General
Annual Reports: Tough Time Awaits Defaulting MDAs
By Adedapo Adesanya
The Financial Reporting Council (FRC) has vowed to clamp down on federal government’s agencies and parastatals that have refused to file their Annual Financial Statement (AFS) as required by the law.
The council said it would continue to wield the big stick on such defaulting Ministries, Departments and Agencies (MDAs) as necessary fines would be imposed on them.
This was disclosed by the Executive Secretary of FRC, Mr Shuaibu Adamu, at the on-going National Learning and Development Programme on Accounting and Financial Reporting in the Public Sector in Abuja.
He, however, expressed delight that about 115 government entities filed their annual reports to the council within the last year.
He said: “Between the end of 2020 and 2021 to date, a total of 115 public sector entities comprising of government parastatals, government agencies, and government business entities have filed their annual financial statements with the FRC.
“This is very significant progress. For those who have not filed, we have begun imposing fines and penalties on them in line with the provisions of the FRC act and its extant rules.
“Our experience from the review of this AFS filed with us show that financial reporting in the public sector is confronted with challenges and issues to which this programme is designed to address.
“Our various engagements with the National Assembly further expose the lingering issues of late submission of financial reports by MDAs, lack of proper treatments of accounting issues, poor disclosures, etc.”
Speaking further, the FRC boss said that the “public sector entities play a pivotal role in the national economy as a major driver of productive activities and the largest single business entity.
“As a bedrock of the economy, the importance of financial reporting quality in the national economy cannot be overemphasized.
“Credible financial reports are no doubt germane as they not only support efficient decision making by those charged with governance but also boost the perception index of the country and by extension, enhancing Foreign Direct Investments (FDIs) and Foreign Portfolio Investments (FPIs) as veritable tools and catalysts for the nation’s economic growth.
“Public sector entities are expected to provide financial information that is not only timely but is accurate and useful for decision making and most importantly germane to evaluating the government performance as a bastion of public accountability and stewardship.
“Let me use this opportunity to stress the importance of timely preparation, audit and filing of AFS and also warn against unnecessary delay in this respect.
“A situation where critical institutions of government, some of the apex regulatory bodies, are 2 to 3 years behind in releasing their audited FSs should not and will no longer be tolerated going forward.
“I want to therefore call on the National Assembly to make it a rule that the budget proposals of public sector entities in default of filing their AFS of the previous year would not be considered and approved for the coming year.”
On his part, the Minister of Industry, Trade and Investment, Mr Niyi Adebayo, said a major challenge of financial reporting by public sector entities is the poor knowledge and application of accounting standards.
Represented by his Technical Adviser, Mr Kamar Bakrin, the Minister said: “This programme is therefore essential for government agencies and I commend both FRC and the Office of the Accountant General of The Federation for the creation of this forum.
“I have been informed that the Financial Reporting Council of Nigeria has carried out a review of some of the financial statements filed with them by a number of public sector entities and a lot has been revealed.
“It has been observed that there is a lack of proper understanding of the requirements for credible financial reporting in the public sector.
“Some public sector entities still use the Statement of Accounting Standards (SAS) issued by the defunct Nigerian Accounting Standards Board (NASB) as their reporting framework while others use a number of other formats.”
He described the capacity-building programme as FRC’s contribution to Nigeria’s economic development.
Also speaking at the event, the Accountant General of the Federation, Mr Ahmed Idris, said that the training was aimed at deepening the knowledge of operators in MDAs and building capacity for better financial reporting.
Mr Idris, who was represented by the Director Consolidated Account Department, Mr Zubairu Salau, stated that it was hoped that at the end of the programme, participants would be equipped with the relevant skill to discharge their duties professionally.
By Adedapo Adesanya
The federal government has begun evacuating willing Nigerians in Iran, escorting them across the Armenian border to ensure their safety amid escalating tensions in the Middle East.
The evacuation follows the growing crisis that began on February 28 after coordinated military strikes on Iran by the United States and Israel.
The attacks triggered retaliatory missile and drone strikes across parts of the region, raising fears of a wider conflict.
The chief executive of the Nigerians in Diaspora Commission (NiDCOM), Mrs Abike Dabiri-Erewa, disclosed this in a post on her X handle on Tuesday.
She said officials of the Nigerian Embassy in Tehran are coordinating the evacuation of Nigerians who wish to leave the country and are facilitating their safe passage into Armenia.
Mrs Dabiri-Erewa also reassured that no Nigerian in Iran has so far been affected by the ongoing tensions, noting that embassy officials remain stationed at the border to receive and assist evacuees.
Her post read, “Willing Nigerians [are] being escorted across the Armenian border by officials of the Nigerian embassy in Iran for safe passage. No Nigerian in Iran has been affected by the war as officials remain at the border to receive all who want to leave.”
The development comes as tensions in parts of the Middle East continue to raise concerns over the safety of foreign nationals residing in affected areas.
For repatriation flights, the NiDCOM chair said the airspace is currently unsafe but assured Nigerians in the Middle East that the Federal Government team is on standby to evacuate them.
“And as for repatriation flights, the skies are currently unsafe to fly. Luckily, a flight came in from the UAE to Lagos two days ago, just before another strike and the closure of the airspace.
“Once the airspace opens, the multi-agency FG team on crisis and evacuation is on standby. Our prayers are with you and all our people in affected countries,” she said.
By Modupe Gbadeyanka
All private transmission connected to the national grid must register and get authorisation to operate, the Nigerian Electricity Regulatory Commission (NERC) has declared.
In a statement, the electricity regulatory body in Nigeria directed owners of private transmission substations used by bulk electricity consumers to obtain an Independent Electricity Transmission Network Operator (IETNO) Permit before operating or connecting to the grid.
It was disclosed that this latest development, which became effective March 9, 2026, is to strengthen oversight of privately owned substations connected to Nigeria’s national grid.
NERC further said the directive was introduced to improve grid reliability, safety, and operational visibility following frequent transmission line trips reported by the Nigerian Independent System Operator (NISO).
Under the order, NISO must submit to NERC a comprehensive list of all existing Private Transmission Substation Owners (PTSOs) and notify them of the provisions of the order within five days.
Existing PTSOs must apply to NERC for an IETNO permit within 45 days, while new PTSOs must obtain the permit before connecting to the grid, as non-compliance attracts regulatory sanctions.
NISO will deploy IoT-based metering systems at substation interconnection points within 120 days.
Further, operators must submit monthly operational reports, while NISO will conduct inspections to ensure compliance.
By Aduragbemi Omiyale
The annual retreat for business managers and executives organised by the Nigeria Employers’ Consultative Association (NECA) will take place from April 16 to 18, 2026, at the AAE & T Hotel, Kuto, Abeokuta, Ogun State.
This year’s edition is themed The Resilient Enterprise, People and Systems: Building and Managing Businesses that Outlive Seasons, Cycles and Crises.
The programme aims to equip leaders with the insights, tools, and networks required to build resilient organisations in an increasingly complex business environment.
It will provide a unique platform for executive-level engagement through high-level conversations, peer learning sessions with experienced leaders, strategy reflection workshops, and curated networking opportunities.
Expected to attend are industry leaders, senior executives, and business managers from across sectors. They will explore strategies for sustaining organisational performance through leadership transitions, economic cycles, regulatory shifts, and market disruptions.
Participants will also benefit from interactive discussions focused on strengthening corporate governance, developing agile leadership capabilities, and building organisational systems that can withstand periods of uncertainty and transformation.
A notice from NECA said the event is open to both members and non-members, with participation fees set at N300,000 for members and N320,000 for non-members. Discounts will also be available for Gold and Silver members, subject to applicable terms and conditions.
Interested participants are encouraged to register via the official registration link to secure their place at the retreat, which promises to deliver valuable insights and connections for executives seeking to build enterprises capable of thriving through seasons of change and uncertainty.
The Director-General of NECA, Mr Adewale Smatt-Oyerinde, noted that by convening business managers and senior executives in a collaborative learning environment, the association aims to contribute to the development of stronger, future-ready enterprises that can drive economic growth, create jobs, and support national development even in the face of evolving global and local challenges.
He added that the retreat will provide executives with the opportunity to step away from daily operational demands and engage in deeper strategic conversations with peers and industry experts.
“The theme of this year’s retreat speaks directly to the realities businesses face today. Across sectors, organisations are navigating leadership transitions, regulatory shifts, economic pressures, and technological disruption.
“What distinguishes enduring enterprises is their ability to build strong systems, develop capable leaders, and create organisational cultures that can adapt and respond effectively to change,” the NECA chief said.
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