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From Adanna Nnamani, Abuja
The Financial Reporting Council (FRC) of Nigeria has lifted a three-month suspension on Mr. Abel A. Onyeke, a partner at Nexia Agbo Abel & Co. This follows a detailed quality review that cleared him of widespread audit misconduct.
The suspension, first imposed in 2024, was a temporary step to allow an unbiased evaluation of Onyeke’s audit practices. In a statement dated 20 March 2025, FRC Executive Secretary and CEO Dr. Rabiu Olowo confirmed that all issues were resolved. “Financial Reporting Council (FRC) of Nigeria is pleased to announce that the investigation into Mr. Abel A. Onyeke’s audit engagements has been concluded,” the notice said.
“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,” it added.
“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,” the statement concluded.
Alexander Peddler, Managing Partner at Nexia Agbo Abel & Co, welcomed the decision. He said the FRC’s review confirmed the firm’s dedication to professionalism and transparency. “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,” Peddler said.
“The FRC’s favourable 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 added. Peddler noted that no penalties were imposed on Onyeke or the firm.
He also shared plans for growth. “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,” he said.
“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,” Peddler continued. “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,” he concluded.
Onyeke, with over 30 years in auditing, has worked at global firms like KPMG and Deloitte. His role at Nexia Agbo Abel & Co has been key to maintaining the firm’s reputation for integrity and excellence.
