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The Executive Secretary and Chief Executive Officer of the Financial Reporting Council (FRC), Dr. Rabiu Olowo, has called on the House of Representatives Committee on Commerce to support the passage of the bill on professional actuarial practice in Nigeria.
Dr. Olowo made this appeal during a recent oversight visit by the committee to the FRC office in Lagos. He emphasized that the passage of the Nigerian Actuarial Chartered Bill would establish professional actuarial practice in Nigeria, aligning it with global standards.
Additionally, Dr. Olowo sought the legislators’ assistance in advocating for the adoption of governance codes for the Nigerian public sector and not-for-profit organizations.
“Their visit today focused on understanding our operations, identifying challenges, and exploring areas where we need support,” Dr. Olowo stated during a press briefing after the meeting. “I am optimistic about their support, which is crucial for our future success. As a key regulator, we rely on the backing of stakeholders, including the legislative committee.”
During the visit, the Chairman of the House Committee on Commerce, Munir Ahmed, reaffirmed the 10th National Assembly’s commitment to creating a conducive environment for business growth in Nigeria.
“Our nation is blessed with abundant human and natural resources. With the right policies and the political will to implement them, Nigeria can become a global economic powerhouse,” Ahmed said. He stressed that the current assembly is determined to ensure that business owners and investors are provided with a favorable economic environment, offering incentives and protecting capital investments.
Ahmed called on all stakeholders to work together for the common good of the nation, stating, “We will ensure that Nigerian entrepreneurs receive the necessary support to contribute to a revitalized economy, create sustainable employment for our youth, and restore Nigeria’s position as a leading economic force in Africa.”
He assured the FRC of the committee’s full support and commitment to fast-track legislation that would address the challenges facing the agency.
Echoing this sentiment, the Deputy Chairman of the House Committee on Commerce, James Barka, emphasized the importance of the FRC’s role in ensuring that government agencies adhere to proper governance practices. “We are committed to supporting the FRC in its efforts to function effectively, as it is essential to the core machinery of government,” Barka added.
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