The House of Representatives has said that the Financial Reporting Council Act remains in force until amended.
The spokesperson of the House of Reps, Hon. Akin Rotimi Jr, said this in a statement he issued to the media on Thursday in Abuja.
According to Rotimi, the need to clarify this stemmed from the misrepresentation of a statement by the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, during a Ministerial Consultative Meeting on March 26, 2025.
He said: “The House of Representatives has observed with concern certain media reports attributing remarks to the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, following the Ministerial Consultative Meeting held on March 26, 2025, with the Organised Private Sector on the Financial Reporting Council (FRC) Amendment Act, 2023. Some sections of the press have misinterpreted her comments, we believe, suggesting she had directed a “pause” on certain provisions of the amended Act.
“The apparent misrepresentation of the Honourable Minister’s remarks has led to confusion and uncertainty among stakeholders and regulated entities. This ambiguity is unnecessary and counterproductive to the stability and clarity needed in Nigeria’s financial reporting and regulatory framework.
“Nigeria is a constitutional democracy governed by the principle of separation of powers among the Legislature, Executive, and Judiciary. The National Assembly alone holds the constitutional authority to enact, amend, or repeal laws. No provision of the Constitution grants any public officer the power to unilaterally “pause” or suspend any part of a duly enacted law.
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“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 House of Representatives acknowledges that the administration of H.E. President Bola Ahmed Tinubu, GCFR, values stakeholder engagement and welcomes constructive dialogue. The Honourable Minister’s consultations are a positive step in this regard. However, any modifications to an existing law must follow the proper legislative process to uphold the rule of law and democratic governance.
“In light of the above:
“1. The Financial Reporting Council (FRC) is advised to continue executing its statutory responsibilities in full compliance with its enabling Act.
“2. All Public Interest Entities (PIEs) must adhere to the law as it stands, as there can be no legal vacuum.
“The House of Representatives remains committed to ensuring legal clarity and regulatory stability, fostering an environment conducive to business and economic growth.”
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