FRC cancels suspension on audit firm partner
The Financial Reporting Council has overturned Mr. Abel Onyeke's three-month suspension as a partner at Nexia Agbo Abel & Co.This was revealed in a statement issued on Sunday, which stated that the Council, in a notice signed by its Executive Secretary/Chief Executive Officer, Dr. Rabiu Olowo, dated March 20, 2025, had completed its inquiry into Onyeke's audit engagements.
According to the statement, the flaws that caused the interim suspension were not present in other audit engagements evaluated, and all highlighted concerns had been appropriately addressed.
"As a result, the Council lifts Mr. Abel A. Onyeke's three-month suspension, as announced in our letter dated May 28, 2024. "This decision restores all rights and privileges associated with his registration with the Council," according to the announcement.
In a statement issued on Sunday, Mr. Alexander Kofi-Peddler, Managing Partner of Nexia Agbo Abel & Co, expressed pleasure with the outcome, pointing out that the review process proved that all identified issues had been satisfactorily resolved.
He further maintained that the suspension resulted in no fines for Onyeke or the firm.
"It is important to highlight that the suspension was a proactive action designed to enable for a focused and unbiased review of Mr. Onyeke's audit engagements. The FRC's favourable decision on March 20, 2025, not only reinstates Mr. Onyeke, but also demonstrates our firm's ongoing commitment to maintaining excellence and openness in the auditing profession," Peddler added.
He went on to say that removing the suspension symbolises a fresh chapter for both Onyeke and the firm.
He added that Nexia Agbo Abel & Co. intends to expand both domestically and abroad, with a focus on technological breakthroughs and sustainability.
"We are extremely grateful for the assistance and understanding provided by our clients, partners, and regulatory bodies throughout this process." "We are more committed than ever to our mission of providing superior quality service while maintaining the highest standards of integrity," Peddler stated.
According to the statement, Mr. Abel Onyeke, a seasoned audit professional with over 30 years of experience, has held significant roles at top global firms such as KPMG and Deloitte.
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