The House of Representatives has reaffirmed that the Financial Reporting Council (FRC) Amendment Act, 2023 remains in full force and effect until amended by the National Assembly.
This clarification followed media reports suggesting that the Honourable Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, had directed a “pause” on certain provisions of the amended Act during a Ministerial Consultative Meeting with the Organised Private Sector on March 26, 2025.
In a statement issued on Thursday by Rep. Akin Rotimi, Jr., the House Spokesman, the lawmakers expressed concern over what they described as a misinterpretation of the Minister’s remarks, leading to unnecessary confusion among stakeholders and regulated entities.
The House emphasized that only the National Assembly has the constitutional authority to enact, amend, or repeal laws in Nigeria. It stated that no public officer has the legal power to unilaterally suspend or pause any part of an 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 read.
The House also advised the Financial Reporting Council (FRC) to continue executing its statutory responsibilities in compliance with the law and called on all Public Interest Entities (PIEs) to adhere to the provisions of the Act as it stands.
While acknowledging the importance of stakeholder consultations, the lawmakers reiterated that any modifications to an existing law must follow the proper legislative process in line with the principles of rule of law and democratic governance.
The House reaffirmed its commitment to ensuring legal clarity and regulatory stability, creating an environment conducive to business and economic growth.
