FRC Act Continues to Govern Financial Reporting, Says Reps

The House of Representatives has stated that the Financial Reporting Council Act, 2023 remains operational until amended by the National Assembly.

The spokesman of the House, Akin Rotimi, made the declaration in a statement issued in Abuja on Thursday.

According to him, the House observed with concern reports attributing remarks to the Minister of Industry, Trade and Investment, Jumoke Oduwole, following the Ministerial Consultative Meeting held on March 26, 2025, with the organised private sector on the Financial Reporting Council Amendment Act, 2023.

He noted that a session of the media had misinterpreted her comments, suggesting she had directed a “pause” on certain provisions of the amended Act.

The statement read in part, “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 apparent misrepresentation of the minister’s remarks has led to confusion and uncertainty among stakeholders and regulated entities.

This ambiguity is unnecessary and counterproductive to the stability and clarity needed in Nigeria’s financial reporting and regulatory framework.

“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.”

The House of Representatives said it acknowledges that the administration of President Bola Tinubu values stakeholder engagement and welcomes constructive dialogue.

It said the minister’s consultations are a positive step in this regard. “However, any modifications to an existing law must follow the proper legislative process to uphold the rule of law and democratic governance,” it stated.

The House called on the FRC to continue executing its statutory responsibilities in full compliance with its enabling Act, stressing that “all public interest entities must adhere to the law as it stands, as there can be no legal vacuum.”