13/10/2025
SME Corporate Governance
The Financial Regulatory Council of Nigeria (FRC), a regulatory agency in Nigeria, established to oversee standards around financial reporting, auditing, valuation, actuarial practice, and corporate governance, in August 2025, issued guidelines for SME Corporate Governance. This is adapted from the Nigerian Code of Corporate Governance (NCCG) 2018 and international best practices.
The SME Corporate Governance Guidelines contains 6 sections, and 11 principles. These principles, which are not prescriptive, serve as reference and framework for understanding and practicing good corporate governance.
SME, according to National Policy on SMEs issued by SMEDAN, is defined by the following characteristics:
• Micro enterprise – less than 10 employees, assets (excluding land and building), < N10m
• Small enterprise – 10 to 49 employees, assets (excluding land and building), N10m to < N100m
• Medium enterprise – 50 – 199 employees, assets (excluding land and building), N100m - < N1b
It should be noted that while there is no single right way to govern entities, there are certain universal fundamental principles which will assist all enterprises to survive and succeed. These include:
• Compliance with laws and regulations
• Building trust through effective communications with stakeholders
• Optimising capital by establishing and maintaining a sound reputation as an enterprise worth receiving investments.
• Identifying and managing business related risks.
• Adopting and developing systems, which enhance the quality of decision making.
I hope to present these principles, with relevant examples (recommended practices) in the next 3 weeks. Keep watching this page.
30/10/2024
Why do people fall victims to this kind of scam? I receive this type of messages daily. Could it be greed or ignorance? Kindly share your thoughts.
....................................................................................................................
My dear friend
I greet you with the name of Almighty God, the giver of every good thing. I know it is true that my letter may come to you as a surprise. Nevertheless, I humbly ask you to give me your attention and hear me well.
My name is MRS.TERIZA WILLIAM, we are of the United Kingdom ( UK ) , nationalized here in Ouagadougou, Burkina Faso.I am married to Late Eng. Eric William, who was a contractor in the mining sector Ouagadougou, the capital city of Burkina Faso .He died after a brief illness that lasted for
only five days. Since his death I decided not to remarry again.
I am writing this mail to you with serious tears in my
eyes and great sorrow in my heart.
I need a very honest and God fearing person who can stand and claim this sum of 10,000,000,00 Million US dollars, deposited in the bank here in ( Burkina faso ) by my late husband before he died. I want you to use this money for , Charity organizations, orphanages, widows and other people who are in need.
Presently this money is still in the bank here. My late husband, made this money
available for exportation of Gold from Burkina mining. Recently, My
Doctor told me that I would not last for the period of seven months
due to a cancer problem. The one that disturbs me most is my stroke
sickness. Having known my condition I decided to hand you over this
mission to take care of the less-privileged, you will utilize this
money the way I am going to instruct herein. I want you to take 30
Percent of the total money for your personal use While 70% of the
money will go to charity work" helping people in the street.
Because I grew up as an Orphan and I don't have anybody as my family member, just to Endeavor that the house of God is maintained. Am doing this so that God will forgive my sins and accept my soul because this sickness has suffered me so much. accordingly as I Stated herein.
Please kindly reply to me back ,for more directives.
Waiting for your urgent reply
Mrs.Teriza William
09/06/2024
As a business man or woman, one of the good habits you need to develop is record keeping. It may appear tasking but the benefits are enormous:
1. You will know if you are making profit or loss.
2. It will save you from fines, penalties and legal action. Finance Act 2020 specifies a fine of N100,000 in the first month, and N50,0000 the subsequent months the failure continues for failure to keep proper books of accounts.
3. It will enhance transparency and accountability.
4. It will ensure you keep properly, sensitive business information.
5. It enhances efficiency, as time is saved searching for information.
6. It helps in loan application and processing.
And many more
