FRC Launches New Actuarial Regulations for Nigeria

The Financial Reporting Council of Nigeria (FRC) unveiled new actuarial regulations during a stakeholder engagement session in Lagos, led by Chief Executive Officer Dr. Rabiu Olowo. The proposed regulations aim to establish a comprehensive and transparent framework for actuarial practice in Nigeria, aligning with global standards.

The FRC set a mandatory compliance deadline for public interest entities by 2028, introducing a four-phase implementation roadmap. The first phase focuses on early adoption by companies such as MTN Nigeria and Seplat Energy, while the second phase allows voluntary adoption to build compliance capacity.

The third phase will introduce mandatory sustainability reporting for public interest entities, and the fourth phase will extend this requirement to government entities. Olowo emphasized the importance of reliable actuarial work in financial reporting, noting that the Nigerian actuarial profession has faced challenges, including a shortage of qualified professionals and reliance on foreign actuaries.

The initiative is part of broader reforms to enhance regulatory oversight and improve the quality of financial reporting in Nigeria.