Jumoke Oduwole Engages Urgent Stakeholders on Financial Reporting Council of Nigeria (FRCN) Levy.

Dr. Jumoke Oduwole 
Minister, Industry Trade and Investment 

"This convening reflects the federal government’s broader commitment to transparency, fairness, and alignment with international best practices, with a strong focus on improving Nigeria’s business environment." FMITI 

A stakeholders forum to address concerns surrounding the annual FRCN levy has been convened by the Federal Ministry of Industry, Trade and Investment, in collaboration with the Financial Reporting Council of Nigeria (FRCN).

"This engagement", according to a statement issued and signed by Adebayo Thomas, Director Press and Public Relations of the Ministry, "comes in direct response to concerns raised by the organized private sector and other key stakeholders".

"The forum, scheduled to hold on Wednesday, March 26, 2025, in Abuja and streamed online, will serve as a platform for open dialogue and a review of the current framework. In line with President Bola Tinubu’s 8-Point Agenda, the administration remains committed to being a listening government. This convening reflects the federal government’s broader commitment to transparency, fairness, and alignment with international best practices, with a strong focus on improving Nigeria’s business environment." The statement read.

"At the centre of the discussions is Section 33(1)(c) of the FRCN Act, which stipulates that quoted companies are to pay annual dues based on 0.002% of their market capitalization or ₦25 million, whichever is lower.

Considering the issues raised, Dr. Jumoke Oduwole, Minister of Industry, Trade and Investment, reaffirmed the Ministry’s dedication to stakeholder collaboration, stating that, “The Ministry remains committed to working closely with stakeholders. Constructive dialogue around regulatory policies is essential to ensure that all businesses — large and small — are supported in a fair and sustainable way. This is critical to enhancing business competitiveness and aligning with Nigeria’s broader economic transformation agenda.” The statement concluded.