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 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
Public Notice: One-Year Waiver for Public Sector Agencies for Submission of ICFR
April 24, 2025