The Financial Reporting Council of Nigeria has launched the Business Integrity Certification, a new initiative designed to promote ethical business practices and improve corporate governance among small and medium-sized enterprises across the country.
The certification is part of efforts to put into action the FRC’s Corporate Governance Guidelines for SMEs, while also aligning with the National Code of Corporate Governance 2018. It will allow businesses that follow these standards to be officially certified for integrity by the FRC.
Soji Apampa, CEO of Integrity Organisation, speaking at the launch event in Lagos said the certification will help make integrity profitable in Nigeria’s business environment.
“This is a major step forward,” he said. “It’s about rewarding businesses that choose to do things the right way, instead of cutting corners. When integrity becomes an advantage, everyone benefits.”
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Apampa explained that the certification will open doors for SMEs in public procurement, finance, and partnerships, while improving their credibility. He added that the Bureau of Public Procurement and the Bank of Industry are already working with the FRC to include the certification in their systems, giving businesses that comply a clear advantage.
Comfort Osondu, Head of the Directorate of Corporate Governance at the FRC, said the certification was built around the realities of small businesses.
“We know most Nigerian SMEs don’t have strong governance systems,” she said. “This tool will help them assess themselves, identify weak spots, and make improvements. It’s not a punishment model. It’s a model that supports growth through guidance and incentives.”
Folasade Ibidapo-Obe, Chief Compliance Officer at Oando Plc, said the initiative will make it easier for large companies to trust smaller partners. “For us, integrity is not optional. This certification will help companies like ours ensure that everyone we work with shares the same values of transparency and accountability,” she said.
Lola Adekanye, Africa Regional Director, Centre for International Private Enterprise (CIPE), praised the collaboration, describing it as a practical step toward sustainable business development in Africa. “CIPE has been supporting business governance across the continent, and this project stands out. It provides a real framework for SMEs to grow responsibly and competitively,” she said.
Princess Omotola Omole, National Coordinator of the Association of Nigerian Women Business Network, also pledged support, noting that the project will strengthen women-led enterprises. “This initiative will help our members understand where their businesses stand and open them to more opportunities,” she said.
The pilot phase of the Business Integrity Certification began last month and will run until the first quarter of 2026. Registration is free through the Corporate Governance Portal managed by the FRC.
When fully rolled out, the certification is expected to become a benchmark for business integrity and a tool for improving competitiveness across Nigeria’s private sector.
“We’ve been preaching integrity for years, but this program finally gives businesses a reason to act on it. It’s about building a Nigeria where honesty in business is no longer the exception, it’s the standard.”
Meanwhile, the unveiling brought together top voices from the public and private sectors, including the Convention on Business Integrity, Oando Plc, the Center for International Private Enterprise, and the Association of Nigerian Women Business Network.
