FRC Woos Nigerian Undergraduates to Embrace Certification as Actuaries

Dike Onwuamaeze

The Financial Reporting Council of Nigeria (FRC) has urged Nigerian undergraduates to desire and aspire to become certified actuaries (Actuarial Science professionals), which offers more opportunities than any other in the financial service sector.

The FRC explained that it was driving the crusade to enlist as many Nigerians as possible into the Actuarial Science profession because Nigeria was currently facing an acute shortage of certified actuarial scientists.

It said even though the future of the financial service depends on certified professional actuarial scientists, Nigeria presently has barely 28 actuaries (certified actuarial professionals.)

A certified actuarial professional is called an actuary.

Speaking yesterday at the departmental day of the Department of Insurance and Actuarial Science, Lagos State University of Science and Technology (LASUSTECH), Ikorodu, the Head, Directorate of Audit Practice Standards, FRC, Mr. Mufutau Olasunkunmi, said, “the most endangered profession in Nigeria is the actuarial profession because out of about 240 million Nigerians, we have only 28 actuaries.”

Olasunkunmi said the shortage was so acute that strategic regulators in the financial sector could not receive an application after advertising for vacancies for actuarial professionals.

He disclosed that Nigeria goes as far as Kenya, South Africa, England, and beyond to scout for actuaries.

“And I tell you what they earn in a week can justify somebody’s salary for the next 20 years,” he said.

He, therefore, urged the students to accept the challenge to become actuaries.

“And let me tell you. If you write your exam for an actuary, if you pass today, the entire world will know you have passed.

“And they will be poaching for you wherever you are. Are you listening to me? 

“So, the earlier you start, the better for you.  You can start today.

“And you can be one. There is a student who’s about to become an actuary from Federal University of Dutse, Niger State. You are the future we are looking up to,” he said.

He said that actuaries use complex mathematics, knowledge of probability theory, economics, and statistics, to determine the likelihood of risks in investment banking, the insurance world, and so many other enterprises.

Olasunkunmi stated that the FRC would repay any one that passed any stage of the examinations required to become an actuary the cost of writing that professional examination in Nigeria.

He said: “Write the examination. If you pass today, FRC will give you your money. As of this year, we are paying for about 17 students.

“Once you pass today, bring your results, and we will pay you the money.”

He also disclosed that the FRC is putting up structures that would enable Nigerians to prepare for the professional examination, including accessing “professionals from India or any other countries, who will come and lecture you online.

“My prayer is that you can see that the future of the financial profession is in actuary.

“I am begging you. Do not t treat this course with levity. Destiny has pushed you here to prosperity.

“So it is now left for you to manage it and move ahead

“All the things you need, both your online classes, we are working on it seriously,  and we are even introducing scholarships.

“Scholarships for the best students,  scholarships for best graduates, and we are even trying to train the trainers. Your lecturer will be trained.”

In her welcome address, the Head of Department of Insurance and Actuarial Science, LASUSTECH, Associate Professor Kudirat Adeola Banjo, said the theme of the event, which was, “Risk Quantification and Insurance Mechanism: Bridging Theory and Practice,” was both timely and profound.

Banjo said in a rapidly evolving world characterised by uncertainty, complexity, and emerging risks, the ability to not only understand risk but to quantify and manage it effectively has never been more critical.

She said: “As academics we emphasise theory. As professionals, we rely on practice. But true excellence lies in the bridge between both.

“This event serves as the bridge. A meeting point where knowledge meets application, where ideas transforms to solution, and where students begin to see themselves not just as learners, but as future industry leaders.

“Let me also emphasise that beyond technical knowledge, success in the field demands integrity, critical thinking, adaptability, and continuous learning.

“I urge every student here to seize this opportunity, not just to learn, but to grow.”