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  • ICAN urges FG to fix refineries, forex

    ICAN urges FG to fix refineries, forex

    Institute of Chartered Accountants of Nigeria (ICAN) on Tuesday, October 8, urged the federal government to fix its national refineries instead of relying on product importation.

    It also called on the government to address the challenges of the exchange rate, noting that patronage of made-in-Nigeria goods and backward integration can revive the value of Naira.

    The president, Chief Davidson Chizuoke Alaribe, made this call at the ICAN 54th Annual Accountants’ Conference in Abuja.

    He said: “I urge you to take decisive action in addressing critical economic challenges. The government must focus on fixing the nation’s refineries and, at the same time, encourage private sector investment in that sector.

    “This will ensure an adequate supply of fuel at affordable prices, reducing our dependence on imports and creating stability in the energy market.”

    In terms of the exchange rate, he said: “Moreso, there is a pressing need to revisit the current exchange rate determination process.

    “A thorough review will help establish a true value for our Naira, which is essential for strengthening our currency, boosting investor confidence, and enhancing the overall economic stability of our nation.”

    The theme of the Conference – “Governance Reimagined: Mapping the Future and the Plenaries, is aimed at exploring issues such as Economic Reforms, Social Contract and Nation Building, Human Capital Development, Agribusiness and Value Chain, and Export Business among other sub-themes that are all geared towards creating opportunities and charting a part for building a boisterous and formidable economy. 9,447 delegates attended the conference which attracted N350 million donations.”

    The president earlier said a report by World Bank, states that countries with strong governance frameworks have GDP growth rates that are 2.7 times higher than those with weak governance.

    He added that Transparency International reports that countries with higher governance standards have lower levels of corruption and higher levels of public trust. 

    The 2023 Global Risks Report by the World Economic Forum, according to him, highlights that over 68% of global risk experts believe that governance failures are a top concern for the next decade.

    Alaribe said in Nigeria, governance remains both a challenge and an opportunity.

    He said the Nigeria Governance Index reveals that although progress has been made, substantial work is still needed to enhance the economic growth of Nigeria.

    The ICAN boss gave an instance that at the end of Q2, 2024, Nigeria’s Unemployment Rate was 4.0%, which was based on the number of people actively looking for jobs as a percentage of the labour force, emphasising the need for more job creation through good governance.

    Read Also: Nigeria ranks sixth in African countries with best oil, gas resource management

    Meanwhile, the Accountant General of the Federation (AGF), Mrs. Dr. Oluwatoyin Sakirat Madein,   urged accountants to embrace digital innovation.

    She insisted there must be a safeguard against cyber theft.

    The AGF called on the accountants to prioritize the ethics of the profession.

    Speaking, the Chairman Senate Committee on Appropriations, Senator Solomon Olamilekan confirmed that there was no fund budgeted for the subsidy of the Premium Motor Spirit (PMS) petrol in the 2024 Appropriations Act.

    The lawmakers who said the present reforms of the government might be painful were hopeful there would be respite in the long run.

    He revealed that other rival institutes in the accounting profession were protesting the amendments to the institute’s act which has passed first and second readings and public hearings in the Senate.

  • Acquire specialised skills to stay relevant, ICAN tells inductees

    Acquire specialised skills to stay relevant, ICAN tells inductees

    Institute of Chartered Accountants of Nigeria (ICAN) has advised inductees to acquire specialised skills to stay relevant.

    President, Innocent Okwuosa, spoke at the Joint Faculties Induction in Lagos.

    Emphasising the -shifting landscape of accounting, he noted importance of such skills to meet industry needs.

    Okwuosa praised ICAN faculties for equipping members with advanced knowledge and expertise, allowing them to excel in specific areas.

    He noted the inductees would practice as professionals in their chosen fields.

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    “ICAN faculties were created to deepen members’ understanding of specialised fields of the profession in line with market demands and develop a specialised skill that caters to requirements of diverse industry sectors.

    “Since inception, the faculties have built core competencies of members in seven areas as well as making input to growth of accounting and the economy,” he said.

    Okwuosa stressed importance of upholding integrity and ethics in accounting.

    He urged inductees to embrace continuous learning, innovative solutions, and open communication with clients.

    “… Never stop seeking ways to refine your service delivery. I urge you to embrace continuous learning, explore innovative solutions, and prioritise open communication with clients. Let your work ethics be a testament to the integrity and professionalism that underpins the institute you associate with. Remember always that excellence is a journey, not a destination…’’

  • ICAN-UK honours Halden McCall GMD as distinguished Speaker

    ICAN-UK honours Halden McCall GMD as distinguished Speaker

    Institute of Chartered Accountants of Nigeria, United Kingdom (ICAN-UK) District and Society has awarded the Group Managing Director of Halden McCall, Dr. Edward Akinlade as Distinguished Speaker at its 11th International Conference in United Kingdom.

    The International Conference with the theme: Crossborder Integration for Economic Resilience held recently in London, United Kingdom.

    Speaking on his company’s project in Port Novo as a sub-theme in his chosen topic: Implications for Housing and Infrastructure in ECOWAS, Akinlade highlighted the challenges of language and legal barriers. 

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    The GMD said there was building control issues, adding that the benin government controls the rent unlike in Lagos where landlords charge as they like.

    “The Challenges faced on our Port Novo projects – We needed to speak French. However, Yoruba is a common language so half of language Barrier was resolved

    “There was legal barrier to entry. None was put in our path as a Nigerian company developing in benin republic, maybe but not shown openly . 

    “There was building control issues. Consequently, we employed a local designer and sub builder and they handled all issues including planning permit . 

    “Banks and FX dealers were functioning over there but we had delays in one of our initial transfers when the bank transferred our money to the wrong account.

    “It is important to note that Benin government controls rent. In the law of the republic of Benin, maximum rent are stated unlike in Lagos where we can charge as we like,” he said.

  • ICAN urges Lead City varsity to sustain quality in accounting education

    ICAN urges Lead City varsity to sustain quality in accounting education

    The Institute of Chartered Accountants of Nigeria (ICAN), Ibadan District Society, has urged the management of Lead City University, Ibadan, to sustain excellence in accounting education.

    Its Chairman, Dr. Temitope Babajide, in company of other executives and patrons of the association, made this known when they visited the management of Lead City University in Ibadan.

    Babajide, who noted the immense contributions of the privately owned university, said it had continued to build and impact accounting profession through its top-notch accounting training.

    According to her, the body has embarked on “catch them young” drive to promote the profession, which has remained relevant in all fields.

    “In this first quarter, we want to have a ‘catch them young’ programme that we would invite undergraduate university students from universities that are in Ibadan.

    “We want them to know what it entails to be a chartered accountant. There are students who don’t know that they can do their ICAN while in school.

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    “As there were so many our students that became chartered accountants before graduating from universities and that gave them some edge,” Babajide said.

    Also, a former President of ICAN, Deacon Titus Soetan, lauded the founder and management of Leadcity University on the continued development since its inception in 2005.

    Soetan urged the institution to continue to contribute its quota to the development of education in the country.

    “The institution could be a role model for government owned public institutions,” he said.

    A member of patrons of the body, Deacon Solomon Adeleke, also alluded to the level of development of the institution.

    Adeleke lauded it for its contributions to accounting education in Nigeria at various levels; undergraduate and postgraduate.

    In his remarks, the Vice-Chancellor of the university, Prof. Kabiru Adeyemo, appreciated the body for visiting the institution, adding that they shared a symbiotic relationship.

    Adeyemo pledged to continue to maintain the standards of accounting education and project the profession in every way possible.

  • Why accountants must be committed to standards – ICAN boss

    Why accountants must be committed to standards – ICAN boss

    Professional accountants need to adhere to the highest ethical standards in order to continue to adapt to the digital age that has been responsible for business and economic growth across the globe, President of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Okwuosa has said.

    Speaking at a press conference to mark the 2023 International Accountancy Day, Okwuosa noted that major economies across the world are facing some of the most trying times in history which is why chartered accountants must become beacons of stability, guiding their organisations through difficult times and providing sound financial advice and expertise.

    According to him, the past couple of years have been challenging for businesses, governments, and individuals worldwide due to certain factors including geopolitical tensions, the economic slowdown, increasing debt burden, rising unemployment and high inflation among others.

    “Our resilience, commitment, and adaptability have been crucial in navigating the changing business landscape. In the constantly evolving landscape of finance and commerce, high-quality audits stand as one of the critical pillars supporting the edifice of economic confidence,” he said.

    Expatiating, he said, “Recognising this, ICAN has consistently championed the pursuit of excellence in auditing practices. Our commitment to professional development, oversight, and advocacy has never been stronger.”

    He pointed out that a cornerstone to achieving this feat is its collaborative relationship with regulatory bodies, stressing that the Institute’s collaborative efforts with regulators are multifaceted and dynamic, reflecting its shared commitment to uphold the highest standards of audit quality.

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    “We understand that an effective audit system is not just about adherence to standards; it’s about a culture of diligence, accuracy, and unwavering ethics. Through these cooperative efforts, ICAN facilitates a regulatory environment where high-quality audits are not just an aspiration but a reality,” the ICAN boss stated.

    “The Index ranks the three tiers of government on pillars, indicators, and dimensions. The Index has been endorsed by respectable institutions such as the World Bank, and the International Federation of Accountants (IFAC). We have, by assessing and highlighting areas of success and concern, brought about positive change, improved accountability, and established more robust groundwork for our country’s well-being,” he added.

    He noted that the landscape of the accountancy profession is often marked by legislative frameworks that both scaffold and shape the practice.

    “In this context, the Amendment of the ICAN Act presents a unique set of challenges and opportunities for our profession. The initial ICAN Act of 1965 was a pioneering piece of legislation, one that established the accounting profession on a firm statutory footing in Nigeria and paved the way for the standards of excellence we uphold today,” he averred.

    “Today, we join the International Federation of Accountants (IFAC), the Pan African Federation of Accountants (PAFA), the Association of Accountancy Bodies in West Africa (ABWA), and other professional accountancy organisations (PAOs) globally to commemorate this auspicious occasion. This shows the global nature of today’s event and the premium placed on our noble profession,” he noted.

    “We acknowledge the transformative impact our profession has on economies, businesses, and individuals alike. International Accountancy Day thus becomes a focal point for us to advocate for the profession’s advancement, to highlight the integral role of accountants in driving ethical financial practices, and to renew our commitment to the highest standards of our noble craft,” he said.

  • ICAN accredits Trinity University’s Accounting degree programme

    ICAN accredits Trinity University’s Accounting degree programme

    The Institute of Chartered Accountants of Nigeria (ICAN) has accredited the accounting degree programme at Trinity University, Lagos.

    The accreditation takes effect from the 2022/23 session and runs for four academic sessions, ICAN said in a letter to the authorities of the university.

    The acting Vice Chancellor of the University, Professor Clement Kolawole  described news of the latest accreditation as thrilling.

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    “It is a testament to the quality of our programmes, and to the hard work and dedication of our faculty and staff, in providing high-quality education to our students,” Head, Corporate Affairs of the institution, Michael Bamigbola,  quoted him as saying.

  • ICAN, NSE pledge support for Power minister

    ICAN, NSE pledge support for Power minister

    • Accounting body willing to sign MoU with ministry on sector’s reforms

    The Institute of Chartered Accountants of Nigeria (ICAN) and the Nigeria Society of Engineers (NSE) have pledged support for Power Minister Adebayo Adelabu in Federal Government’s efforts to provide affordable, clean, and uninterrupted power supply across the country.

    The two professional bodies made the pledges during separate visits to the minister.

    ICAN President Innocent Okwuosa, who told the minister about the upcoming 53rd conference of the accounting body, said myriad of challenges had been facing the power sector over the years.

    He said these had hindered the government’s efforts to provide reliable and affordable electricity to the citizens and businesses.

    Okwuosa said the problems are surmountable, given the antecedent and track record of the power minister.

    NSE President Gidari-Wudil promised that the society would put all expertise and operational arsenal at its disposal to help the power ministry achieve its mandate.

    Read Also: We need African solutions to global problems, says U.S. envoy

    Gidari-Wudil, who spoke when he led a delegation of the NSE to the ministry, said the core mandate of the NSE is to make meaningful contributions to the development and advancement of technology through collaborations and linkages.

    He said the council of NSE had approved the formation of five international diaspora branches of the society in Houston (U.S.A), London, Manchester, Glasgow (UK), and Saudi Arabia in the quest to expand the views and vision of the society across international boundaries.

    “The incoming President of the World Society of Engineer is a top member of the Nigerian Society of Engineers,” he added.

  • ICAN Abuja inaugurates executive committee

    Pic.2. Newly-elected chairman of Abuja and District Society, Institute of Chartered Accountants of Nigeria (ICAN), Mrs Bosede Ikhanoba (L) inaugurating the new executive committee, during the investiture of the 10th chairman and inauguration of the new executive committee in Abuja on Tuesday (9/7/19).
    Photo Credit: Jimah Suleman/BJO/NAN

    ICAN on Wednesday inaugurated new executive committee, during the investiture of the 10th chairman, in Abuja.

  • ICAN rates FUNAAB high in Accounting

    The Institute of Chartered Accountants of Nigeria (ICAN) has passed a vote of confidence on the Accounting programme run by the Federal University of Agriculture, Abeokuta (FUNAAB) describing it as “very strong” and the students “not found wanting at all”.

    ICAN’s accreditation team gave the pass mark when it visited the university for the re-accreditation of her B.Sc. Accounting programme.

    Leader of the team, Prof Ishola Akintoye, said: “I want to put it on record that your university for the past few years is already on the record of ICAN.  Your students are not found wanting at all and this shows your programme is very strong.”

    Akintoye said accreditation exercise is important because it ascertains that the curriculum of the Accounting Department has not fallen below the standard.

    The team leader added that while students of accredited institutions are granted some levels of exemption in the number of professional examination to be written, those from non-accredited institutions have to write the entire examination.

    Professor Akintoye also said that the institute’s professional accreditation does not negate the accreditation done by the National Universities Commission (NUC) but rather strengthens it, adding that ICAN does not associate with institutions that do not have accreditation from NUC.

    Speaking on areas in which ICAN can be of assistance to the university, Akintoye said the institute had a research grant of N50million the institution could access.

    “We have a grant, about N50 million grant, we call it research grant for staff who want to pursue PhD. Currently we give each researcher the sum of N500,000 to assist them. As for the students, if they have Student Week, we also have a little bit of grant that they can access”.

    He said there were also grants that could be accessed to set up laboratories as well as a scholarship which can be accessed by students with Cumulative Grade Point Average (CGPA) of 3.5 and above, adding that the scholarship is not restricted to Accounting students alone.

    The team also expressed solidarity with the university for the retention of its Management Sciences programmes, expressing its willingness to be of assistance in any way possible.

    Speaking on the subject of having a College of Management Science in a specialised university, the Vice-Chancellor, Prof Kolawole Salako said:”The issue of specialised universities is that every course you are teaching should be tailored to the main area of focus, but people don’t understand that if you are teaching engineering, it should also be tailored to how to boost agriculture. Engineering should be different from the basic engineering, as there are many things to do in agriculture, like dams, electrification of rural areas, that require engineering fundamentals, this has kept us hammering on the need for related courses”.

    He also emphasised the importance of Management Science to agriculture, disclosing that he is still working and keeping faith alive that the College of Management Sciences will be restored in the university with the support of the other stakeholders.

  • ICAN lauds Dangote on economic growth, job creation

    The Institute of Chartered Accountants of Nigeria (ICAN) has lauded the pioneering roles of  pan-African conglomerate, Dangote Group in shaping the economy for the benefit of Nigerians and other African countries.

    It praised the management of the company for the giant strides it has been undertaking in manufacturing business to make the country self-sufficient in a number of commodities that would have otherwise made the nation spend huge foreign exchange in importing.

    Its President, Razak Jayeola made these remarks when he led the executive members of the body to the Lagos head office of the Group on a courtesy visit.

    He said the company has become a pride of Africa in its trail blazing efforts in manufacturing businesses such as cement and sugar which had hitherto caused the country huge foreign exchange (forex) to import for which the nation is now self-sufficient and even now exporting.

    Jayeola also alluded to 650,000 bpd refinery currently under construction which will also save Nigeria forex which is presently being spent on importation of petroleum products.

    The Institute particularly praised the ingenuity of the management led by Group Managing Director of Dangote Industries Limited (DIL), Mr Olakunle Alake.

    Jayeola said: “It shows from all indication that he has skills laced with strategy with which he has been steering the company to profitability.

    “Dangote Group is a pride of Africa, its contribution to job creation is unquantifiable Nigeria has achieved self-sufficiency in cement and sugar through the efforts of the company, Nigerians can’t thank you enough.”

    He also explained some of the challenges being faced by the Institute and efforts being made by his leadership to turn things around.

    He disclosed that the institute has commenced stakeholders fora to address its challenges.