On assumption of duty in 2023, the new leadership of Financial Reporting Council , FRC led by Dr Rabiu Olowo embarked on major reforms not only to stabilize and activate the activities of the council, but make it modest and modern in line with the present realities and global best practices.
Among the reforms included the introduction of
Digitisation,Operational Excellence, Stakeholders Engagement, Enforcement (DOSE), a template that was geared towards creating a new lease of life to the operations of the council.
With the key achievements recorded under the “DOSE” Agenda on assumption of duty, office as the Executive Secretary/CEO of the Financial Reporting Council of Nigeria (FRC), Dr. Rabiu Olowo has led a remarkable transformation characterized by innovations, global collaborations, regulatory modernization, and institutional strengthening among many others.
Olowo’s tenure has repositioned the FRC as a leading driver of corporate accountability, sustainability, and financial transparency in Nigeria, with remarkable achievements and recognition globally .
The establishment the Nigerian Actuarial Development Programme (NADP) and the Technical Working Group TWG to foster actuarial growth in Nigeria, was novel and unique in the course of ongoing reforms to consolidate its operations, in line with the best practices, Renewed Hope Agenda of President Bola Ahmed Tinubu .
Actuarial Standards of Practice and development are foundational guidelines issued by the Actuarial Standards Board, ASB which dictates the procedures, assumptions, and methods actuaries must use when providing professional services, ensuring consistency, quality, and ethical integrity across the financial, insurance, and pension industries.
The applicability of the new approach was not only geared towards consolidating the standard, but making it a format to achieving the desired results.
This led to the adoption of International Standards of Actuarial Practice (ISAPs 1–8) of the International Actuarial Association and initiated localization as Nigeria Standards of Actuarial Practice (NSAPs).
With this feat, the council Issued Nigeria’s first-ever and maiden comprehensive Actuarial Regulatory Framework (Actuarial Practice Regulation – NAPR 2025) as an Exposure Draft.
It also processed and launched a nationwide actuarial education initiative, engaging 5,000 university undergraduates and 800 secondary students across the country.
The moves was also geared towards inculcating the system from the foundational level to the University level , so as to making it a formal template and approach to achieving results.
To further domesticate and streamline it’s activities, the council under the present dispensation sponsored six university students to undertake Society of Actuaries (SOA) professional examinations and an additional candidate for an MSc in Actuarial Science, fostering the development of future actuarial professionals.
Creating professionals through in-depth recruitment from the secondary schools to undergraduates and post graduate level in actuaries, will guarantee synergy and continuity in the new order .
The ongoing standardization , regularization and introduction of new programs under DOSE will no doubt take the council to the high pedestal of expected results and performance.
Written BY ABUBAKAR YUSUF on yus.abubakar3@gmail.com.
