FRC moves to enforce governance code for NGOs, faith groups
The Financing Reporting Council (FRC) has urged non-government organisations (NGOs) and faith-based groups to uphold Nigeria Not-For-Profit Governance Code (NNFPGC), on transparency and accountability. The council’s CEO, Dr. Rabiu Olowo stated this yesterday during the stakeholders’ engagement on the draft of NNFPGC, warning that the council will not turn blind eye to enforce compliance on […]
The Financing Reporting Council (FRC) has urged non-government organisations (NGOs) and faith-based groups to uphold Nigeria Not-For-Profit Governance Code (NNFPGC), on transparency and accountability.
The council’s CEO, Dr. Rabiu Olowo stated this yesterday during the stakeholders’ engagement on the draft of NNFPGC, warning that the council will not turn blind eye to enforce compliance on the groups under the Not-For-Profit scheme.
He said: “By promoting good governance, the Code helps mitigate risks such as fraud, misuse of funds, and governance failures, which can lead to regulatory crackdowns or loss of funding.
“We will demand accountability and transparency because the Nigeria Not-for-Profit Governance Code is a critical framework for enhancing transparency, accountability, and ethical conduct within the non-profit sector in Nigeria,” he said
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“The Code also fosters a culture of continuous improvement, as organizations are encouraged to regularly review and update their governance practices to align with evolving best practices.
“In this way, the draft Governance Code not only strengthens individual organisations but also contributes to the overall stability and sustainability of the not-for-profit sector in Nigeria,” he added.
The Chairman, Technical Working Group (TWG), Dr. Joe Abah said, “We looked at what other countries have done because we want to develop a code that is sustainable and inspirational. A lot of work was done in setting up principles. What we developed is perfect,” he said.
Giving an overview of the code, the Deputy Chairperson, Ayotola Jagun said, “The purpose of the code was to enhance public trust. There is a general breakdown of trust. The trust barometer of the Non-profit sector over the few years has been dwindling.”