Financial Reporting Council of Nigeria
May 8, 2025
April 29, 2025
This notice is to inform all relevant stakeholders that a one-year waiver has been granted to Public Sector Agencies (PSAs) regarding the mandatory submission of Internal Control over Financial Reporting (ICFR)
April 24, 2025
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:
May 29, 2025
FRC Pays Courtesy Visit to NJC, Presents Draft Nigeria Public Sector Governance Code
The Financial Reporting Council of Nigeria paid a courtesy visit to the National Judicial Council (NJC) on Wednesday, May 28, 2025, to formally present the Draft Nigeria Public Sector Governance Code (NPSGC) and seek collaborative engagement ahead of its nationwide adoption.
The FRC delegation, led by the Executive Secretary/CEO, Dr. Rabiu Olowo, highlighted the significance of the Code in strengthening governance, promoting transparency, and enhancing public trust in government institutions. He reiterated the Council’s mandate to ensure compliance with financial reporting and corporate governance standards, and emphasized the judiciary’s key role in preserving democratic values, institutional integrity, and effective public service delivery.
“The Governance Code is a strategic instrument designed to foster accountability, transparency, and investor confidence across the public sector,” Dr. Olowo stated. “Engaging key institutions like the NJC is critical to ensuring successful implementation and long-term impact.”
The TWG Chairman, Bar. Danladi Kifasi, along with Deputy Chairman Alh. Ahmad, presented the highlights of the Draft Code, seeking constructive feedback and support for its widespread adoption across federal and state institutions.
In response, Ahmed Gambo Saleh, Executive Secretary of the NJC, commended the FRC’s initiative and affirmed the Council’s support for the Governance Code. He pledged to promote its adoption among institutions under the NJC’s oversight and facilitate its formal introduction within the judicial sector.
Other members of the FRC delegation included Mr. Titus Osawe, Coordinating Director of the Corporate Governance and Inspections & Monitoring Directorates; Mrs. Comfort M. Osondu, Head of the Directorate of Corporate Governance; and Mr. Adeleke Adewole, Chief of Staff to the Executive Secretary/CEO.
The Nigeria Public Sector Governance Code is slated for formal unveiling in Q4 2025, following further stakeholder engagement. The collaboration between the FRC and NJC signifies a strong commitment to enhancing governance standards and promoting accountability within Nigeria’s public sector, paving the way for a more transparent and responsible governance framework.
May 11, 2025
FRC Celebrates the Launch of Nigeria’s First Large-Scale RDT Production Facility
The Financial Reporting Council of Nigeria proudly participated in the official commissioning of CODIX BIO Limited, Nigeria’s inaugural large-scale rapid diagnostic test (RDT) production facility, located in Ogun State.
On Friday, May 9, 2025, the FRC Executive Secretary/CEO, Dr. Rabiu Olowo, represented the Honourable Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole. During the event, he reaffirmed the Federal Government’s commitment to fostering industrial growth, enhancing local manufacturing, and promoting strategic investments that strengthen national capacity.
This state-of-the-art in-vitro diagnostics (IVD) facility is the second of its kind in Sub-Saharan Africa and is poised to produce over 147 million test kits annually for critical diseases, including HIV, Malaria, and Hepatitis B and C. This milestone signifies a transformative advancement in reinforcing Nigeria’s healthcare system through innovation, local production, and a significant reduction in reliance on imports.
The Financial Reporting Council of Nigeria remains steadfast in its commitment to supporting initiatives that drive sustainable development and economic advancement, paving the way for a healthier future for all Nigerians.
May 1, 2025
Press Release: FRC’s Position on IAS 29 – Financial Reporting in Hyperinflationary Economies
April 29, 2025