FRC launches SMEs corporate governance guidelines

The Financial Reporting Council has launched corporate governance guidelines for small and medium-sized enterprises (SMEs).

In his keynote speech during the launch, Dr. Rabiu Olowo, Executive Secretary/CEO of the Financial Reporting Council, stressed that the introduction of the Nigeria SME Corporate Governance Guidelines presented a chance to establish new guidelines for the management SMEs and make sure they are prepared to compete globally.

He further stated he was confident that the SME Corporate Governance guidelines will serve as a powerful catalyst for positive change within our business community.

He said, “They represent a bold step towards building a more transparent, accountable and sustainable SME sector.”

Board Member, UN Global Compact Network Nigeria, Ayotola Jagun, also noted that the future of Nigeria’s economy rests on the shoulders of its SMEs, and by empowering them with strong governance principles and a commitment to sustainability, they can create a future that is not only prosperous but also equitable and environmentally conscious.

He said, “I urge SMEs and larger organisations to adopt the SME-CGG and commit to good corporate governance. To achieve the SDGs, larger businesses can further support SMEs that adopt the SME-CGG by providing supplier incentives such as funding opportunities, capital advisory support, project implementation support, and conditional funding, among others.”