Tinubu orders temporary pause on Private Companies controversial Financial Reporting dues

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President Bola Tinubu has directed a temporary pause in the implementation of the Financial Reporting Council (Amendment) Act 2023, which imposed new annual dues on large private companies classified as Public Interest Entities (PIEs). The decision follows months of sustained pressure from the private sector and a technical review initiated by the Federal Ministry of Industry, Trade and Investment.

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“The disparity raised serious concerns about equity, sustainability, and the ease of doing business,” said Minister of Industry, Trade and Investment, Jumoke Oduwole. The Act required PIEs to pay between 0.02 and 0.05% of their annual turnover as regulatory dues, without any upper limit, while publicly listed firms were expected to remit a flat rate of N25m

The temporary pause, which will not exceed 60 days, aims to create stability and send a clear message that the administration prioritizes transparency, investor confidence, and fairness in regulatory processes. “Mr President has listened to the legitimate concerns of the business community and has directed that implementation of the provision be paused while a comprehensive review is conducted,” Oduwole added.

The Ministry of Justice will determine whether a formal legislative amendment will be necessary in the long term. The Financial Reporting Council has been directed to apply an interim cap on annual dues payable by private sector PIEs at N25m, aligned with the cap already in place for publicly listed entities.

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