The Executive Secretary/Chief Executive Officer of Financial Reporting Council of Nigeria, Dr Rabiu Olowo, has called on the House of Representatives Committee on Commerce to support the passage of the Nigerian Actuarial Chartered Bill.
Olowo sought the backing of the legislators recently during an oversight function visit to the FRC office in Lagos, according to The Punch.
He emphasized that the bill’s passage is crucial for establishing professional actuarial practice in Nigeria, aligning with global standards.
Additionally, Olowo requested legislative support for advocacy efforts aimed at implementing the Nigerian public sector and not-for-profit governance codes.
“Their visitation today is hinged on the fact they want to know how we are doing, areas of challenges and we had a deep dive into our activities and areas where we need support. I believe that their support is something that we can look forward to for future success.
“I am happy that we have a mindful committee. As an important regulator within the regulatory space, we always need support from stakeholders, including them,” he told journalists at the end of the meeting.
During the visit, the Chairman of the House Committee on Commerce, Munir Ahmed, revealed that the 10th National Assembly was committed to the creation of a favourable environment for businesses to thrive.
He said, “Our dear country, Nigeria, as a nation, is blessed with abundant human and natural resources. When the right policy for economic growth is in place and the political willpower to implement the policy is available, Nigeria can become one of the global economic power hubs.
“The 10th National Assembly is determined to ensure that business owners and investors in the Nigerian economic space are sufficiently provided with the most conducive economic environment to succeed profitably with marginal returns on their investment and their capital well protected with various business incentives currently under implementation by this administration.”
According to Ahmed, “It is time for us to roll up our sleeves and work for the common good of our people, as history calls upon us to do so.”
“We will ensure that entrepreneurs in Nigeria can receive all the necessary support needed in their commitment to make significant contributions in creating a new Nigeria of an improved and revitalised economy, sustainable employment for our teeming youth, and making our country regain her frontline position as the bedrock of economic growth and development in Africa,” Ahmed added.
He assured the FRC of the committee’s total support and commitment to fast-track legislation that would provide relief to the challenges facing the agency.
The Deputy Chairman of the House Committee on Commerce, James Barka, also reiterated the same assurance to the council, saying, “We are trying to see how we can ensure that the FRC will function effectively because the core machinery of the government depends on the council. The FRC has to ensure that government agencies are doing the right things.”
