SME Corporate Governance Guidelines
Launched by the Financial Reporting Council of Nigeria (FRC) in partnership with Integrity Organisation — the SME Corporate Governance Guidelines (SME-CGG) are here to help Nigerian MSMEs thrive with structure, confidence, and integrity.
Why Corporate Governance for MSMEs?
In 2018, the Financial Reporting Council of Nigeria issued the Nigerian Code of Corporate Governance (NCCG) to establish sound ethical and business practices. However, the code didn’t directly apply to MSMEs - who make up 96% of Nigerian businesses.
To close this gap, the SME Corporate Governance Guidelines (SME-CGG) were created and launched in May 30, 2024. These guidelines are a simplified adaptation of the NCCG, tailored to help MSMEs become structured, sustainable, and investor-ready.
The Launch Event
Summary
Held in Abuja, FCT, the launch event brought together key stakeholders from the public and private sectors to unveil the new SME-CGG. It marked a commitment to improving Nigeria’s business landscape by empowering MSMEs with tools for growth and credibility.
Press
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FRC Launches SMEs Corporate Governance Guidelines
DAILY TRUST
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Council And Partners Launch SMEs Corporate Governance Guidelines
VOICE OF NIGERIA
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Council, Partners, Launch SMEs’ Guidelines for Trans-Generational Businesses
NEWS AGENCY OF NIGERIA
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FRC Launches SMEs' Guidelines for Transgenerational Businesses
NEWS AGENCY OF NIGERIA
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FRC, UNGC, Integrity Organisation, MacArthur Foundation, Launch SMEs Corporate Guidelines
LEADERSHIP NEWS
THE SME PORTAL IS NOW LIVE!
THE SME PORTAL IS NOW LIVE!
THE SME PORTAL IS NOW LIVE! THE SME PORTAL IS NOW LIVE!
THE SME PORTAL IS NOW LIVE!
THE SME PORTAL IS NOW LIVE!
THE SME PORTAL IS NOW LIVE! THE SME PORTAL IS NOW LIVE!
The Workshop
Breaking It Down for the Everyday Business Owner
On this Creative Workshop day, we brought together Nigeria’s creative minds - filmmakers, writers, designers, musicians, and storytellers - for a workshop that reimagined the SME-CGG for everyday Nigerians. The goal? Make corporate governance understandable, relatable, and engaging for the layman.
Showcased Videos
What the SME-CGG Covers
Governance Principles for MSMEs: Practical steps to introduce structure in small businesses
Roles of the Board of Directors (or Alternatives): What boards do, and how MSMEs can adapt
Control Environment: Systems for checks, balances, and accountability
Risk Management & Compliance: Planning for uncertainty and staying above board
Stakeholder Relations & Transparency: Communicating with customers, investors, regulators
FAQS
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The Financial Reporting Council of Nigeria (FRC), in collaboration with the Integrity Organisation and the UN Global Compact Network Nigeria, funded with the generous support of the MacArthur Foundation, is pleased to announce the launch of the SME Corporate Governance Guidelines. They have been meticulously developed to address the unique governance needs of Micro, Small, and Medium Enterprises (MSMEs) in Nigeria. The Guidelines aim to enhance transparency, accountability, and performance within the sector, thereby increasing MSMEs' capacity to strengthen governance practices, foster stakeholder trust, and facilitate access to finance for sustainable economic growth. The Guidelines also provides a framework that enables SMEs to strengthen their business practices, address regulatory risks, and survive Nigeria’s harsh, unpredictable business environment today and in the future
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The SME Corporate Governance Guidelines was launched on May 30th, 2024 in Abuja. It was a combination of physical and online participation. Visit our social media platform to watch some snippets of the launch.
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To stay informed about updates, announcements, and other relevant information, please subscribe to the Integrity Organization newsletter and follow us on our social media platforms . You will find the link at the bottom of this page.
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For any further inquiries or assistance regarding the SME BGG Launch Event, please contact Maria / Senior Programmes Officer / maria.gowon@cbinigeria.com
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We welcome contributions and support from individuals and organizations interested in promoting ethical business practices and sustainability in Nigeria. Please reach out to us to explore partnership opportunities and ways to collaborate on this important initiative - Maria / Senior Programmes Officer / maria.gowon@cbinigeria.com
Download the 2024 SME Corporate Governance Guidelines (SME CGG)
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