FRC Lifts Suspension on Nexia Agbo Abel After Concluding Audit Review
By Patience Ikpeme
The Financial Reporting Council of Nigeria (FRC) has formally lifted the three-month suspension it placed on Mr. Abel A. Onyeke, a partner at the accounting and audit firm Nexia Agbo Abel & Co.
The regulatory decision follows the conclusion of a comprehensive quality review into Mr. Onyeke’s audit engagements, which ultimately cleared him of any widespread professional infractions.
The Council, in a statement dated March 20, 2025, and signed by its Executive Secretary/Chief Executive Officer, Dr. Rabiu Olowo, disclosed that the investigation into the audit engagements handled by Mr. Onyeke had been completed. The review determined that the initial concerns prompting the suspension were not systemic in nature and did not affect other audit work carried out by the firm.
“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,” the statement read.
The FRC also confirmed that the suspension, initially communicated in a letter dated May 28, 2024, has now been lifted, thereby restoring Mr. Onyeke’s full rights and privileges associated with his registration with the Council.
The initial suspension was part of the Council’s broader mandate to enforce compliance with financial reporting standards and maintain integrity in the auditing profession. Mr. Onyeke’s temporary removal from practice was regarded as a necessary step to enable an unbiased examination of his audit activities.
In a statement responding to the Council’s announcement, Managing Partner of Nexia Agbo Abel & Co., Mr. Alexander Kofi Peddler, acknowledged the Council’s process and welcomed the outcome. He explained that the review provided the firm with an opportunity to demonstrate its strong internal controls and commitment to quality.
“The review process by FRC showed that all identified issues had been satisfactorily addressed, and neither Mr. Onyeke nor Nexia Agbo Abel & Co. faced any penalties as a result,” Mr. Peddler stated.
He noted that the suspension was a procedural action meant to create space for focused scrutiny of Mr. Onyeke’s professional work and that its resolution affirms the firm’s dedication to the principles of transparency and ethical auditing.
Mr. Peddler further shared that the firm is now looking ahead with optimism. “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,” he said.
He described the development as a fresh chapter for both the firm and Mr. Onyeke, adding that Nexia Agbo Abel & Co. remains committed to excellence and to maintaining its reputation as a reliable partner for businesses in an evolving financial environment.
“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,” Mr. Peddler said.
Mr. Abel A. Onyeke is a seasoned professional with more than three decades of experience in auditing and assurance services. He has held key positions at globally renowned firms including KPMG and Deloitte, contributing to his vast expertise and reputation in the field.
Since joining Nexia Agbo Abel & Co., he has played a critical role in guiding the firm’s professional standards and ensuring alignment with global best practices. His client engagements have consistently reflected the firm’s values of diligence, accuracy, and professional excellence.
With the lifting of the suspension and the firm’s renewed strategic direction, Nexia Agbo Abel & Co. is poised to strengthen its position in Nigeria’s financial services industry while exploring growth opportunities across emerging markets.
