‘No public officer can pause a law’ — reps say FRCN Act remains effective

The house of representatives says the Financial Reporting Council of Nigeria (FRCN) Act remains effective until amended by the national assembly.

In a statement on Thursday, Akin Rotimi, spokesperson of the house of representatives, expressed concerns over media reports suggesting that Jumoke Oduwole, minister of industry, trade, and investment, directed a “pause” on certain provisions of the Financial Reporting Council (FRC) Amendment Act of 2023.

Oduwole had told journalists, after a ministerial consultative meeting with the private sector, that implementation of the recent increase in the annual dues for public interest entities (PIE) under the Act will be paused for review.

Speaking on Thursday, Rotimi said some sections of the press misinterpreted the minister’s remarks, leading to confusion.

“The apparent misrepresentation of the Honourable Minister’s remarks has led to confusion and uncertainty among stakeholders and regulated entities,” the statement reads.

“This ambiguity is unnecessary and counterproductive to the stability and clarity needed in Nigeria’s financial reporting and regulatory framework.

“Nigeria is a constitutional democracy governed by the principle of separation of powers among the Legislature, Executive, and Judiciary.”

The green chamber’s spokesperson said the national assembly has the constitutional authority to enact, amend, or repeal laws, adding that “no public officer has the 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,” he added.

“Any concerns regarding specific provisions of the Act should be formally brought before the Legislature for deliberation and possible legislative review.”

While acknowledging the administration of President Bola Tinubu for promoting stakeholder engagement and constructive dialogue, Rotimi stressed that any modifications to an existing law must follow due legislative process.

He directed the FRC to continue executing its statutory responsibilities in full compliance with its enabling Act, stating that all public interest entities (PIEs) “must adhere to the law as it stands, as “there can be no legal vacuum”.

According to the statement, the house reiterated its commitment to ensuring legal clarity and regulatory stability, fostering an environment conducive for business and economic growth.