Pursuant to Section 27 (a-g), Section 73, and other relevant provisions of the Financial Reporting Council of Nigeria (FRC) Act, 2011 (as amended), the FRC has developed the Draft Nigerian Actuarial Practice Regulations, 2025. This marks a significant milestone in establishing a robust regulatory framework for the actuarial profession in Nigeria. The document has now been released as an Exposure Draft (ED) for public review and stakeholder engagement.

🎯 Objectives

The primary objectives of the Nigerian Actuarial Practice Regulations, 2025, are to:

• Establish a regulatory framework for actuarial professionals offering services related to financial reporting in Nigeria.
• Ensure compliance with the provisions of the FRC Act, 2011 (as amended).
• Promote ethical and professional standards in actuarial practice.
• Enhance the quality, reliability, and credibility of actuarial input into financial reporting.

👥 Call for Stakeholder Engagement

As part of the FRC’s statutory development process, we invite the following stakeholders to review the Exposure Draft and provide documented comments and feedback:

• Actuarial Professionals
• Relevant Professional Bodies (RPBs)
• Insurance and Pension Firms
• Regulatory Authorities
• Academic Institutions
• Other Interested Stakeholders

📅 Deadline for Submission

All feedback must be submitted on or before Friday, May 30, 2025, to the Financial Reporting Council of Nigeria via email at: actuaries@frcnigeria.gov.ng

📥 Download the Draft

To access the Exposure Draft of the Nigerian Actuarial Practice Regulations, 2025, please download the document using the link below:

👉 https://shorturl.at/tbos3

Abuja, Nigeria – April 16, 2025 – In alignment with the Executive Secretary’s DOSE agenda, the Financial Reporting Council (FRC) of Nigeria held a key meeting today with representatives from the Association of National Accountants of Nigeria (ANAN) and the Institute of Chartered Accountants of Nigeria (ICAN) at its Abuja office. The meeting aimed to foster collaboration among the Professional Accounting Organizations (PAOs) and strengthen the regulatory environment surrounding corporate reporting in Nigeria.

Dr. Rabiu Olowo, the Executive Secretary/Chief Executive Officer of the FRC, and his management team engaged in robust discussions with stakeholders about key issues, including regulatory compliance, audit equivalence, and audit register integrity. The dialogue emphasized the need for collaborative efforts to effectively navigate these challenges.

A significant outcome of the meeting was the decision to establish a seven-member committee composed of two representatives each from ANAN and ICAN, along with three members from the FRC. This committee is tasked with addressing the matters discussed and will provide recommendations for resolution.

Hajia Queensley Sofuratu Segoshime, mni, FCA, the 1st Deputy Vice President of ICAN, praised the Council for its proactive approach to stakeholder engagement. She expressed her commitment to relay the FRC’s message to the Institute and its Governing Council.

Similarly, Professor Hassan Ibrahim FCNA, Deputy Vice Chancellor of IBB University and a member of ANAN’s Governing Council, commended the FRC’s initiative and assured that the discussions would be presented to ANAN’s governing body for further deliberation.

The committee is expected to operate under defined terms of reference, which will be communicated to the PAO representatives. They have a two-week timeline to finalize their findings and submit a report to both the FRC and the Councils of the respective PAOs. Following this, a joint communiqué will be issued, formalizing the outcomes of the engagement.

This collaborative effort underscores the commitment of the FRC, ANAN, and ICAN to enhance the integrity and effectiveness of corporate reporting in Nigeria, fostering a more transparent regulatory landscape for the accounting profession.

As part of a strategic commitment to advancing sustainability reporting in Nigeria, the Financial Reporting Council of Nigeria (FRC), in collaboration with the Nigerian Integrated Reporting Committee (NIRC), will organize an industry-specific workshop on implementing the International Sustainability Standards Board’s (ISSB) IFRS S1 and S2.

The workshop will be held on Tuesday, April 8th, and Wednesday, April 9th, 2025, starting at 9:00 AM daily, at the prestigious Continental Hotel, Victoria Island, Lagos. Key stakeholders from the industrial and consumer goods sectors, including sustainability experts, regulatory compliance experts, and financial reporting professionals.

The workshop aims to tailor guidance on the adoption and integration of IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures). These standards, recently issued by the ISSB, are designed to promote global consistency and transparency in sustainability and climate-related financial disclosures.