Minister of Industry, Trade and Investment engages stakeholders on Financial Reporting Council levy

The Minister of Industry, Trade and Investment, Jumoke Oduwole, is convening a stakeholder forum to address concerns surrounding the annual FRCN levy.

This engagement comes in direct response to concerns raised by the organised private sector and other key stakeholders and aims to facilitate dialogue with the Financial Reporting Council of Nigeria (FRCN).

The forum, scheduled to hold on Wednesday, March 26, 2025, in Abuja and streamed online, will serve as a platform for open dialogue and a review of the current framework.

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In line with President Bola Tinubu’s 8-Point Agenda, the administration remains committed to being a listening government. 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 centre of the discussions are concerns regarding certain provisions, particularly the annual due structure for Public interest Entities ( PIEs) under the Financial Reporting Council Act (FRC) (Amendment) 2023.

In light of the issues raised, 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.”

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.