THE GUARDIAN
• ALTON wants profit-based computation
Telecommunications operators have asked the Financial Reporting Council of Nigeria (FRC) to reconsider and review the new dues private companies are expected to pay yearly.
The operators under the aegis of the Association of Licensed Telecommunications Operators of Nigeria (ALTON) said the new dues as demanded by FRC will kill businesses.
ALTON, in a document signed by the Chairman and Executive Secretary, Gbenga Adebayo, and Gbolahan Awonuga, expressed deep concerns regarding the review of the yearly payment structure under the Financial Reporting Council Amendment Act 2023 (FRC Act) particularly as it relates to non-quoted public interest companies.
ALTON explained that the new payment structure is based on a percentage of the yearly turnover of member companies, rather than the previous maximum cap of N1 million that was payable under the Act.
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