Presidency moves to address concerns raised over annual dues payment

The Presidential Enabling Business Environment Council (PEBEC) has waded into the issues raised by stakeholders regarding the payment of annual dues and fees by Public Interest Entities (PIEs).

Director General PEBEC, Princess Zahrah Mustapha Audu, in a statement on Friday, disclosed that her outfit is holding a series of stakeholder engagements to examine concerns surrounding the Financial Reporting Council of Nigeria (FRCN) and the annual dues and fees imposed on PIEs.

She explained that the planned sessions aimed to foster open discussions and collaborative problem-solving among key stakeholders to find a meaningful solution for all parties involved.

She thereby called on all parties to rest assured that PEBEC will continue to emulate best practices, ensuring Nigeria remains competitive and an attractive destination for businesses and investors.

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She assured of PEBEC’s commitment to driving business reforms, improving the ease of doing business, and enhancing transparency and accountability.

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 privatized 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 even as the introduction of new payment dates and penalties for non-compliance may affect various stakeholders.