Small and medium-sized enterprises (SMEs) across Nigeria can now obtain the Financial Reporting Council of Nigeria\u2019s (FRC) Business Integrity Certification (BIC) free of charge until the end of the first quarter of 2026.<\/p>\n
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The Council announced this in Lagos, explaining that the temporary fee waiver aims to encourage more businesses to strengthen their governance systems and adopt ethical business practices.<\/p>\n
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Developed in collaboration with the Integrity Organisation, the Bureau of Public Procurement (BPP), and the Centre for International Private Enterprise (CIPE), the initiative is expected to enhance SMEs\u2019 access to finance, markets, and public procurement opportunities.<\/p>\n
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The Chief Executive Officer of Integrity Organisation, Soji Apampa, said the initiative seeks to reward integrity in business and discourage corruption. According to him, the certification creates a system where \u201ccompanies will now have more to gain by competing and succeeding based on doing the right thing consistently.\u201d<\/p>\n
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Apampa explained that the certification process enables SMEs to voluntarily assess and strengthen their corporate governance structures through a digital platform managed by the FRC. By registering via the Council\u2019s website, businesses can complete a self-assessment questionnaire, identify governance gaps, and apply for certification after meeting the required standards.<\/p>\n
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\u201cThe process is transparent and measurable. It ensures that compliance is not just a tick-box exercise but a credible, verifiable indicator of integrity,\u201d he said.<\/p>\n
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He added that the pilot phase is designed to make participation easy and accessible, supported by several partners including the Development Bank of Nigeria, the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and the Bank of Industry (BOI). The certification remains free until March 2026, after which an independent assessment fee will be introduced.<\/p>\n
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\u201cThis is a national movement for integrity,\u201d Apampa said. \u201cIt will not only help Nigerian firms do better business locally but also give them a competitive edge under the African Continental Free Trade Area (AfCFTA) by showing that Nigerian enterprises can thrive through ethical practices.\u201d<\/p>\n
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The FRC\u2019s Director of Corporate Governance, Comfort Osundu, emphasized that the initiative was designed collaboratively from the onset. She said the Council worked closely with SMEDAN, the Central Bank of Nigeria (CBN), and other agencies to ensure the certification process accommodates different SME categories.<\/p>\n
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Through its advisory committee, the FRC continues to engage key partners such as BOI and the Lagos Chamber of Commerce and Industry (LCCI) to encourage wider adoption among enterprises.<\/p>\n
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CIPE\u2019s Africa Regional Director, Lola Adekanye, described the BIC as a collective effort to address one of Africa\u2019s most pressing business challenges,the lack of structured governance among small businesses.<\/p>\n
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\u201cMany small enterprises fail not because of lack of opportunity but because they haven\u2019t embedded the right governance systems,\u201d she said. \u201cThe Business Integrity Certification is not only about compliance and due diligence but about helping MSMEs grow sustainably by learning how to scale with accountability.\u201d<\/p>\n
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