FRC Encourages Students to Pursue Actuarial Science for Professional Excellence

A delegation from the Financial Reporting Council of Nigeria (FRC) visited CMS Grammar School in Bariga, Lagos State, urging students to choose Actuarial Science for university study and professional exams.

The group was led by Mr. Harris Oshojah, Assistant Director and Head of the Directorate of Actuarial Standards at the FRC. Their visit was part of the Nigerian Actuarial Development Programme (NADP) outreach, themed “Catch‑Them Young Initiative (Building Capacity for Actuarial Excellence in Nigeria).”

Oshojah explained that the purpose was to highlight the many benefits of studying Actuarial Science and to encourage students to pursue the discipline academically and professionally. He added, “What we are saying in essence is that there is value addition in studying Actuarial Science irrespective of your chosen field of endeavour.”

He continued, “As a regulatory agency, we are identifying the need for Actuarial Science that is lacking in Nigeria. That is why we are telling you to try as much as possible to identify with Actuarial Science. We are ensuring that the right skills that are required are available in Nigeria. So, we’re telling you to identify with this course and you will never regret it.”

In his keynote address, Prof. Ismaila Adeleke, Head of the Insurance and Actuarial Department at the University of Lagos, said, “We are here to promote a course that is highly rewarding but is rarely chosen by students in Nigeria.” He noted that Actuarial Science is among the most rewarding fields worldwide, especially for those wishing to work in finance.

Adeleke described actuaries as essential to protecting financial systems, adding that the FRC aims to produce many experts so the economy can be safeguarded. He observed that the global demand for actuaries is so high that many Nigerian professionals are attracted to work in the United States, Canada, and Europe. “But we know that if we produce as many as possible, we will have more than enough that will stay in the country to protect our funds and economy,” he said.

He explained that Actuarial Science applies mathematics, statistics, finance, and economics to solve business risk problems. “They are very important in assessing risk of any activity that we want to carry on. You find them calculating premiums in the insurance industry, in the pension industry deciding how we set aside funds for a new employee so that when he is retiring in 30 years we will be able to pay off his gratuity. It is the actuaries that do the calculation. In the banking industry they protect your funds from being eroded by foreign‑exchange fluctuations. So actuaries are very, very important in the economy.”

Adeleke added that students need credits in English Language, Mathematics, Economics, and two other subjects to study Actuarial Science at university.

Mr. Olasunkunmi Ayinde, Head of Auditing Practices Standards at the FRC, noted that there are only 28 actuaries in Nigeria. He said top employers have advertised positions without finding suitable candidates. He advised students that if they are not strong in mathematics, they should not pursue Actuarial Science. “If you are very good in mathematics, you are good in computer science, you are good, the course is for you,” he said.

Revd. Jacob Ayokunle Ogunyinka, Principal of CMS Grammar School, welcomed the FRC team and encouraged students to embrace Actuarial Science to stand out in the workplace. He said, “The world we are in now will make a person who has something others do not have to excel. A skill that will distinguish you from your colleagues will speak for you.”