FRC Strengthens Financial Governance Through Innovation

By Abubakar Yusuf

Since assuming office in 2023, the Executive Secretary/Chief Executive Officer of the Financial Reporting Council (FRC), Dr.

Rabiu Olowo, has introduced wide-ranging reforms aimed at repositioning the Council as a modern, efficient, and globally competitive regulatory institution.
Central to the reforms is the introduction of the DOSE Agenda—Digitisation, Operational Excellence, Stakeholder Engagement, and Enforcement—which has revitalised the Council’s operations and aligned its activities with global best practices. Under the initiative, the FRC has strengthened corporate accountability, sustainability, and financial transparency, earning both national and international recognition.
As part of the reforms, the Council established the Nigerian Actuarial Development Programme (NADP) and a Technical Working Group (TWG) to promote the growth of the actuarial profession in Nigeria. The initiative supports the Renewed Hope Agenda of President Bola Ahmed Tinubu by advancing regulatory standards and professional excellence. The Council also adopted the International Standards of Actuarial Practice (ISAPs 1–8) of the International Actuarial Association and began localising them as the Nigeria Standards of Actuarial Practice (NSAPs).
The FRC further issued Nigeria’s first comprehensive Actuarial Practice Regulation (NAPR 2025) as an Exposure Draft, providing a regulatory framework for actuarial practice in the country. In addition, it launched a nationwide actuarial education initiative that engaged about 5,000 university undergraduates and 800 secondary school students to promote early interest in the profession.
To sustain the initiative, the Council sponsored six university students to sit for the Society of Actuaries (SOA) professional examinations and supported another candidate pursuing a Master’s degree in Actuarial Science. The programme is designed to develop a new generation of actuarial professionals and ensure continuity in the sector.
With the continued implementation of the DOSE Agenda, the Financial Reporting Council is expected to deepen regulatory reforms, strengthen professional standards, and further enhance its performance in line with international best practices.
Written by Abubakar Yusuf (yus.abubakar3@gmail.com).