No public officer can unilaterally suspend Financial Reporting Council Act – Reps tell Stakeholders

The Reps maintained in a statement that the FRC is effective and in force until further amendment by the National Assembly.

This was disclosed in a statement signed by Rep. Akin Rotimi Jr., Spokesman, House of Representatives, dated March 27.

The statement is in view of reports quoting the  Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, to have directed a “pause” on certain provisions of the amended Act.

Naijaonpoint previously reported that Oduwole had announced the temporary suspension of annual dues imposed on public interest enterprises by the Financial Reporting Council of Nigeria (FRCN).

“The government has decided to direct the Financial Reporting Council to pause the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today,” Oduwole had explained.

Reacting to the development, Rotimi claimed that the apparent misrepresentation of the Minister’s remarks has led to confusion and uncertainty among stakeholders and regulated entities.

“Nigeria is a constitutional democracy governed by the principle of separation of powers among the Legislature, Executive, and Judiciary. The National Assembly alone holds the constitutional authority to enact, amend, or repeal laws. No provision of the Constitution grants any public officer the power to unilaterally ‘pause’ or suspend any part of a duly enacted law,” he stated.

“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,” he maintained.

“In light of the above: 

The Financial Reporting Council (FRC) is advised to continue executing its statutory responsibilities in full compliance with its enabling Act. 

“All Public Interest Entities (PIEs) must adhere to the law as it stands, as there can be no legal vacuum,” he added.

He said the House of Representatives remains committed to ensuring legal clarity and regulatory stability, fostering an environment conducive to business and economic growth.