The House of Representatives has stressed that no public officer can unilaterally suspend any act, including the Financial Reporting Council (FRC) Amendment Act, 2023.
The Reps maintained in a statement that the FRC is effective and in force until further amendment by the National Assembly.
This was disclosed in a statement signed by Rep. Akin Rotimi Jr., Spokesman, House of Representatives, dated March 27.
The statement is in view of reports quoting the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, to have directed a “pause” on certain provisions of the amended Act.
Nairametrics previously reported that Oduwole had announced the temporary suspension of annual dues imposed on public interest enterprises by the Financial Reporting Council of Nigeria (FRCN).
“The government has decided to direct the Financial Reporting Council to pause the implementation of the new annual dues. You know that I am a lawyer, and a suspension request by the organised private sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed today,” Oduwole had explained.
Reps Reacts
Reacting to the development, Rotimi claimed that the apparent misrepresentation of the Minister’s remarks has led to confusion and uncertainty among stakeholders and regulated entities.
- He said this ambiguity is unnecessary and counterproductive to the stability and clarity needed in Nigeria’s financial reporting and regulatory framework.
- He made it clear that it is only the National Assembly that has power to pause a section of an Act.
“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,” he stated.
“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,” he maintained.
- He stressed that any concerns regarding specific provisions of the Act should be formally brought before the Legislature for deliberation and possible legislative review.
- According to him, the House of Representatives acknowledges that the administration of President Bola Ahmed Tinubu values stakeholder engagement and welcomes constructive dialogue.
- He added that the minister’s consultations are a positive step, 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:
The Financial Reporting Council (FRC) is advised to continue executing its statutory responsibilities in full compliance with its enabling Act.
“All Public Interest Entities (PIEs) must adhere to the law as it stands, as there can be no legal vacuum,” he added.
He said the House of Representatives remains committed to ensuring legal clarity and regulatory stability, fostering an environment conducive to business and economic growth.
