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Press Release: FRC’s Position on IAS 29 – Financial Reporting in Hyperinflationary Economies
Public Notice: One-Year Waiver for Public Sector Agencies for Submission of ICFR
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)
Call for Comments: Exposure Draft on Nigerian Actuarial Practice Regulations, 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:
Strengthening Partnership: The Institute of Internal Auditors (IIA) Nigeria Pays a Courtesy Visit to the Financial Reporting Council of Nigeria (FRC)
In a strategic move to deepen collaboration and reinforce commitment to transparency and good governance, the Institute of Internal Auditors (IIA) Nigeria paid a courtesy visit to the Financial Reporting Council of Nigeria (FRC).
The visit, which took place at the FRC head office in Abuja, brought together key representatives from both organizations, with the shared goal of enhancing cooperation in promoting high standards of financial reporting, internal control, and corporate governance across both public and private sectors.
Leading the IIA Nigeria delegation was Mr. Ambrose Enuma, CEO of IIA Nigeria, who expressed appreciation to the FRC for the warm welcome and reaffirmed the Institute’s commitment to supporting national efforts in institutional strengthening and regulatory compliance.
Mr. Ambrose Enuma, CEO IIA Nigeria, and Mr. Tolulope Odukale, Director IIA Nigeria; Mr. Ibrahim Anas, Director IIA Nigeria, & Mr. Ibrahim Alkali, Member IIA Nigeria.
In his remarks, Mr. Ambrose Enuka noted that internal auditors play a critical role in ensuring accountability and transparency in financial reporting. She highlighted the importance of collaboration with regulatory bodies such as the FRC in building a culture of integrity and robust governance practices.
The Executive Secretary/CEO of the FRC, Dr. Rabiu Olowo, welcomed the delegation and applauded the IIA Nigeria for its steadfast efforts in advancing the internal audit profession. He emphasized the Council’s openness to partnerships that drive quality reporting and improve public trust in financial disclosures.
Discussions during the visit centered on areas of mutual interest, including capacity-building initiatives, policy advocacy, and the development of audit and reporting frameworks that align with global best practices.
Both institutions agreed on the importance of continuous engagement and knowledge sharing as a means of strengthening Nigeria’s financial reporting ecosystem and fostering sustainable economic growth.
The visit concluded on a positive note, with both parties expressing optimism about future collaborations and the shared vision of promoting excellence, accountability, and ethical standards in Nigeria’s financial sector.