Since assuming leadership of the Financial Reporting Council of Nigeria (FRC) in 2023, Dr Rabiu Olowo has spearheaded a comprehensive transformation agenda aimed at modernising the regulatory body and aligning its operations with global best practices.
Central to this overhaul is the introduction of the DOSE framework—Digitisation, Operational Excellence, Stakeholder Engagement, and Enforcement—a strategic template designed to revitalise the council’s functionality and reinforce its mandate.
Under Dr Olowo’s stewardship, the FRC has emerged as a formidable driver of corporate accountability, sustainability, and financial transparency, garnering international recognition for its progressive reforms.
Actuarial Development Takes Centre Stage
A landmark achievement of the current administration is the establishment of the Nigerian Actuarial Development Programme (NADP) and the Technical Working Group (TWG), initiatives crafted to catalyse actuarial growth in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
The council has adopted the International Standards of Actuarial Practice (ISAPs 1–8), issued by the International Actuarial Association, and commenced localisation efforts to create the Nigeria Standards of Actuarial Practice (NSAPs).
In a historic first, the FRC published Nigeria’s maiden comprehensive Actuarial Regulatory Framework—the Actuarial Practice Regulation (NAPR 2025)—as an Exposure Draft, signalling a new era of structured oversight for the profession.
Building a Pipeline of Actuarial Talent
To institutionalise actuarial education from the grassroots upward, the council has launched a nationwide outreach programme, engaging 5,000 university undergraduates and 800 secondary school students across the country.
Further demonstrating its commitment to capacity development, the FRC has sponsored six university students to undertake professional examinations with the Society of Actuaries (SOA), alongside supporting one candidate for a Master’s degree in Actuarial Science.
This deliberate cultivation of talent—from secondary education through to postgraduate level—ensures sustainable growth and continuity within the profession.
A New Chapter for Financial Reporting
The ongoing standardisation, regulatory refinement, and innovative programming under the DOSE agenda are positioning the FRC for enhanced performance and greater institutional credibility.
As these reforms take root, the council is steadily consolidating its role as a cornerstone of Nigeria’s financial governance architecture, delivering on its mandate with renewed vigour and strategic clarity.
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About the author: Abubakar Yusuf is a journalist covering financial and regulatory affairs. He can be reached at yus.abubakar3@gmail.com.
