FRCN Commences Online Submission Of Code Of Corporate Governance Report

The Financial Reporting Council of Nigeria (FRCN) has announced that the submission of Nigerian Code of Corporate Governance (NCCG) reports would henceforth be done virtually via the council’s online web portal from April 1, 2022.

The council stressed that it would neither accept physical hard copies nor emails for the NCCG 2018 compliance report from April 1.

This was announced yesterday by the management of the FRCN, which stated that this would affect all public companies and their holding companies, concessioned and privatised companies as well as regulated private companies as defined in the regulation to NCCG 2018 “entities.”

It said, “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.”

The council also issued additional guidance that would assist the affected entities to onboard the portal for a seamless user experience.

The guidance revealed that the go-live date for the portal would be April 1, 2022.

It declared that, “with effect from this date, the NCCG 2018 Compliance Reporting Web Portal can be accessed at the council’s website: www.financialreportingcouncil.gov.ng

It added that, “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 (entities with December 31, 2021, year-end), deadline for reporting on compliance with NCCG 2018 remains three months after year end of the company.”

The management of the FRCN also said that a webinar meant to sensitise stakeholders on the new reporting regime would be held on March 17, 2022.

It said that “intending participants are hereby requested to register for this webinar through the following link: https://bit.ly/frcnccg.”