The House of Representatives has addressed recent media reports suggesting that the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, directed a suspension of certain provisions of the Financial Reporting Council (FRC) Amendment Act, 2023.
Following a Ministerial Consultative Meeting with the Organised Private Sector on March 26, 2025, some media outlets reportedly misinterpreted the Minister’s remarks, creating confusion among stakeholders and regulated entities.
In a statement, Spokesman, House of Representatives Rep. Akin Rotimi Jr. said the House emphasized that Nigeria operates under a constitutional democracy guided by the principle of separation of powers. Only the National Assembly holds the constitutional authority to enact, amend, or repeal laws. Therefore, no public officer, including a minister, has the power to unilaterally suspend any part of a duly enacted law.
“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,” the statement clarified. Stakeholders with concerns about specific provisions are advised to present them through formal legislative channels.
The House acknowledged that the administration of President Bola Ahmed Tinubu values stakeholder engagement and constructive dialogue. However, any changes to existing legislation must follow the proper legislative process.
In light of this, the House advised:
The Financial Reporting Council (FRC) should continue executing its statutory responsibilities in full compliance with the Act.
All Public Interest Entities (PIEs) must adhere to the current law, as there can be no legal vacuum.
The House of Representatives reaffirmed its commitment to maintaining legal clarity and regulatory stability to foster a conducive business environment and support economic growth.
