The Financial Reporting Council (FRC) of Nigeria has unveiled a sweeping regulatory framework for actuarial practice aimed at strengthening financial stability, improving the quality of financial reporting and boosting investor confidence across key sectors of the economy.
The proposed Nigerian Actuarial Practice Regulations (NAPR) 2026, presented at a stakeholders’ engagement session in Lagos on Tuesday, seek to establish comprehensive standards for actuarial services used in financial reporting, particularly within public interest entities. The keynote address of Rabiu Olowo, executive secretary and chief executive officer of the FRC, was delivered by Olasunkanmi Ayinde, head of the Directorate of Auditing Practices Standards at the Council.
Olowo, said the proposed regulations marked “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.” He noted that the initiative goes beyond introducing another regulation, describing it as a critical step towards strengthening institutions and reinforcing confidence in Nigeria’s financial reporting architecture.
