The Financial Reporting Council of Nigeria and Her Misguided Regulatory Approach: A Classic Example of How Not to Be a Regulator

Joseph Onele 'The Financial Reporting Council of Nigeria and Her Misguided Regulatory Approach: A Classic Example of How Not to be a Regulator' (2017) 1(1) University of Lagos Law Review 1-21

21 Pages Posted: 14 Dec 2017

See all articles by Joseph Onele

Joseph Onele

University of Adelaide; Primus Grace LP; Sustainable Development Laws

Date Written: March 18, 2017

Abstract

This article seeks to review the recent regulatory interventions of the Financial Reporting Council of Nigeria (FRCN), particularly, the National Code of Corporate Governance for Not-For-Profit-Organisations (NFPOs) ('the NCCG') and tests same against the five criteria of a 'good regulation' highlighted by Prof. Robert Baldwin et al. This article argues that the NCCG falls short of a 'good regulation' and that the FRCN could have averted the confusion it created, had it acted in line with best practices and allowed good judgement to prevail. Starting with an overview of the NCCG, the article proceeds to consider some of the legal issues triggered by the NCCG, and more importantly, tests the NCCG against the five criteria of a 'good regulation' as alluded to by Prof. Robert Baldwin et al. The article concludes with recommendations for the FRCN as well as other regulators (in Nigeria).

Keywords: Regulation, Financial Reporting Council of Nigeria, Corporate Governance, Subsidiary Legislation, Administrative Law, Constitutional Law

Suggested Citation

Onele, Joseph, The Financial Reporting Council of Nigeria and Her Misguided Regulatory Approach: A Classic Example of How Not to Be a Regulator (March 18, 2017). Joseph Onele 'The Financial Reporting Council of Nigeria and Her Misguided Regulatory Approach: A Classic Example of How Not to be a Regulator' (2017) 1(1) University of Lagos Law Review 1-21, Available at SSRN: https://ssrn.com/abstract=3085965

Joseph Onele (Contact Author)

University of Adelaide ( email )

Adelaide Law School
Adelaide, South Australia SA 5000
Australia

HOME PAGE: http://https://www.adelaide.edu.au/

Primus Grace LP ( email )

Bourdillion Road, Ikoyi
Lagos, 101233
Nigeria

HOME PAGE: http://https://primusgrace.com/

Sustainable Development Laws ( email )

Aberdeen
Scotland
United Kingdom

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