FRC to transform financial reporting through actuarial regulations

The Financial Reporting Council of Nigeria is set to transform financial reporting standards and boost investor confidence across the country through its newly proposed regulations for the actuarial profession.

This major development was the central focus at a highly attended stakeholder engagement event held in Lagos, where experts gathered to dissect the draft copy of the Nigerian Actuarial Practice Regulations 2026.

Rabiu Olowo, executive secretary and chief executive officer of the Financial Reporting Council of Nigeria, who was represented at the gathering by Olasunkanmi Ayinde, assistant director and head of the Directorate of Auditing Practices Standards, explained that these new guidelines mark a milestone for the local economy because reliable financial reporting depends entirely on high-quality risk calculations behind the scenes.

Olowo noted that the framework has been carefully structured around international principles while keeping local economic realities in mind, especially for sectors dealing with insurance, pensions, and healthcare. In the official address delivered

On his behalf, Olowo stated, “Where actuarial assumptions are weak, financial reporting becomes unreliable. Where actuarial valuations lack consistency, investors lose confidence. Where professional accountability is absent, public trust diminishes. The proposed Nigerian Actuarial Practice Regulations seek to address these concerns comprehensively.”

The event also highlighted the ongoing efforts of the Nigerian Actuarial Development Programme, which is an ambitious initiative launched to address the critical shortage of risk management experts in the country.

Rotimi Okpaise, coordinating chairman of the Nigerian Actuarial Development Programme, whose keynote address was delivered by his representative, Emeka Okoji, stated that the initiative is designed to build a strong and globally competitive profession, as the true test of the initiative lies in its long-term impact on the public and businesses alike.

“The true measure of success will be the emergence of a vibrant actuarial profession capable of influencing decision-making, supporting financial stability, improving public confidence, and protecting the interests of citizens, businesses, investors, and future generations,” Okpaise said.]

During the panel session, regulators and practitioners discussed ways to expand the profession from the root up, and the Chairman of the Technical Working Group, Akinyemi Ashade, explained that developing the right talent must begin by updating what is taught in universities.

“Beyond advocacy to the young ones, I think the growth will have to start from the curriculum. The curriculum should be designed in such a way that it will produce the right products. That means candidates that are likely to write and pass the exams,” Ashade added.

Sharing a similar perspective, the head of Actuarial Functions at AXA Mansard Insurance, Ganiu Shefiu, pointed out that many school children are completely unaware of the profession as a career path.

Shefiu advocated for early awareness campaigns, and he praised the council for providing financial refunds to students who pass their professional examinations.

“If you start singing the tune from primary school level, then, of course, where are you going to get lecturers? FRC, in collaboration with the Federal Ministry of Education, need to invest heavily, in collaboration with the Nigerian Actuarial Society, to at least give a minimum principle of actuary at primary, secondary school level so that from that they can start developing.”

The event concluded with a commitment from all attendees to collaborate closely before finalising the regulatory document, ensuring that Nigeria establishes a robust financial ecosystem that meets global benchmarks.