The Minister of Industry, Trade and Investment, Dr Jumoke Oduwole has directed the Financial Reporting Council (FRC) to apply an interim cap on annual dues payable by private sector, Public Interest Entities (PIEs) at ₦25 million.
This directive, aligned with the cap already in place for publicly listed entities under the legislation, creates a stable environment for compliance for affected companies in the short term and reflects the Ministry’s commitment to prioritizing transparency, investor confidence.
In a press statement issued on Sunday, the minister said the initiative was prompted by growing concerns regarding the provisions and implementation of annual dues for Public Interest Entities (PIEs).
As early as December 2024, leading stakeholders—including the Oil Producers Trade Section (OPTS), the Association of Licensed Telecommunications Operators of Nigeria (ALTON), and the Nigeria Employers’ Consultative Association (NECA) had expressed reservation through direct consultations and public advocacy.
A key issue raised was the reclassification of large private companies as PIEs, which imposed a disproportionate financial burden.
Under the amended Act, such companies are required to remit annual dues ranging from 0.02% to 0.05% of turnover, with no upper limit—compared to a fixed ₦25 million levy for publicly quoted companies, regardless of their size or market capitalization.
She said while the Financial Reporting Council of Nigeria (FRCN) continues to play a central role in setting and enforcing accounting and financial reporting standards, stakeholders noted that the provisions could lead to unintended unsustainable increased compliance costs, and ultimately negatively affect investor confidence.
She said the Administration of President Bola Ahmed Tinubu remains firmly committed to adopting a listening posture and pro-business approach, as articulated in its policy thrust in implementing the 8-Point Agenda.