In case you are wondering or have recently been asked to file returns with the Financial Reporting Council of Nigeria (FRCN), here is our regulatory alert on a recent judgement by the Federal High Court on the subject.
The Federal High Court (“FHC”) on 21 March 2014 ruled in a case between Eko Hotels Limited and the FRCN. The FHC decided that under the FRCN Act, the FRCN cannot enlarge its regulatory powers to regulate private companies.