New Corporate Governance code limits tenure of founders and leaders of religious and other non-profit organizations in Nigeria.

The financial Reporting Council of Nigeria recently released a harmonized code of corporate governance applicable to three key sectors – public, private and non-profit sectors. The unified code is coming on the heels of the identified need to infuse and standardize healthy corporate governance practices for the various sectors and strengthen accountability and transparency in…

Harmonised Code of Corporate Governance for Private Sector in Nigeria, 2016: Highlights and salient provisions

A milestone has been achieved in Nigeria’s Corporate Governance landscape with the commencement of the much anticipated National Code of Corporate Governance from October 17, 2016. The commencement is coming almost three years later than the originally planned date – January, 2014. According to The Financial Reporting Council of Nigeria (FRC), the Code of Corporate…

Nigeria’s Money Laundering (Prevention & Prohibition) Bill, 2016 to capture religious organisations, non-profit organisations, charities and law firms

  Nigeria’s President Muhammadu Buhari has sponsored two bills to check corruption and money laundering in Nigeria in line with the anti-corruption posture of his administration and in consonance with the key thrust of anti-corruption during his election campaign. The two bills – ‘Money Laundering (Prevention & Prohibition) Bill, 2016’ (The Bill) and ‘Mutual Legal…

Tax exemption for Non-profit organisations is not absolute

Introduction The term ‘Non-Profit Organisation’ could be misleading because it suggests that entities in this category do not make a profit, which is not the case. Non-profit organisations are essentially organisations that are prohibited from distributing profits to their members or officers. They could be incorporated; in which case the governing corporate law provides for…

New financial reporting requirements for non-profit organisations

Introduction Non-profit organisations are organisations that are prohibited by law from distributing profits to their members or officers. They are usually organised and operated for educational, social, professional, religious, charitable or any other non-profit purposes. Globally, there is a paradigm shift in the governance and accountability processes of organisations including non-profit organisations as they are…