The Financial Reporting Council (FRC) has lifted the three-month suspension it placed on Mr. Abel Onyeke, a senior partner at Nexia Agbo Abel & Co, after concluding that the initial concerns against him were not serious enough to warrant further action.
The suspension, which started in May 2024, was lifted after a rigorous audit review cleared Onyeke of any wrongdoing in his audit engagements.
According to a statement signed by Dr. Rabiu Olowo, the FRC Executive Secretary/CEO, and dated March 20, 2025, the investigation had been concluded, and the issues that prompted the temporary suspension had been resolved.
“The concerns identified were not pervasive across other audit engagements reviewed, and all issues raised have now been satisfactorily addressed,” the statement said.
As a result, the Council confirmed that Onyeke’s rights and privileges as a registered member have been fully restored.
A check on the FRC’s official website also confirmed that his name has been removed from the suspension list.
In response, Mr. Alexander Kofi-Peddler, Managing Partner of Nexia Agbo Abel & Co., expressed satisfaction with the outcome. He praised the review process for being thorough and fair and clarified that neither Onyeke nor the firm faced any penalties.
“The suspension was a proactive move to allow an impartial investigation. The FRC’s March 20 decision not only reinstates Mr. Onyeke but also reflects our firm’s unwavering commitment to quality and transparency,” Peddler said.
He added that the lifting of the suspension marks a positive new chapter for both Mr. Onyeke and the firm. According to him, Nexia is now ready to expand its services across Nigeria and internationally, with special focus on technology and sustainability.
“We appreciate the support of our clients, partners, and regulators throughout this process. This experience has strengthened our resolve to maintain the highest professional standards,” he said.
Mr. Abel Onyeke is a veteran auditor with over 30 years of experience, having previously worked at top firms like KPMG and Deloitte. At Nexia Agbo Abel & Co., he is widely respected for upholding strict professional ethics and high auditing standards.
The firm, which is part of the Nexia International global network, provides audit, tax, and advisory services to both public and private sector clients in Nigeria.
The FRC, in recent months, has stepped up its regulatory oversight of the accounting and auditing profession, promising tougher actions against erring professionals to ensure public trust in financial reporting.
