The Financial Reporting Council (FRC) of Nigeria has lifted the three-month suspension previously imposed on Mr. Abel A. Onyeke, a partner at Nexia Agbo Abel & Co, following a conclusive quality review that cleared him of any pervasive audit misconduct.
The suspension, which was originally announced in 2024, was a temporary measure designed to allow an impartial assessment of Mr. Onyeke’s audit practices.
However, in a statement dated March 20, 2025, the FRC confirmed that all concerns raised had been satisfactorily addressed and did not reflect broader issues in other engagements reviewed by the Council.
The notice signed by Executive Secretary/Chief Executive Officer Dr. Rabiu Olowo, states thus:” Financial Reporting Council (FRC) of Nigeria is pleased to announce that the investigation into Mr. Abel A. Onyeke’s audit engagements has been concluded. Following a thorough quality review of the firm and its engagements, it has been determined that the issues which led to Mr. Onyeke’s suspension were not pervasive in other audit engagements reviewed by our team, and all identified concerns have been satisfactorily resolved”.
“As a result, the Council hereby lifts the three-month suspension imposed on Mr. Abel A. Onyeke, as communicated in our letter dated May 28, 2024. This decision restores all rights and privileges associated with his registration with the Council”.
Reacting to the development, Mr. Alexander Peddler, Managing Partner at Nexia Agbo Abel & Co, said the FRC’s review affirmed the firm’s commitment to professionalism and transparency, noting that neither Onyeke nor the firm faced any penalties. “It is pertinent to note that the suspension was a proactive measure aimed at allowing for a focused and impartial evaluation of Mr. Onyeke’s audit engagements.
The FRC’s favorable announcement on March 20, 2025, not only reinstates Mr. Onyeke but also underscores our firm’s unwavering commitment to upholding excellence and transparency in the auditing profession,” he said.
Peddler also announced that Nexia Agbo Abel & Co is entering a new phase of strategic growth, focusing on technology and sustainability to meet the evolving needs of businesses locally and globally.
“In light of the recent developments, we are excited about the new opportunities ahead. Our strategic growth plan is set to expand our services both locally and globally, with a specific focus on technology and sustainability. This positions us as a trusted partner for businesses navigating the complexities of the financial landscape, ensuring that we remain at the forefront of industry standards and practices.
We are immensely grateful for the support and understanding shown by our clients, partners, and regulatory bodies throughout this process. The lifting of Mr. Onyeke’s suspension marks a new chapter for both him and Nexia Agbo Abel & Co. We stand more committed than ever to our mission of providing superior quality service and upholding the highest standards of integrity”, Peddler said.
Onyeke, a veteran in the auditing profession with over three decades of experience, has previously held roles at global firms including KPMG and Deloitte. His work at Nexia Agbo Abel & Co has been pivotal in upholding the firm’s reputation for integrity and high standards in auditing.