Oluchi Chibuzor

Chairman of the Organised Private Sector of Nigeria (OPSN) and National President of the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture (NACCIMA), Hon. Dele Kelvin Oye Esq., has commended President Bola Ahmed Tinubu and the Federal Government for the decision to step down the implementation of amended Financial Reporting Council Act.

Oye explained that the Act was amended in 2023 with outcomes that portended existential threats to businesses and private sector operators, and significantly stunts the growth of the nation’s economy.

The OPSN Chairman commended the President for listening to the OPS and setting up a stakeholders’ forum to review the amendment, which has now resulted in a decision to step aside the implementation of the Act based on the forum’s recommendations.

In a letter to President, Oye said, “On behalf of the organized private sector, of Nigeria (OPSN), and particularly other association of stakeholders represented at the recent forum convened by the Ministry of Industry, Trade and Investment, I wish to express OPSN profound gratitude for your magnanimity and responsiveness in addressing the pressing concerns surrounding the recent amendments to the Financial Reporting Council (FRC) Act of 2023.

“Your Excellency’s decision to stage the stakeholders forum and the outcome, exemplifies the government unwavering commitment to creating an enabling environment for businesses, has not gone unnoticed. The collaborative spirit shown in the forum, where representatives from the oil and gas association, the telecommunications association, the Nigerian Employers’ Consultative Association, the Manufacturers Association of Nigeria, the Nigerian Association of Chambers of Commerce Industry Mines and Agriculture, NASSI, NASSI and other stakeholders engaged in constructive dialogues with the Executive Director of the Financial Reporting Council, and the Hon. Minister of Industry Trade and Investment, reflects the Government dedication to inclusive governance and a desire to create a sustainable economic framework.

“We particularly commend your recognition of the need for a Joint Consultative Forum. This initiative will surely serve as a vital platform to jointly review the provisions of the FRC amendments, allowing for meaningful collaboration between the government and the organized private sector of Nigeria.”

According to Oye, “The decision to step down the implementation of the amendments in the FRC Act pending the outcome and government decisions on the recommendations of the Committee, demonstrates Your Excellency’s administration’s understanding of the delicate balance required to support our national economy while encouraging compliance and regulatory efficiency.

“Mr. President, your willingness to engage with the voices of businesses and industry leaders exemplifies true leadership. It reassures us that our concerns are valued and positions Nigeria on a path toward economic recovery and growth. As you know, the Private sector plays a pivotal role in job creation and economic stability. We will greatly benefit from thoughtful, balanced regulations that promote rather than hinder growth.”