FRC boss calls for passage of actuarial practice bill
Dr Rabiu Olowo, Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria, has urged the House of Representatives Commerce Committee to support passage of the Nigerian Actuarial Chartered Bill.According to The Punch, Olowo recently sought legislators' support during an oversight function visit to the FRC's Lagos office.
He emphasized that the bill's passage is critical for establishing professional actuarial practice in Nigeria that meets global standards.
In addition, Olowo requested legislative support for advocacy efforts to implement Nigeria's public sector and non-profit governance codes.
"Their visitation today is based on the fact that they want to know how we're doing, what our challenges are, and where we need help. I believe that their support is something we can count on for future success.
"I'm pleased that we have a thoughtful committee. As an important regulator in the regulatory space, we always require support from stakeholders, including them," he told reporters after the meeting.
During the visit, Munir Ahmed, Chairman of the House Committee on Commerce, stated that the 10th National Assembly is committed to creating a conducive environment for businesses to thrive.
He stated, "Our dear country, Nigeria, as a nation, is blessed with abundant human and natural resources." When the right economic growth policy is in place and the political willpower to implement it exists, Nigeria has the potential to become one of the world's economic powerhouses.
"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."
Ahmed said: "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 warned.
He assured the FRC of the committee's full support and commitment to fast-track legislation that would alleviate the agency's challenges.
The Deputy Chairman of the House Committee on Commerce, James Barka, 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 is dependent on the council. The FRC must ensure that government agencies are doing the right things."
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