FRC Offers Free Business Integrity Certification for Nigerian SMEs Until March 2026

In a bid to promote ethical business practices and strengthen corporate governance, the Financial Reporting Council of Nigeria (FRC) has announced that its Business Integrity Certification (BIC) will be available free of charge to Small and Medium-sized Enterprises (SMEs) across Nigeria until March 2026. The initiative aims to encourage transparency, improve accountability, and enhance the competitiveness of Nigerian enterprises both locally and within the African Continental Free Trade Area (AfCFTA) framework.

Announcing the development at a media briefing in Lagos, the FRC revealed that the decision to waive participation fees will allow more SMEs to take advantage of the program. The BIC initiative—developed in partnership with the Integrity Organisation, the Bureau of Public Procurement (BPP), and the Centre for International Private Enterprise (CIPE)—is designed to help businesses strengthen governance structures, access finance, and qualify for public procurement opportunities through verified ethical standards.

Speaking at the event, Soji Apampa, Chief Executive Officer of the Integrity Organisation, said the certification marks a turning point for the Nigerian business environment. “Instead of being incentivised to be corrupt, companies will now have more to gain by competing and succeeding through integrity,” he said. Apampa explained that the certification process allows SMEs to conduct a voluntary self-assessment through the FRC’s digital platform, identifying weaknesses and improving governance practices before applying for certification.

Apampa added that the current pilot phase offers free participation until March 2026, after which a modest fee will apply for full independent assessments. The initiative is being supported by key institutions such as the Development Bank of Nigeria (DBN), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), and the Bank of Industry (BOI). “This is a national movement for integrity,” he emphasized, noting that the certification gives Nigerian firms an edge across Africa by demonstrating that success can be achieved through accountability.

Also speaking, Comfort Osundu, Director of Corporate Governance at FRC, reaffirmed the Council’s commitment to collaboration and inclusivity, highlighting partnerships with agencies like CBN, LCCI, and BOI to ensure all business categories are represented. Lola Adekanye, CIPE’s Africa Regional Director, added that the program addresses one of the continent’s biggest challenges—the absence of structured governance among SMEs. She noted that the BIC will help small businesses grow sustainably by embedding accountability and governance systems that make them more resilient and investor-ready.

source: The Guardian