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House Of Reps Overrides Tinubu’s Trade Minister, Says Controversial Financial Act Still In Force
House Of Reps Overrides Tinubu’s Trade Minister, Says Controversial Financial Act Still In Force
March 27, 2025
News
The lawmakers emphasised that only the National Assembly has the constitutional power to amend or suspend laws and no public official can unilaterally halt their enforcement.
The House of Representatives has reaffirmed that the Financial Reporting Council (FRC) Amendment Act, 2023, remains fully operational, dismissing reports suggesting a suspension of its provisions.
The clarification follows remarks attributed to the Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, after a Ministerial Consultative Meeting with the Organised Private Sector on March 26, 2025.
In a press release issued by House Spokesman, Akin Rotimi, on Thursday, the house noted that some media outlets had interpreted her comments as directing a “pause” on certain aspects of the amended Act, creating uncertainty among stakeholders.
The lawmakers emphasised that only the National Assembly has the constitutional power to amend or suspend laws and no public official can unilaterally halt their enforcement.
“The House of Representatives has observed with concern certain media reports attributing remarks to the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, following the Ministerial Consultative Meeting held on March 26, 2025, with the Organised Private Sector on the Financial Reporting Council (FRC) Amendment Act, 2023. Some sections of the press have misinterpreted her comments, we believe, suggesting she had directed a “pause” on certain provisions of the amended Act.
“The apparent misrepresentation of the Honourable Minister’s remarks has led to confusion and uncertainty among stakeholders and regulated entities. 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 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.
“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. Any concerns regarding specific provisions of the Act should be formally brought before the Legislature for deliberation and possible legislative review.
“The House of Representatives acknowledges that the administration of President Bola Tinubu, values stakeholder engagement and welcomes constructive dialogue. The Minister’s consultations are a positive step in this regard. 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.
“The House of Representatives remains committed to ensuring legal clarity and regulatory stability, fostering an environment conducive to business and economic growth.”
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