JUST IN: Federal Government Suspends Financial Reporting Council Dues

The Federal Government has temporarily halted the implementation of annual dues imposed on public interest enterprises by the Financial Reporting Council following widespread industry backlash.

Minister of Industry, Trade, and Investment, Jumoke Oduwole, made the announcement during a consultative meeting in Abuja, citing the need to address stakeholder concerns.

The decision comes in response to objections raised by organized private sector groups, including the Nigeria Employers’ Consultative Association and Manufacturers Association of Nigeria. These groups criticized the Financial Reporting Council (Amendment) Act 2023 for imposing cumulative charges on non-listed entities, alongside a contentious 10% monthly penalty for unpaid dues. Stakeholders emphasized the financial strain such measures would place on businesses during challenging economic times.

Oduwole explained that the suspension is an administrative review process and assured that it would not exceed 60 days. A technical working group comprising the Financial Reporting Council and representatives from the private sector will be established to reassess the provisions. She reiterated the government’s commitment to balancing legislative compliance with the concerns of the business community.