A technical working group comprising the Financial Reporting Council and the Organised Private Sector, is being set up to address the concerns raised by Manufacturers Association of Nigeria (MAN), and the Nigeria Employers’ Consultative Association (NECA) on the 10 percent monthly default penalty imposed on non-listed companies by the Council.
The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this during a Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises, yesterday in Abuja.
Oduwole emphasized that following numerous complaints by the private sector, the government has directed the Financial Reporting Council to pause in the implementation of the new annual dues.
” A suspension request by the Organised Private Sector would be in contravention of legislation duly passed by the National Assembly. A pause is an administrative process simply to review, in line with what we discussed.
” The timeline for the suspension would not exceed 60 days.
“We are a listening administration. The private sector has requested a range from three months to an indefinite suspension. We are not going to do that. So, at the most, 60 days is in my estimate, enough to review the concerns they raised, ” she said.