List Of Regulatory Bodies In Nigeria And Their Functions: This article contains a comprehensive list of all regulatory agencies operating in Nigeria today, as well as their activities. In Nigeria, regulatory bodies are government organizations or parastatals established to carry out regulatory functions for specific sectors of human activity. To maintain a safe environment, regulatory bodies guarantee that people adhere to government- or public-sector-enacted regulations.
These laws apply to business owners, office workers, and customers, among others. These statutes address environmental, social, and economic concerns, as well as human activities such as safety, health, employment, and criminal behavior. The regulatory body implements the government’s directions in order to develop business standards for government employees, company owners, and other stakeholders. With that in mind, let us examine the various regulatory agencies in Nigeria and their functions.
A COMPLETE LIST OF REGULATORY AGENCIES IN NIGERIA AND THEIR FUNCTIONS
The following is a thorough list of regulatory bodies in Nigeria and their functions:
CORPORATE AFFAIRS COMMISSION (CAC)
The Corporate Affairs Commission was created in 1990 by the Companies and Allied Matters Act to govern the establishment and management of businesses in Nigeria. The Corporate Affairs Commission was established as an autonomous body in response to the perceived inefficiency and ineffectiveness of the former Company Registry, a department within the Federal Ministry of Commerce and Tourism responsible for the registration and administration of the 1968 Companies Act.
According to section 7 of the Companies and Allied Matters Act, the Commission’s tasks include the following:
- To administer the Act, which includes regulating and supervising the establishment, incorporation, administration, and dissolution of businesses.
- To establish and maintain a company register and offices in each of the Federation’s states that are sufficiently and adequately equipped to carry out the Act’s or any other law for which it is responsible.
- Arrange and conduct an investigation into the affairs of any corporation when the shareholders’ and public interest need it. Undertake such actions as are required or expedient for giving full implementation to the Act’s requirements.
- The Commission registers Business Names and Incorporated Trustees and provides a variety of auxiliary services.
- To establish a world-class business registry that provides superior registration and regulatory services.
- Additionally, the Commission is committed to providing registration and regulatory services that exceed stakeholders’ expectations for the benefit of the economy.
CENTRAL BANK OF NIGERIA(CBN)
The Central Bank of Nigeria (CBN) is one of the country’s financial regulatory authorities, charged with the job of supervising the financial sector’s operations.
It is the country’s top authority in terms of handling the country’s monetary affairs, and among its functions are the following: The CBN is solely responsible for issuing currency in the country, maintaining Nigeria’s external reserves, and generally supervising the whole banking system in Nigeria.
ECONOMIC AND FINANCIAL Crime Commission (EFCC)
The Economic and Financial Crimes Commission (EFCC) is a Nigerian regulatory organization tasked with the responsibility of investigating allegations of fraud, money laundering, or any other type of financial crime in the country.
NIGERIAN UPSTREAM PETROLEUM REGULATORY COMMISSION (NUPRC)
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC), formerly known as the Department of Petroleum Resources (DPR), is mandated by law to ensure compliance with petroleum laws, rules, and guidelines in the Oil and Gas Industry.
These responsibilities include monitoring operations at drilling sites, producing wells, production platforms and flow stations, crude oil export terminals, refineries, storage depots, pump stations, retail outlets, and any other location where petroleum is stored or sold, as well as all pipelines carrying crude oil, natural gas, and petroleum products.
- Supervising all petroleum industry operations carried out in the country under licenses and leases.
- Monitoring the petroleum industry’s operations to ensure they conform to national objectives and aspirations, especially those related to flare control and domestic gas supply obligations.
- Assuring that health, safety, and environmental standards adhere to national and international best practices in the oil and gas industry.
- Keeping records of petroleum industry operations, particularly those involving petroleum reserves, production/exports, licenses, and leases.
- Advising the government and key government agencies on technical issues and public policies that may have an impact on petroleum administration and operations.
- Processing applications for leases, licenses, and permits from the industry.
Ascertain timely and accurate payment of rents, royalties, and other government income.
- Ensure the continued operation and administration of the National Data Repository (NDR).
NIGERIAN COMMUNICATIONS COMMISSION (NCC)
The Nigerian Communications Commission (NCC) is the country’s independent regulator of the telecommunications industry.
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The Commission is responsible for fostering competition among industry operators and assuring the provision of high-quality and efficient telecommunications services throughout the country.
Among the NCC’s functions are the following:
- Facilitate investment and access into the Nigerian market for communication services, equipment, and infrastructure.
- The protection and promotion of consumers’ interests against unfair practices, including but not limited to tariffs and charges for communications services, equipment, and facilities, as well as the availability and quality of communications services, equipment, and facilities.
- Assuring that licensees implement and manage the most efficient and accurate invoicing system possible at all times.
- The promotion of fair competition in the communications industry and the protection of communications service and facility providers against market power abuse and anti-competitive and unfair business practices by other service or facility providers or equipment suppliers.
- Granting and renewing communications licenses, regardless of whether the licenses themselves provide for renewal in conformity with the requirements of this Act, as well as monitoring and enforcing licensee compliance with licensing terms and conditions.
- Proposing and enacting adjustments to license conditions that are consistent with the Act’s objectives and provisions.
- Fee setting and collection for the Commission’s grant of communications licenses and other regulatory services.
FEDERAL INLAND REVENUE SERVICE (FIRS)
The Federal Inland Revenue Service (FIRS) assesses, collects, and accounts for federal and state government taxes placed on businesses. Additionally, they are responsible for the collection of government funds. Most notably, the agency is responsible for enforcing and guaranteeing compliance with tax regulations. Individuals who disobey Nigerian authorities suffer sanctions and fines.
NATIONAL AGENCY FOR FOOD AND DRUG ADMINISTRATION AND CONTROL (NAFDAC)
NAFDAC is a regulatory agency charged with safeguarding the public’s health. Throughout the country, this agency oversees the manufacture, distribution, sale, importation, exportation, and consumption of medications, food, chemicals, cosmetics, packaged water, and medical equipment. Their primary objective is to safeguard the citizenry’s health, which is why they undertake extensive investigations of regulated products consumed in Nigeria.
STANDARDS ORGANISATION OF NIGERIA (SON)
The Standards Organisation of Nigeria (Son) is responsible for ensuring that products meet technical specifications and that commodities produced locally in Nigeria meet customer expectations. They not only inspect locally manufactured goods but also imported goods to verify they meet Nigeria’s minimum criteria.
Through standardization, specialized models for items are created and actualized dependent on the understanding of various gatherings or elements that incorporate governments, standard associations, consumers, and clients.
The SON’s primary duty is to ensure that items that are made locally in Nigeria have the necessary degree of fulfillment wanted by buyers. They accomplish this by ensuring that organizations agree to the approaches of the administration on standardization.
Likewise, they check items for congruity and guarantee that imported products meet the base necessities of industry principles in Nigeria, or other endorsed and trained universal measures. Their point is to continue improving the lives of Nigerians through quality maintenance of quality.
NATIONAL BUREAU OF STATISTICS (NBS)
The National Bureau of Statistics (NBS) is the regulatory organization responsible for supervising and disseminating research-based statistics across the federation.
THE NATIONAL PENSION COMMISSION (PENCOM)
The Pension Reform Act 2004 established the National Pension Commission (PenCom) as the body to regulate, supervise and ensure the effective administration of pension matters in Nigeria.
The functions of the Commission include:
- Regulation and supervision of the Scheme established under the Act.
- Issuance of guidelines for the investment of pension funds.
- Approving, licensing, regulating, and supervising pension fund administrators, custodians and other institutions relating to pension matters as the Commission may, from time to time, determine.
- Establishing standards, rules, and guidelines for the management of the pension funds under the Act.
- Ensuring the maintenance of a National Data Bank on all pension matters.
- Carrying out public awareness and education on the establishment and management of the Scheme.
- Promoting capacity building and institutional strengthening of pension fund administrators and custodians.
- Receiving and investigating complaints of impropriety leveled against any pension fund administrator, custodian or employer, or any of their staff or agents.
- Performing such other duties which, in the opinion of the Commission, are necessary or expedient for the discharge of its functions under the Act.
MEDICAL AND DENTAL COUNCIL OF NIGERIA (MDCN)
MDCN is committed to regulating the practice of Medicine, Dentistry, and Alternative Medicine in the most efficient manner that safeguards the best healthcare delivery for Nigerians. MDCN always promotes people of Nigeria to always opt for drugs from online sites rather than from offline drug stores, since, most drugs from online sites are genuine and will be of low price when compared to an offline drug store.
WEST AFRICAN EXAMINATION COUNCIL (WAEC)
The West African Examinations Council (WAEC) is an examination board established by law to determine the examinations required in the public interest in the English-speaking West African countries, to conduct the examinations, and to award certificates comparable to those of equivalent examining authorities internationally.
THE PHARMACISTS COUNCIL OF NIGERIA( PCN)
THE CONSUMER PROTECTION COUNCIL (CPC)
Consumer Protection Council (CPC) is a Parastatal of the Federal Government of Nigeria, supervised by the Federal Ministry of Trade and Investment. Though it was established by Act No. 66 of1992, it commenced operations only in 1999, when its institutional framework was put in place. Their mandate requires them to, among others, eliminate hazardous products from the market, provide speedy redress to consumers complaints, undertake campaigns as will lead to increased consumer awareness, ensure that consumers interests receive due consideration at the appropriate forum, and encourage trade, industry and professional associations to develop and enforce in their various fields quality standards designed to safeguard the interest of consumers.
NIGERIAN CIVIL AVIATION AUTHORITY (NCAA)
Nigerian Civil Aviation Authority is the regulatory body for aviation in Nigeria. It became autonomous with the passing into law of the Civil Aviation Act 2006 by the National Assembly and its assent by the President of the Federal Republic of Nigeria. The Act not only empowers the Authority to regulate Aviation Safety without political interference but also carries out oversight functions of Airports, Airspace, Meteorological Services, etc as well as economic regulations of the industry.
NIGERIAN POSTAL SERVICE (NIPOST)
The Nigerian Postal Service popularly known as NIPOST is a government-owned and operated corporation, is the Nigerian postal administration responsible for providing postal services in Nigeria. It has more than 12,000 employees and runs more than 3,000 post offices. The Nigerian Postal Service also have the following Commercial Business Units; EMS/PARCEL, e-Commerce & Logistics, Financial Services, Mails, Counters, Property & Workshop, NIPOST Training School.
INDEPENDENT CORRUPT PRACTICES COMMISSION (ICPC)
It is an administrative body that manages against defilement procedures, examination, and arraignment of guilty parties thereof. This agency is partly similar to the Economic and Financial Crimes Commission, EFCC.
THE SECURITIES AND EXCHANGE COMMISSION (SEC)
The Securities and Exchange Commission (SEC) is the main regulatory institution of the Nigerian capital market. It is supervised by the Federal Ministry of Finance. The Nigerian Stock Exchange (NSE) is privately owned and self-regulating, but the SEC maintains surveillance over it with the mandate of ensuring orderly and equitable dealings in securities and protecting the market against insider trading abuses
NIGERIA DEPOSIT INSURANCE CORPORATION (NDIC)
The Nigeria Deposit Insurance Corporation was established on 15 June 1988 to strengthen the safety net for the newly liberalized banking sector, following the recommendation of former Central Bank of Nigeria governor Ola Vincent. The NDIC provides a safety net for depositors in the newly liberalized banking sector.
BROADCASTING ORGANISATION OF NIGERIA (BON)
The Broadcasting Organisation of Nigeria is an association that is in charge of private and public broadcasters in Nigeria. It is in charge of monitoring the activities, coordination, and management of televisions, radio, and all media broadcasts of Nigeria. It is located in Abuja, North-Central of Nigeria.
NATIONAL ENVIRONMENTAL STANDARDS AND REGULATIONS ENFORCEMENT AGENCY (NESREA)
National Environmental Standards and Regulations Enforcement Agency is an environmental agency of the Federal Government of Nigeria that was established by law in 2007 to “ensure a cleaner and healthier environment for Nigerians.
This article has been helpful in providing a comprehensive list of all regulatory bodies in Nigeria and their functions. Regulatory agencies are typically established to uphold the security and quality of services, as well as to ensure that standards are met by buyers in various industries. We were unable to debilitate all of the regulatory organizations that have an impact on the quality of business areas, but we were able to highlight 20 of the most important regulatory agencies in Nigeria.