The Federal Government has moved to calm stakeholders worried about the Financial Reporting Council (Amendment) Act, 2023. This Act introduced new annual dues for Public Interest Entities (PIEs).
In a statement, the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, said the ministry held a high-level meeting in March 2025. The meeting aimed to address fears from key industry groups. These include the Oil Producers Trade Section (OPTS), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Nigeria Employers’ Consultative Association (NECA).
These groups had raised concerns as early as December 2024. Their main worry was the reclassification of large private companies as PIEs. Under the new law, these companies must pay annual dues ranging from 0.02% to 0.05% of turnover. There is no upper limit. Meanwhile, publicly listed firms pay a fixed ₦25 million, no matter their size.
In March 2025, the ministry held a public consultation to discuss these issues. As a result, two key actions were taken. First, an administrative pause was placed on the new dues. Second, a Technical Working Group was set up to study the impact.
This group included NECA, MAN, ALTON, NACCIMA, PEBEC, CAC, SEC, and the Financial Reporting Council (FRC). They met six times in three weeks. They presented their report to the minister on April 17, 2025.
Dr. Oduwole then briefed President Bola Tinubu. She shared private sector concerns and recommended keeping the pause. The government agreed to maintain this pause for now.
To give immediate relief, the minister directed FRC to cap annual dues for private PIEs at ₦25 million. This matches the cap for listed companies.
This move creates a fair and stable environment for companies. It shows the government’s focus on transparency, fairness, and investor confidence.
