House of Reps blasts Tinubu’s minister over attempt to suspend financial reporting law

The House of Representatives has criticized the Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, over remarks suggesting a suspension of certain provisions of the Financial Reporting Council (FRC) Amendment Act, 2023.

In a statement issued by its spokesperson, Akintunde Rotimi, the House stated that the minister has no authority to unilaterally halt the implementation of a law duly passed by the National Assembly.

The statement came in response to comments attributed to Dr. Oduwole during a ministerial consultative meeting with the Organised Private Sector on March 26, 2025.

“Some sections of the press have misinterpreted her comments, suggesting that she had directed a ‘pause’ on certain provisions of the amended Act,” the statement read.

“This misrepresentation has caused unnecessary confusion and uncertainty among stakeholders and regulated entities.”

The House reaffirmed that Nigeria operates under a constitutional democracy, where legislative powers rest solely with the National Assembly.

It stated that no executive official has the legal mandate to suspend or override an existing law without proper legislative action.

“For the avoidance of doubt, the Financial Reporting Council of Nigeria (Amendment) Act, 2023, remains in full force and effect until the National Assembly amends it.

“Any concerns regarding specific provisions of the Act should be formally brought before the Legislature for deliberation and possible legislative review,” the statement added.

The House acknowledged the importance of stakeholder engagement in governance and commended the Tinubu administration for fostering dialogue.

However, it insisted that any modifications to an existing law must follow the established legislative process to uphold the rule of law and democratic governance.

The statement also urged the Financial Reporting Council to continue executing its statutory responsibilities in full compliance with its enabling Act and advised all Public Interest Entities (PIEs) to adhere strictly to the law as it stands.

“There can be no legal vacuum. The House of Representatives remains committed to ensuring legal clarity and regulatory stability, fostering an environment conducive to business and economic growth,” the House declared.