The Association of Licensed Telecommunications Operators of Nigeria (ALTON) has expressed deep concerns over the recent amendments to the Financial Reporting Council of Nigeria (FRCN) Act, stating that the new payment structure for annual returns is detrimental to businesses and could discourage investment in the country.
In a formal letter to the FRCN, ALTON raised objections to the revised financial obligations introduced by the Financial Reporting Council Amendment Act 2023, particularly its impact on non-quoted public interest companies. Under the amended law, companies are now required to pay annual dues based on a percentage of their annual turnover, as opposed to the previous system, which capped the payment at a maximum of ₦1 million.
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ALTON highlighted Section 33(1)(d) of the Act, which mandates private companies to comply with the new payment structure. However, the association noted that despite writing to the FRCN to seek clarifications and request a review of the policy, the regulatory body has yet to respond to their concerns. Instead, ALTON alleged that the FRCN has resorted to issuing threats to enforce compliance.
The telecom operators’ association warned that the new financial obligations could significantly burden businesses, making it more difficult for companies to sustain operations and attract new investments into the Nigerian economy.
“These demands are making investment difficult in the country,” ALTON’s Head of Operations, Gbolahan Awonuga, stated in a press communication.
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The association has also made available copies of its letter and the official gazette containing the amended regulations, urging stakeholders to review the policy’s potential impact on the business environment.
As of the time of reporting, the FRCN has not issued any official response to ALTON’s concerns.
ALTON letter on FRC Amendment Act 2023
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