President Bola Tinubu has ordered a temporary suspension of the Financial Reporting Council (Amendment) Act 2023, following months of backlash from the private sector.
The Act, passed last year, required large private companies now classified as Public Interest Entities (PIEs) to pay between 0.02% and 0.05% of their annual turnover as regulatory dues, without a cap. In contrast, publicly listed firms were to pay a flat N25 million. Business groups criticized the policy as unfair and burdensome, especially amid current economic challenges.
According to the Minister of Industry, Trade and Investment, Jumoke Oduwole, the suspension comes after a series of high-level consultations with key industry stakeholders, including oil producers, telecom operators and employers’ associations. A technical review group, formed in response, met six times and submitted its report in April 2025.
Following the group’s recommendations, President Tinubu approved the halt in implementation to promote fairness and stability. The Minister also announced an interim cap of N25 million on dues payable by private PIEs matching the rate for listed companies pending a broader legislative review.
The Ministry of Justice will determine whether a full amendment to the law is needed.
This move is seen as a major relief for private companies, with Oduwole noting that it signals the administration’s commitment to transparency, investor confidence and regulatory fairness.