The Financial Reporting Council of Nigeria and Her Misguided Regulatory Approach: A classic example of how not to be a regulator by Joseph Onele

ABSTRACT

This article seeks to review the recent regulatory interventions of the Financial Reporting Council of Nigeria (FRCN), particularly, the National Code of Corporate Governance for Not-For-Profit-Organisations (NFPOs) (‘the NCCG‘) and tests same against the five criteria of a ‘good regulation’ highlighted by Prof. Robert Baldwin et al. This article argues that the NCCG falls short of a ‘good regulation’ and that the FRCN could have averted the confusion it created, had it acted in line with best practices and allowed good judgement to prevail. Starting with an overview of the NCCG, the article proceeds to consider some of the legal issues triggered by the NCCG, and more importantly, tests the NCCG against the five criteria of a ‘good regulation’ as alluded to by Prof. Robert Baldwin et al. The article concludes with recommendations for the FRCN as well as other regulators (in Nigeria).

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