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NECA Condemns Outrageous Levies on Private Companies by Financial Reporting Council

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.
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Tinubu almost lost 2023 woefully, will remain president till 2031, says Wike
The Minister of the Federal Capital Territory, FCT, Nyesom Wike, on Friday declared that President Bola Tinubu will remain in power till 2031.
Wike disclosed this while recounting that Tinubu almost lost the 2023 presidential election woefully.
He pointed out that the naira policy and fuel crisis created by the former All Progressives Congress, APC, administration were aimed at making Tinubu lose the election woefully.
The Minister disclosed this during his media briefing in Abuja on Friday.
Wike also threatened to withhold his support from the Peoples Democratic Party in the FCT council election if the party fails to put its house in order.
According to Wike: “If PDP does not put their house in order, I’m not going to support them in the area councils election. If PDP goes the way they are going, I will not support them.
“This crisis will consume this party until the right thing is being done. I have never recommended anybody to these governors but that does not mean that I don’t play any role.
“Like the governor of Bayelsa, I played a fundamental role, he can’t deny it.
“I have said it in 2023 and I’m saying it again that until 2031, when the position should go to the North, there is nothing anybody will say to me now.
“It’s not anti-party, it’s harmonious living together, you can’t tell me that it’s your own prerogative to be producing president; let’s all live.
“Whether APC liked it or not, it was very turbulent for Tinubu to have scaled through that election. You could see that he could have failed the election woefully. The fuel crisis, the naira issue was terrible.
“No party in government would at that time bring such a policy when you know you are running an election, but everything was done and he survived it.
“That’s how you will know that there are people that, first of all, God is on their side, they also know this game and you must give it to them.”
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Rivers crisis: Tinubu did what he did to prevent anarchy – Wike

The Minister of the Federal Capital Territory (FCT), Nyesom Wike, has justified President Bola Tinubu’s declaration of a state of emergency in Rivers.
In a media parley with Arise News on Friday, Wike said Tinubu did what he had to so that the state would not descend into a deeper level of anarchy.
According to Wike, the president did the right thing. He also added that if the state of emergency was not declared, money would not go to Rivers.
“The president did not want the state to get to that level of anarchy. He did the right thing,” Wike said.
“If the state of emergency was not declared, money would not go to the state.”
On the suspension of Governor Siminalayi Fubara, the FCT minister wondered why the former chose not to reach out to him if there was a problem.
“Has anybody taken it upon himself or herself to say, ‘This is where we are?’
“If I am the cause of the problem… has he ever called me as an elder to say what is the problem? Let us sit down and talk.”
Speaking further, Wike revealed his backing of Tinubu’s appointment of a Sole Administrator in Rivers.
While acknowledging that declaring an emergency rule is an aberration, he added that given the situation in the region, the president acted in good faith and made the right call.
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US judge threatens Trump’s govt with contempt of court

A United States, US, Federal judge, James Boasberg, has threatened to hold President Donald Trump’s administration in contempt of court.
Boasberg accused Trump’s administration of “willful disregard” of an order to halt the departure of deportation flights carrying more than 200 people to El Salvador last month, BBC reports.
Trump’s administration had invoked a 227-year-old law meant to protect the US during wartime to carry out the mass deportation.
However, the judge held that “The Court does not reach such conclusion lightly or hastily; indeed, it has given Defendants ample opportunity to rectify or explain their actions. None of their responses has been satisfactory.”
The decision to begin contempt proceedings escalates a clash between the White House and the judiciary over the president’s powers.
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