Nigeria: House of Representatives Affirms Financial Reporting Council Act Remains in Effect

The House of Representatives has reaffirmed that the Financial Reporting Council (FRC) Act, 2023 remains legally binding and operational unless amended through the proper legislative process by the National Assembly.

In a statement released in Abuja on Thursday, House spokesman Akin Rotimi addressed concerns over recent media reports suggesting that the Minister of Industry, Trade, and Investment, Jumoke Oduwole, had called for a pause on certain provisions of the amended Act during a Ministerial Consultative Meeting with the Organised Private Sector on March 26, 2025.

Clarifying the Legislative Authority

Rotimi emphasized that the Financial Reporting Council of Nigeria (Amendment) Act, 2023 remains fully in force unless formally reviewed by the National Assembly.

“For the avoidance of doubt, the Financial Reporting Council of Nigeria (Amendment) Act, 2023, remains in full force and effect until the National Assembly amends it. Any concerns regarding specific provisions of the Act should be formally brought before the Legislature for deliberation and possible legislative review,” the statement read.

He further highlighted that misinterpretation of the minister’s remarks had caused unnecessary confusion among stakeholders and entities regulated under the Act, potentially disrupting Nigeria’s financial reporting and regulatory framework.

Upholding the Rule of Law

The House reiterated that Nigeria’s governance is based on the principle of separation of powers, where legislative authority rests solely with the National Assembly.

“No provision of the Constitution grants any public officer the power to unilaterally ‘pause’ or suspend any part of a duly enacted law,” the statement asserted.

While acknowledging that President Bola Tinubu’s administration values stakeholder engagement and constructive dialogue, the House maintained that any modifications to an existing law must follow the proper legislative process to uphold the rule of law and democratic governance.

Call for Compliance

The House of Representatives urged the Financial Reporting Council (FRC) to continue executing its statutory mandate in accordance with the provisions of its enabling Act. It also reminded all public interest entities of their obligation to comply with the law as it stands, emphasizing that there can be no legal vacuum in Nigeria’s regulatory framework.