By: Abba Onyekachukwu, Abuja.
The Honourable Minister of Industry, Trade and Investment (FMITI), Dr. Jumoke Oduwole, is convening an emergency stakeholders forum to address concerns surrounding the annual FRCN levy. This move comes in response to concerns raised by the organized private sector and other key stakeholders.
In a press statement from Dr Thomas Adebayo, Director of Press and Publiç Relations, FMITI on Tuesday, the forum, scheduled for Wednesday, March 26, 2025, in Abuja, will be streamed online, providing a platform for open dialogue and a review of the current framework. This engagement reflects the federal government’s commitment to transparency, fairness, and alignment with international best practices, as outlined in President Bola Tinubu’s 8-Point Agenda.
At the center 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.
Dr. Jumoke Oduwole emphasized the Ministry’s dedication to stakeholder collaboration, stating that constructive dialogue around regulatory policies is essential to ensure that all businesses are supported fairly and sustainably.
The Financial Reporting Council of Nigeria (FRCN) is responsible for promoting transparency and accountability in financial reporting. The council’s activities include registering and regulating professionals and entities involved in financial reporting, as well as reviewing and enforcing compliance with financial reporting standards.
The stakeholder forum is expected to provide a platform for open discussion and review of the current framework, to find solutions that support businesses and promote transparency and accountability in financial reporting.
