The Financial Reporting Council has lifted the three-month suspension of Mr. Abel Onyeke, a partner at Nexia Agbo Abel & Co.
This was revealed in a statement issued on Sunday, noting that the Council, in a notice signed by its Executive Secretary/Chief Executive Officer, Dr. Rabiu Olowo, dated March 20, 2025, had concluded its investigation into Onyeke’s audit engagements.
According to the statement, the issues which led to the temporary suspension were not across other audit engagements reviewed, and that all identified concerns had 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,” a part of the notice read.
Reacting to the development in the statement on Sunday, Mr. Alexander Kofi-Peddler, Managing Partner of Nexia Agbo Abel & Co, expressed satisfaction with the outcome, noting that the review process confirmed that all identified issues had been adequately addressed.
He further stated that the suspension did not result in any penalties for Onyeke or the firm.
“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,” Peddler said.
He added that the lifting of the suspension marks a new chapter for both Onyeke and the firm.
He revealed that Nexia Agbo Abel & Co. plans to broaden its reach domestically and globally, prioritizing advancements in technology and sustainability.
“We are immensely grateful for the support and understanding shown by our clients, partners, and regulatory bodies throughout this process. We stand more committed than ever to our mission of providing superior quality service and upholding the highest standards of integrity,” Peddler added.
According to the statement, Mr. Abel Onyeke, a seasoned audit professional with over 30 years of experience, has held key positions at leading global firms including KPMG and Deloitte.
