Registering your company with the FRC

What a Nigerian company needs to register with the Financial Reporting Council, and how its registration fee and annual dues are worked out from turnover.

By Achekam · 11 October 2026 · 4 min read · For Running a business businesses in Nigeria

Many Nigerian companies first hear about Financial Reporting Council registration from someone else: a bank asking for the company's FRC number, a regulator's form with a box for it, or an auditor who mentions it during the year-end visit. By then it feels urgent, and the company discovers that registration needs documents from several people and a fee based on years of turnover.

This article explains who the FRC's company category is for, what the FRC asks a company to submit, and how the registration fee and annual dues are calculated, using the FRC's own registration guidelines for companies.

The Companies and Enterprises category

The FRC's Companies/Enterprises registration category is for private limited companies, public limited companies and businesses, excluding businesses that provide assurance services. Audit and assurance firms register in a separate category with its own rules. If your business sells goods or services and is not an audit or assurance practice, this is the category the FRC's guidelines point to.

What the FRC asks for

To register a company, the FRC asks for:

• the certificate of incorporation;
• the FRC individual registration numbers of the CEO, the directors and the CFO;
• a scanned copy of the declarant's signature; and
• the FRC number of the company's auditor's audit firm.

Two of these depend on other people having registered first. The CEO, directors and CFO each need their own FRC registration before the company can complete its own, as explained in FRC registration for your CFO and directors. And the auditor's firm must have an FRC number. Since 1 April 2026, an audit or assurance firm in Nigeria must be on the FRC's National Audit and Assurance Firms Register, and an engagement by an unlisted firm is invalid; checking your auditor is covered in checking your auditor is FRC registered.

Four years of statements and the payment receipt

The FRC's guidelines say a company registering must send its last four years' financial statements, and its Remita receipt for the registration fee, to registration@frcnigeria.gov.ng, copying neagada@frcnigeria.gov.ng. The guidelines give the example of a company registering in 2024 sending its 2020, 2021, 2022 and 2023 statements. Online registration uses the company's RC or BN number on the FRC's registration portal.

A company that has not kept its old financial statements together will spend most of its registration time finding them. Gather all four years, signed, before you start.

A registration fee equal to five years' dues

The registration fee is where companies are most often surprised. The FRC's guidelines say the registration fee for a company or enterprise is an amount equal to its last 5 years' annual dues. In other words, registering is priced as if the company had been paying dues for five years already.

Annual dues on turnover

For companies and enterprises other than listed companies, the FRC's annual dues are a percentage of the preceding year's turnover. The bands run from 0.02% of annual turnover for N25million and below up to 0.05% of annual turnover above N10billion, with intermediate bands of 0.025%, 0.03%, 0.04% and 0.045%.

A worked example in words. A private company works out which band last year's turnover falls in, and applies that band's percentage to the turnover to get one year's dues. For its first registration, the fee equals five years of those dues; if it is unclear which years' turnover the FRC expects you to use, ask before paying and keep your working with the receipt. After that, the company pays dues each year on the preceding year's turnover.

The figures come from the FRC's guidelines as published in 2024. The full table, the document list and the e-mail addresses are in the FRC's registration guidelines for companies. Check them for changes before you calculate.

Get the turnover right

The FRC warns that providing false or wrong turnover in a company's FRC registration attracts severe penalties. That warning makes the turnover figure the most important number in the application.

Use the turnover from the signed financial statements for each year, not a figure from management accounts or a sales report. Where the statements were restated or amended, use the final version and keep the earlier one on file with a note.

Keeping the statements and receipts on file

Registration is not a one-off. The company will pay dues every year, and each year's dues depend on the year before's turnover. Keep the evidence where it can be found:

• Financial statements. Achekam's Document Centre is a folder-based store where a business uploads files or whole folders, tags, archives and searches them, and a new version keeps the earlier ones. A folder for FRC registration, with each year's signed statements, the Remita receipts and the correspondence, keeps the whole history together.
• Turnover during the year. Achekam's management accounts show an income statement for a chosen period beside the period before, and a balance sheet at period end, exportable as PDF or CSV. They give an early view of where turnover is heading, which helps you budget for the next year's dues. The dues themselves are calculated on the turnover in the final statements. Note that the year-to-date preset starts on 1 January, so choose your own dates if your year ends at another time.

Registration checklist

1. Confirm the company falls in the Companies/Enterprises category.
2. Make sure the CEO, every director and the CFO have FRC numbers.
3. Get the audit firm's FRC number and confirm the firm is on the register.
4. Collect the certificate of incorporation and the last four years' signed statements.
5. Work out the annual dues from the turnover band, and the registration fee as five years of dues.
6. Pay through Remita and keep the receipt.
7. Send the statements and receipt to the FRC as its guidelines direct.
8. Diarise the annual dues, based on each preceding year's turnover.

Starting with the people who need individual numbers saves the most time, because everything else waits on them.

General guidance only, not advice on your own circumstances. Tax and payroll rules change: check the current position with the authority or your adviser.