Financial Reporting Council lifts suspension on Nexia Agbo Abel & Co

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

The Council lifted the ban following a thorough and rigorous quality review, which invalidated the concerns that had prompted the temporary suspension of Mr Abel A. Onyeke’s firm.

An FRC suspension notice, signed by Executive Secretary/Chief Executive Officer Dr Rabiu Olowo and dated 20 March 2025, states:

“Financial Reporting Council (FRC) of Nigeria is pleased to announce that the investigation into Mr. 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 Mr. 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 Mr. 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 FRC’s lifting of the suspension in a statement, Mr Alexander Kofi Peddler, Managing Partner at Nexia Agbo Abel & Co, said the review process by the FRC showed that all identified issues had been satisfactorily addressed, and that neither Mr 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 Mr. Onyeke’s audit engagements. The FRC’s favourable announcement on March 20, 2025, not only reinstates Mr. Onyeke but also underscores our firm’s unwavering commitment to upholding excellence and transparency in the auditing profession.

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“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.

“Mr. Abel A. Onyeke is a distinguished figure in the auditing profession, with over 30 years of exemplary experience. His 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.

“At Nexia Agbo Abel & Co, Mr. Onyeke has been 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.”

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