Small and medium-sized enterprises (SMEs) across Nigeria can now obtain the Financial Reporting Council of Nigeria’s (FRC) Business Integrity Certification (BIC) free of charge until the end of the first quarter of 2026.

The Council announced this at a media briefing held in Lagos, saying the decision to waive participation fees is to encourage more businesses to strengthen their governance structures and embrace ethical practices.

The initiative, developed in partnership with the Integrity Organisation, the Bureau of Public Procurement (BPP), and the Centre for International Private Enterprise (CIPE), is expected to boost access to finance, markets, and public procurement opportunities for certified enterprises.

Speaking at the briefing, the Chief Executive Officer of Integrity Organisation, Soji Apampa, said the initiative marks a critical step toward rewarding integrity in business rather than corruption.

He said, “This initiative realigns incentives in the Nigerian business space. Instead of being incentivised to be corrupt, companies will now have more to gain by competing and succeeding based on doing the right thing consistently.”

Apampa explained that the certification allows SMEs to voluntarily assess and strengthen their corporate governance systems through the FRC’s digital platform. By enrolling via the Council’s website, SMEs can complete self-assessment questionnaires, identify weaknesses, and request certification once they have met the necessary governance standards.

“The process is transparent and measurable. It ensures that compliance is not just a tick-box exercise but a credible, verifiable indicator of integrity,” he said.

He added that the initiative is being delivered through a partnership between the FRC, Integrity Organisation, the BPP, CIPE, and several other stakeholders, including the Development Bank of Nigeria, SMEDAN, and the Bank of Industry.

Apampa noted that the pilot phase is designed to make participation easy and accessible for all interested businesses. “It’s free of charge for now. This window runs until March 2026, after which the full independent assessment component will attract a modest fee.

“This is a national movement for integrity. The Business Integrity Certification will not only help Nigerian firms do better business locally, but it will also give them a competitive edge across Africa under the AfCFTA framework, showing that Nigerian enterprises can thrive by doing business the right way,” he added.

The FRC’s Director of Corporate Governance, Comfort Osundu, reaffirmed the Council’s commitment to collaboration, noting that the project was developed in partnership with major regulatory and enterprise agencies from inception.

“From the start, FRC worked closely with SMEDAN, CBN, and others to tailor the guidelines to different categories of SMEs. It’s not an isolated project; our aim is inclusivity and collaboration to ensure every business category is represented and supported,” Osunde said.

She explained that through its advisory committee, the Council continues to work with key partners such as the Bank of Industry (BOI) and the Lagos Chamber of Commerce and Industry (LCCI) to encourage widespread adoption of the certification.

CIPE’s Africa Regional Director, Lola Adekanye, described the BIC as a multi-stakeholder effort aimed at addressing one of Africa’s biggest business challenges, which is the absence of structured corporate governance among SMEs.

She noted, “Many small businesses fail not because of lack of opportunity, but because they haven’t embedded the right governance systems. The Business Integrity Certification is not only about compliance and due diligence, but also about helping MSMEs grow faster and more sustainably by learning how to scale with accountability.”