FRC Consolidates DOSE Reforms, Strengthens Financial Reporting and Actuarial Standards in Nigeria
By Abubakar Yusuf
The Financial Reporting Council of Nigeria (FRC) has continued to consolidate the gains of its DOSE Agenda—Digitisation, Operational Excellence, Stakeholder Engagement, and Enforcement—under the leadership of its Executive Secretary and Chief Executive Officer, Dr. Rabiu Olowo, positioning the institution as a modern regulatory body aligned with global best practices.
Since assuming office in 2023, Dr. Olowo has spearheaded a broad reform programme aimed at strengthening financial reporting, improving corporate governance, enhancing transparency, and modernising the Council’s operations.
These reforms have significantly repositioned the FRC as a key institution driving accountability and sustainable financial reporting in Nigeria.
The introduction of the DOSE framework marked a strategic shift in the Council’s operations. Through digitisation, institutional efficiency, stronger stakeholder collaboration, and enhanced regulatory enforcement, the FRC has recorded measurable progress in improving compliance and strengthening public confidence in Nigeria’s financial reporting ecosystem.
One of the landmark achievements of the current administration is the establishment of the Nigerian Actuarial Development Programme (NADP) alongside a Technical Working Group (TWG) dedicated to advancing actuarial science in Nigeria.
The initiative reflects the Council’s commitment to building local capacity while aligning with international professional standards.
The Council has also adopted the International Standards of Actuarial Practice (ISAPs 1–8) issued by the International Actuarial Association and commenced their localisation into the Nigeria Standards of Actuarial Practice (NSAPs).
This initiative is expected to strengthen professionalism, consistency, and ethical standards within Nigeria’s insurance, pension, and financial sectors.
In another significant milestone, the FRC released Nigeria’s first comprehensive Actuarial Practice Regulation (NAPR 2025) as an Exposure Draft, providing a regulatory framework that lays the foundation for the orderly development of actuarial practice in the country.
Recognising the importance of developing future professionals, the Council also launched a nationwide actuarial education initiative targeting approximately 5,000 university undergraduates and 800 secondary school students.
The programme is designed to stimulate interest in actuarial science and create a sustainable pipeline of qualified professionals.
To further strengthen local expertise, the FRC sponsored six university students to participate in the Society of Actuaries (SOA) professional examinations and supported another candidate pursuing a Master’s degree in Actuarial Science.
These investments underscore the Council’s long-term commitment to building indigenous actuarial capacity capable of supporting Nigeria’s growing financial sector.
http://FRC – FRC https://frcnigeria.gov.ng/
The strategy of nurturing professionals from secondary schools through tertiary education and postgraduate levels is expected to guarantee continuity, deepen expertise, and enhance collaboration across Nigeria’s financial reporting and regulatory landscape.
Beyond actuarial development, the ongoing implementation of the DOSE Agenda continues to improve institutional efficiency, modernise regulatory processes, strengthen stakeholder engagement, and reinforce enforcement mechanisms. These reforms are helping to align Nigeria’s financial reporting standards with global expectations while supporting broader economic reforms.
Written by Abubakar Yusuf. Contact: yus.abubakar3@gmail.com.
