FG to address MAN's concerns over FRCN levies The Presidential Enabling Business Environment Council, on Friday, promised to look into the concerns strengthened by the Manufacturers Association of Nigeria over the Financial Reporting Council of Nigeria Amendment Act, which imposes cumulative annual charges on non-listed entities.
PEBEC Director-General, Princess Zahrah Audu, said this in a statement made available to journalists in Abuja.
The Director-General of MAN, Segun Ajayi-Kadir had demonstrated in a statement most recent week, cautioning that the financial levies, as currently implemented, pose significant opposes to manufacturing companies, the most non-listed entities which are categorised under the current Public Interest Entities of the said Act.
The Act imposes a 10 per cent penalty on unpaid dues for every month of default, accumulating until full payment.
Ajayi-Kadir described the levies as “exorbitant,” prioritizing that non-listed manufacturing firms—predominantly MAN members—have now been reclassified as Public Interest Entities, thereby subjecting them to oppressive financial obligations.
“For publicly quoted companies, the maximum payment earlier was N1 million per annum. Now, that sum is hiked to N25 million! Quite wonderfully, for non-listed companies, who were previously repudiated, there is no cap, and it is linked to the turnover, adrift of whether the company is profitable or not,” he disclosed.
According to him, the Act refutes the government’s Ease of Doing Business agenda and poses the serious threat to investments in Nigeria’s manufacturing sector.
Reacting, Audu soothed the fear, announcing the Federal Government is carefully looking into the manufacturers’ complaint.
The statement partly read, “These diverges aim to magnify transparency and accountability in financial reporting and intensify corporate governance in Nigeria. However, issues have arisen regarding the payment of annual dues and fees by PIEs.
This also trended:
“To address the concerns surrounding the FRCN’s recent amendments, we are holding the series of stakeholder engagements. These sessions aim to foster open discussions and collaborative problem-solving in the crowd of key stakeholders. We hope to uncover a meaningful solution for all parties shortly.
“We summon on all parties to endure assured that PEBEC will endure to walk in the shoes of best practices, ensuring Nigeria abides competitive and an attractive destination for businesses and investors. Our commitment to driving business amends, changing the ease of doing business, and magnifying transparency and accountability endures unwavering.”
Category: World-News
Tag: FG to address MANs concerns over FRCN levies
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Published 3/21/2025