“Proposes comprehensive framework for actuarial practice
“Targets stronger financial reporting, financial stability
“NADP seeks globally competitive actuarial profession

By Babajide Komolafe

The Financial Reporting Council of Nigeria, FRC, yesterday unveiled the Exposure Draft of the Nigerian Actuarial Practice Regulations (NAPR) 2026, a landmark regulatory framework aimed at strengthening financial reporting, enhancing investor confidence and promoting financial stability, even as the Nigerian Actuarial Development Programme, NADP, said it is working to build a globally competitive actuarial profession.

Speaking at the stakeholders’ engagement session on the proposed regulations in Lagos, Executive Secretary/Chief Executive Officer of FRC, Dr. Rabiu Olowo, said: “Today is not merely about discussing another regulation. Rather, it marks another significant milestone in our ongoing journey to build a stronger financial reporting ecosystem capable of supporting sustainable economic growth, protecting the public interest, and positioning Nigeria amongst leading jurisdictions with globally respected financial reporting and regulatory systems.”

According to him, “The Financial Reporting Council of Nigeria was established to protect the public interest by promoting high-quality financial reporting, corporate governance, actuarial practice, auditing, valuation and sustainability reporting. Our mandate extends beyond issuing standards. We are committed to building institutions, strengthening professional capacity, enhancing regulatory oversight, and creating an environment where investors, regulators, businesses and the public can place absolute confidence in the integrity of financial information.”

Highlighting the need for reform, Olowo said: “For many years, actuarial practice in Nigeria has operated within an environment characterised by several structural challenges,” including inadequate qualified actuaries, dependence on foreign actuarial assumptions, limited indigenous research and fragmented oversight, stressing that “these challenges have implications not only for the actuarial profession but also for the credibility of financial reporting, investor confidence and financial stability.”

He added: “Reliable financial reporting depends on reliable actuarial work. 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.”

Explaining the impact of the proposed regulations, he said: “The Regulations will establish minimum professional and technical standards; strengthen ethical conduct and independence; promote consistency in actuarial practice; enhance transparency and accountability; improve the quality of actuarial reports; support compliance with IFRS 17 and IAS 19; and strengthen investor confidence in Nigeria’s financial reporting environment. Ultimately, these Regulations will contribute significantly to financial stability and economic resilience.”

In his keynote address, Coordinating Chairman of the NADP, Mr. Rotimi Okpaise, described the programme as “a strategic initiative of the Financial Reporting Council of Nigeria aimed at building a strong, sustainable, and globally competitive actuarial profession in Nigeria,” noting that it was established to strengthen financial reporting, risk management and economic resilience.

Okpaise said the programme seeks to promote “consistency, transparency, professionalism, and accountability in actuarial practice while aligning Nigeria with international best practices and local realities,” adding that “the Nigerian Actuarial Development Programme is more than a professional development initiative. It is a strategic reform programme designed to enhance the quality of actuarial work, improve the reliability of financial statements, strengthen investor confidence, support sound risk management practices, and contribute to the long-term stability and growth of Nigeria’s economy.”

He further urged the industry to raise professional standards, proposing that “we aim for the Nigerian Actuary to be a best-in-class professional and that financial reports submitted to the FRC be signed by Fellows. Further, I propose that we as a nation step up efforts to train more people to reach this status.”