FRC lifts suspension on audit firm partner

The Financial Reporting Council has lifted the three-month suspension it imposed on Mr Abel Onyeke, a partner at Nexia Agbo Abel & Co, following a rigorous quality review that invalidated the concerns that led to the suspension.

This was according to a statement on Sunday, which noted that the Council, in a notice signed by its Executive Secretary/Chief Executive Officer, Dr Rabiu Olowo, dated March 20, 2025, stated that the investigation into Onyeke’s audit engagements had been concluded.

The PUNCH also confirmed from the website of the FRC that the suspension has been lifted.

The statement noted that the issues which prompted the temporary suspension were not pervasive across other audit engagements reviewed, and all identified concerns had been satisfactorily resolved.

“As a result, the Council hereby lifts the three-month suspension imposed on Mr. Abel A. Onyeke, as communicated in our letter dated May 28, 2024. This decision restores all rights and privileges associated with his registration with the Council,” a part of the notice read.

Reacting to the development in the statement on Sunday, Mr. Alexander Kofi-Peddler, Managing Partner of Nexia Agbo Abel & Co, expressed satisfaction with the outcome, noting that the review process confirmed that all identified issues had been adequately addressed.

He added that neither Onyeke nor the firm faced any penalties as a result of the suspension.

“It is pertinent to note that the suspension was a proactive measure aimed at allowing for a focused and impartial evaluation of Mr. Onyeke’s audit engagements. The FRC’s favourable announcement on March 20, 2025, not only reinstates Mr. Onyeke but also underscores our firm’s unwavering commitment to upholding excellence and transparency in the auditing profession,” Peddler said.

He further noted that the lifting of the suspension marks a new chapter for both Onyeke and the firm.

He disclosed that Nexia Agbo Abel & Co. is poised to expand its services locally and globally, with a special focus on technology and sustainability.

“We are immensely grateful for the support and understanding shown by our clients, partners, and regulatory bodies throughout this process. We stand more committed than ever to our mission of providing superior quality service and upholding the highest standards of integrity,” Peddler added.

According to the statement, Mr. Abel Onyeke, a veteran in the auditing profession, has over 30 years of experience, having held significant roles at renowned global auditing firms such as KPMG and Deloitte.

At Nexia Agbo Abel & Co, he has been instrumental in upholding the firm’s reputation for high standards and ethical practices.