Nigeria Employers’ Consultative Association (NECA) has condemned the Financial Reporting Council of Nigeria’s imposition of outrageous annual dues on private or non-quoted companies.

This condemnation comes against the backdrop of the recent implementation of the Financial Reporting Council Amendment Act 2023 (FRC Act), which widened the net of companies that fell under the FRC’s purview and also reviewed the payment structure of these companies as their annual dues moved from N1 million to hundreds of millions of naira based on their annual turnover.

NECA declared the introduction of the levies unjust and unconscionable, particularly when the dues for quoted or listed companies are capped at N25 million.

According to the Director General of NECA, Smatt-Oyerinde, the policy would not only contradict the Federal Government’s efforts to stimulate economic growth, attract investment, streamline the tax regime, and promote job creation but also threaten the survival of thousands of private enterprises already grappling with rising operational costs, multiple taxation, regulatory bottlenecks, and economic uncertainty.

Smatt-Oyerinde described the imposition of the arbitrary levies as strange, especially at a time when the government was championing the Ease of Doing Business (Executive Order 001) and actively seeking foreign and local investments to boost Nigeria’s economic growth as well as streamline the imposition of taxes and levies within the country.

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He noted with concern the increasing cost of running businesses in Nigeria at this time, noting that any additional financial demand would add unnecessary strain and stifle business expansion.
“Many companies especially those in manufacturing, trading, and essential services—operate on thin margins. Imposing additional costs increases the risk of layoffs, business closures, and economic downturns. Apart from that, the perception that regulatory agencies can impose arbitrary fees on businesses, sending a negative signal to both local and foreign investors and weakening Nigeria’s competitiveness in the global economy. It will only serve to discourage investment when this is most needed to boost the economy,” he said.

He therefore called on the Federal Government, National Assembly, and all relevant authorities to act swiftly to protect businesses from unjustified regulatory exploitation and take a more pragmatic approach to implementing economic policies to ensure job security for the people and the survival of businesses in Nigeria.

He further urged the Federal Government to suspend the enforcement of the new FRC annual dues on private companies and revert to the previous regime of N1 million (one million naira) until a transparent and comprehensive review is conducted.

In the same vein, he urged the National Assembly to initiate an immediate legislative review of the FRC Act (as amended in 2023) to remove ambiguities, streamline FRC oversight and ensure fairness in the regulatory framework.

Additionally, he stressed the need for the FG, through the Federal Ministry of Industry, Trade and Investment, to engage with key stakeholders in the Organised Private Sector (NECA, MAN, NACCIMA, and other business advocacy groups) to develop a fair, justifiable, and economically sustainable compliance framework.

He maintained that the private sector remains the backbone of Nigeria’s economy, noting that the Federal Government cannot afford to develop policies that are not only inimical to their growth but also detrimental to national development.

The National Working Committee (NWC) of the All Progressives Congress (APC) has commended former President Muhammadu Buhari on the confirmation of his continued loyalty to the ruling party.

Buhari had last week while pledging his loyalty to the party in a statement he issued noted that; “I am an APC member, and I like to be addressed as such. I will try to popularise the party by all means.”
Responding to the speculations on the plans linking Buhari to possible exit from the APC and his boldness to dismiss the rumour, the ruling party in a statement by its National Publicity Secretary, Felix Morka, expressed happiness over; “his solid reaffirmation of loyalty to our great party.

The statement further noted that Buhari’s pledge of loyalty has further reinforced his reputation of astute integrity and dignified elder statesman, urging its teeming members to emulate President Buhari’s worthy example of loyalty and commitment to the party.

“We applaud the former President for swiftly clearing the air and putting distance to efforts by certain individuals to tacitly associate him with their nonplussed political choices.

“The former President’s unalloyed loyalty to our great party, the platform on which he was twice elected as President, has further reinforced his reputation of astute integrity and dignified elder statesman.

“We urge our teeming members to emulate President Buhari’s worthy example of loyalty and commitment to our great party,” the statement read.

The Edo State Police Command has confirmed the death of Seminarian Peter Andrew, who was kidnapped alongside Rev. Fr. Peter Ekweli on March 3 at St. Peter Catholic Church in Ivukwa Community, Etsako East Local Government Area.

Police spokesperson, Moses Yamu, announced on Friday that the seminarian had died while the reverend father was released on Thursday.

The kidnappers initially demanded N100 million as ransom but later settled for N10 million.

However, the police said they rescued the reverend father on Thursday.

A video that surfaced online showed a kidnap victim, surrounded by men believed to be vigilantes, saying he was held in the same place as the priest and seminarian.

He said they were forced to close their eyes and then he heard a gunshot.

When they were told to open their eyes, they saw the seminarian struggling for his life before he died.

The victim said he later escaped after trekking to a location in Edo Central.

In a statement on Friday, Yamu confirmed the seminarian’s death, saying officers were searching the bush to recover his body and arrest the kidnappers.

The statement read, “Further to the kidnap of Rev. Father Philip Ekeli and Seminarian Peter Andrew at the St. Peter Catholic Church, Iviukha, Etsako East LGA, on 03/03/2025, intensive search and rescue operations by police operatives and vigilante members led to the release of the Rev. Father on 13/03/2025 at about 16:52 hrs in Amughe Community.

“Bush combing continues with a view to recover the remains of the seminarian, who regrettably lost his life in the process, as well as to arrest the remaining gang of kidnappers.

“Recall that one suspect was neutralized, and four suspects—Murtala Ibrahim, 32, Joshua Joseph, 31, Sadiq Sheidu, 35, and Sunday Bulus, 28—were arrested on the day of the kidnap.”

A source close to the Catholic Church said Rev. Fr. Ekweli is recovering at an undisclosed hospital.