…NECA, OPTS, ALTON, others rejoice, say move’ll restore investor trust
By Uche Usim
To address mounting concerns from Nigeria’s private sector, the Federal Ministry of Industry, Trade and Investment (FMITI) has announced a temporary halt to the implementation of contentious provisions in the Financial Reporting Council (FRC) (Amendment) Act 2023.
This was contained in a statement signed by the FMITI Minister, Dr Jumoke Oduwole and released yesterday.
According to the statement, the decision to suspend the dues follows extensive stakeholder consultations and is accompanied by a new directive to cap annual dues for large private companies classified as Public Interest Entities (PIEs).
The amendment, enacted in 2023, introduced annual dues ranging from 0.02% to 0.05% of company turnover, with no upper ceiling, for certain private firms reclassified as PIEs.
In contrast, publicly quoted companies were to pay a fixed N25 million annually.
The asymmetry in financial obligations sparked strong opposition from leading business associations, who warned of severe implications for cost management, regulatory fairness and investor sentiment.
Stakeholders including the Oil Producers Trade Section (OPTS), the Association of Licensed Telecommunications Operators of Nigeria (ALTON) and the Nigeria Employers’ Consultative Association (NECA) were among the first to sound the alarm in late 2024, pushing for urgent government intervention.
Reacting to these concerns, the Ministry convened a high-level public consultation on March 26, 2025. The engagement, held in Abuja, attracted broad representation from Nigeria’s organised private sector and culminated in the formation of a Technical Working Group comprising NECA, ALTON, the Manufacturers Association of Nigeria (MAN), the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), and regulatory bodies such as the CAC, SEC and FRCN.
“Our approach is anchored on dialogue, evidence, and fairness,” said Dr. Doris Nkiruka Uzoka-Anite, the Minister of Industry, Trade and Investment.
She added: “We listened carefully to the private sector, and the President has shown exemplary leadership in ensuring that pro-business reforms are not undermined by unintended consequences.”
Following six intensive meetings over three weeks, the Technical Working Group submitted its findings to the Minister on April 17, 2025.
In light of the group’s recommendations, the Minister briefed President Bola Tinubu and secured backing for a continued administrative pause on the implementation of Section 33D of the amended Act.
To further reassure the business community, the Minister directed the Financial Reporting Council of Nigeria (FRCN) to immediately enforce an interim dues cap of N25 million for private PIEs, bringing them in line with the statutory maximum for publicly listed entities.
Commenting on the issue, the, Director-General of NECA, Wale Oyerinde, said:
“This interim cap is a pragmatic step that restores regulatory parity and ensures companies can plan with clarity.
“The Ministry’s responsiveness underscores the government’s commitment to economic competitiveness”.
The Ministry also confirmed that the administrative pause will remain in place for the mid to long-term as wider legislative reviews are considered.
The Federal Ministry of Justice will lead efforts to evaluate the necessity for formal amendments to the FRC (Amendment) Act 2023, ensuring any future frameworks are shaped by inclusive dialogue and legislative prudence.
In his remarks, the Chairman of ALTON, Gbenga Adebayo said; “As a country attracting global capital, our regulatory architecture must be anchored in predictability and fairness.
“The interim measure helps preserve investor confidence, which is vital for sustaining economic recovery and digital expansion.”
The Tinubu Administration’s decision aligns with its 8-Point Agenda, which prioritises a business-friendly environment, industrial growth, and robust economic governance.
In her intervention, Dr. Uzoka-Anite stated: “Nigeria’s strength lies in its ability to listen, adjust, and reform,” added. “This process is a testament to what can be achieved when the government and business work as partners in progress.”
Stakeholders unanimously stated that with the action, the federal government deepens its stance as a responsive and reform-driven administration, one that understands that the success of the private sector is fundamental to Nigeria’s wider economic aspirations.