The federal government says it has temporarily suspended the implementation of annual dues imposed on public interest enterprises by the Financial Reporting Council for the next two months.
This came following widespread concerns from industry stakeholders. The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed the decision at a Ministerial Consultative Meeting on the Financial Reporting Council Annual Dues for Public Interest Enterprises on Wednesday in Abuja.
The meeting was called in response to numerous official letters the ministry received regarding the issue. Daily Trust reports that industry stakeholders, especially the Manufacturers Association of Nigeria had cried out over the FRCN Act, which imposes cumulative annual charges on non-listed entities.
The Act imposes a 10 per cent penalty on unpaid dues for every month of default, accumulating until full payment.
The Director General of MAN, Segun Ajayi-Kadir, had in a strongly-worded statement protested and warned against what he called “astronomical” annual charges on private companies by the FRCN.
