FG Convenes Stakeholders' Forum To Address Opposition To Annual Financial Reporting Levy

To ensure industrial harmony among the private sector and other key stakeholders, the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, in collaboration with the Financial Reporting Council of Nigeria (FRCN), is convening a stakeholder forum to address concerns surrounding the annual FRCN levy. 

The engagement comes in direct response to concerns raised by the organized private sector and other key stakeholders.

At the centre of the discussions is Section 33(1)(c) of the FRCN Act, which stipulates that quoted companies are to pay annual dues based on 0.002% of their market capitalization or ₦25 million, whichever is lower.

The Nigeria Employers’ Consultative Association had strongly opposed FRCN imposition, describing it as “outrageous” annual dues on private and non-quoted companies.

NECA had warned that the imposition could cripple businesses and stifle economic growth.

“This outcry follows the implementation of the Financial Reporting Council Amendment Act 2023 (FRC Act), which expanded the scope of companies under the FRC’s regulatory oversight,” the NECA statement had stated.

To douse tension, the forum spearheaded by the government, according to a statement issued on Monday night by Adebayo Lawrence Thomas, Director Press and Public Relations, is scheduled to hold on Wednesday, March 26, 2025, in Abuja and streamed online. 

The statement said that it will serve as a platform for open dialogue and a review of the current framework. 

"In line with President Bola Tinubu’s 8-Point Agenda, the administration remains committed to being a listening government. 

"This convening reflects the federal government’s broader commitment to transparency, fairness, and alignment with international best practices, with a strong focus on improving Nigeria’s business environment." the statement stated 

Considering the issues raised, Dr. Jumoke Oduwole reaffirmed the Ministry’s dedication to stakeholder collaboration, stating:

“The Ministry remains committed to working closely with stakeholders. Constructive dialogue around regulatory policies is essential to ensure that all businesses — large and small — are supported in a fair and sustainable way. 

"This is critical to enhancing business competitiveness and aligning with Nigeria’s broader economic transformation agenda.” she said