FRC Lifts Suspension On Nexia Agbo Abel & Co

The Financial Reporting Council (FRC) has lifted the three-month suspension it imposed on Abel Onyeke’s (Partner at Nexia Agbo Abel & Co), an audit engagement firm

FRC lifted the ban following a rigorous quality review conducted by the council which invalidated concerns that prompted Onyeke’s temporary suspension.

An FRC suspension notice signed by executive secretary/chief executive officer Dr. Rabiu Olowo dated March 20, 2025 stated thus:” Financial Reporting Council (FRC) of Nigeria is pleased to announce that the investigation into Abel A. Onyeke’s audit engagements has been concluded.

“Following a thorough quality review of the firm and its engagements, it has been determined that the issues which led to Onyeke’s suspension were not pervasive in other audit engagements reviewed by our team, and all identified concerns have been satisfactorily resolved”.

“As a result, the Council hereby lifts the three-month suspension imposed on Abel A. Onyeke, as communicated in our letter dated May 28, 2024. This decision restores all rights and privileges associated with his registration with the Council”.

Responding to the lifting of the suspension in a statement, managing partner, Nexia Agbo Abel & Co, Alexander Kofi Peddler said, the review process by FRC showed that all identified issues had been satisfactorily addressed, and neither Onyeke nor Nexia Agbo Abel & Co. faced any penalties as a result.

“It is pertinent to note that the suspension was a proactive measure aimed at allowing for a focused and impartial evaluation of Onyeke’s audit engagements. The FRC’s favorable announcement on March 20, 2025, not only reinstates Onyeke but also underscores our firm’s unwavering commitment to upholding excellence and transparency in the auditing profession”.

“In light of the recent developments, we are excited about the new opportunities ahead. Our strategic growth plan is set to expand our services both locally and globally, with a specific focus on technology and sustainability. This positions us as a trusted partner for businesses navigating the complexities of the financial landscape, ensuring that we remain at the forefront of industry standards and practices.

“We are immensely grateful for the support and understanding shown by our clients, partners, and regulatory bodies throughout this process. The lifting of Mr. Onyeke’s suspension marks a new chapter for both him and Nexia Agbo Abel & Co. We stand more committed than ever to our mission of providing superior quality service and upholding the highest standards of integrity,” it said.

Onyeke’s career encompasses notable roles at prestigious global auditing firms such as KPMG and Deloitte, where he has developed a profound understanding of auditing standards and practices.

Onyeke is said to be instrumental in maintaining and elevating the high standards of quality and ethical conduct for which our firm is known. “His engagement with clients has consistently ensured that we align with best practices and deliver exemplary service,” the statement read in part.