Oduwole to engage stakeholders, OPS on FRCN levy tomorrow

In a bid to address concerns raised by the organised private sector (OPS) and other key industry stakeholders over the sudden hike in the Financial Reporting Council of Nigeria (FRCN) annual levy, Minister of Industry, Trade, and Investment, Dr. Jumoke Oduwole, is convening a stakeholder forum to address these concerns.

In a press statement, the minister said the forum will be held with members of the FRCN, FMITI, OPS, and other stakeholders tomorrow, Wednesday, March 26, 2025, in Abuja, and will be streamed online to serve as a platform for open dialogue and a review of the current framework.

She said this convening reflects the federal government’s broader commitment to transparency, fairness, and alignment with international best practices, with a strong focus on improving Nigeria’s business environment.

At the center of the discussions are concerns regarding certain provisions, particularly the annual dues structure for Public Interest Entities (PIEs) under the Financial Reporting Council Act (FRC) (Amendment) 2023.

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In light of the issues raised, Dr. Oduwole reaffirmed the Ministry’s dedication to stakeholder collaboration, stating, “The Ministry remains committed to working closely with stakeholders. Constructive dialogue around regulatory policies is essential to ensure that all businesses, large and small, are supported in a fair and sustainable way. This is critical to enhancing business competitiveness and aligning with Nigeria’s broader economic transformation agenda.”