will henceforth be done virtually via the Council’s Online Web Portal.”
The document added that the new policy was done to boost the ease of doing business and make it more productive. “The Web Portal is developed to further enhance Ease of Doing Business, reduction of cost, time, and effort taken to comply with NCCG 2018, and serve as a repository for investors, researchers, and other stakeholders to gather and generate corporate governance information on Nigerian entities in both the private and public sectors.”
Key takeaway
- The Go-live Date for the Portal is March 22, 2022.
- With effect from this date, the NCCG 2018 Compliance Reporting Web Portal can be accessed at the Council website:www.financialreportingcouncil.gov.ng
- With effect from this date, the Council will neither accept physical hard copies nor emails for the NCCG 2018 Compliance Report.
- The deadline for NCCG 2018 Compliance Reporting for entities with year-end December 31, 2021, is hereby extended by 1 month to April 30, 2022.
- Apart from No. 4 above, the deadline for reporting on Compliance with NCCG 2018 remains 3 months after the year end of the Company.
- A webinar to sensitize stakeholders will be held on March 17, 2022. Intending participants are hereby requested to register for this webinar through the following link: https://bit.ly/frcnccg
What you should know
- In a bid to reflect contemporary business realities, improve the Nigerian commercial sector, and entrench the ease of doing business, the Federal Government of Nigeria signed the Companies and Allied Matters Act, 2020 (“CAMA 2020”) into law in August 2020, effectively repealing the Companies and Allied Matters Act, 1990.
- Before that, the Federal Government also unveiled The Nigerian Code of Corporate 2018 (“NCCG 2018” or “the Code”) on January 15, 2019, to institutionalise Corporate Governance practices in Nigerian companies, promote public awareness of essential ethical practices that will enhance the integrity of the business environment, and thus attract investments to the country.
- These serve as quintessential Act and Code governs business conducts in Nigeria, hence it is critical for everyone operating in the commercial sector in Nigeria to enhance their understanding of the provisions of the Act and the Code.