FRC offers scholarships to promote actuarial science career
The Financial Reporting Council of Nigeria has launched an initiative to address the country's actuarial professional shortage by providing scholarships to exceptional students.This was announced during a career advocacy session for newly admitted postgraduate students from the University of Lagos' Department of Actuarial Science and Insurance.
Speaking at the event, Mr. Olasunkanmi Ayinde, Head of the Directorate of Actuarial Standards at the FRC, stated that the organisation is committed to reversing the actuarial professional shortage in Nigeria and promoting the study and teaching of actuarial science under the leadership of Dr. Rabiu Olowo, Executive Secretary/Chief Executive Officer.
He stated, "There are less than 30 actuarial professionals in Nigeria, which is unacceptable. South Africa has nearly 2,000. In Nigeria, we have approximately 60,000 chartered accountants, 40,000 bankers, and 9,000 registered insurance professionals. However, there are fewer than 30 actuarial professionals in Nigeria. Some of them are actually foreigners. In fact, Nigeria has 28 of them, with five associates and 23 fellows. We clearly have problems on our hands."
Ayinde emphasised the importance of actuaries in the financial sector, which includes setting insurance premiums and assessing financial risks.
He emphasised that every insurance company in Nigeria, as well as regulatory bodies such as the Central Bank of Nigeria, the National Insurance Commission, the National Pension Commission, and the National Health Insurance Authority, should have at least one or two actuarial scientists.
To address this shortage, the FRC, in collaboration with the Nigerian Actuarial Society, PenCom, and other stakeholders, is working to remove barriers and promote the profession.
"We're launching a sponsorship programme. This year, the top ten graduating students will be sponsored for professional exams. "The ball is now in your court," Ayinde informed the students.
He also mentioned that the FRC's campaign to promote actuarial science had already expanded into secondary schools.
"As part of our advocacy outreach, we are visiting secondary schools as well. We went to a Baptist High School in Jos and then ECWA Staff High School in Jos, and they are interested in applying for the course at the university," he said.
Regarding the programme, he stated, "The program that we have come to matriculate today is an M.Sc. programme of the University of Lagos that has accreditation from the Institute and Faculty of Actuaries of the United Kingdom. This will motivate students to work hard and be among the top ten. Furthermore, if you pass your professional exam, we will refund your money."
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