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Tag: ICAN

  • ICAN to govt: Embrace technology, transparency for effective governance

    The Chartered Institute of Accountants of Nigeria (ICAN) has called on government, corporate organisations and stakeholders to leverage on the importance of accountability and transparency as well as the deployment of technology for effective leadership and good governance in the country.

    The call was made at the 13th Western Zonal Conference, tagged “Ikorodu 2019” organised by the Ikorodu District and Society of ICAN, Lagos.

    In his keynote address, the ICAN President, Alhaji Razak Adeleke Jaiyeola, said the professional body is determined to improve public sector financial management at the three tiers of government.

    Earlier in his welcome address, the Zonal Chairman, ICAN, Ikorodu, Toluwase Ojo, noted that this year’s theme was carefully chosen after serious brainstorming-sessions by the organisers and due consideration of the present need in our nation.

  • Ministry, ICAN partner on SMEs growth

    The Ministry of Industry, Trade and Investment and the Institute of Chartered Accountants of Nigeria (ICAN), have partnered to support the growth of Small and Medium Enterprises (SMEs).

    ICAN President, Razak, Jaiyeola said the body is interested in capacity building,  support for SMEs and accountability for the various deliverables. The collaboration is expected to promote initiatives to grow the SMEs.

    He said: “Specifically, we would like to engage with the Bank of Industry (BoI) to support and assist accountants in small and medium practices. We believe that if these small business practitioners are encouraged to expand their businesses, the quality of financial reporting will improve, more employment opportunities would be created, more people will be economically empowered and there will be a great diminution in the army of idle hands and societal deviants.”

    On financial reporting, he recalled that when FRCN shared the Draft 2018 Code, the Institute reviewed and submitted recommendations and observations for consideration and inclusion.

     

  • Varsity partners ICAN for quality accounting teaching

    Joseph Ayo Babalola University (JABU) in Ikeji Arakeji, Osun State, has signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants of Nigeria (ICAN) under Mutual Cooperation Agreement with Tertiary Institutions (MCATI) to promote professionalism of accounting teaching and practice.

    Speaking at a ceremony where the MoU was signed, ICAN president, Mallam Ismai’la Mohammadu Zakari, noted that the MoU was between ICAN and three universities – JABU Osun State University (UNIOSUN), and Pan Atlantic University in Lagos.

    Zakari said the apex accountants’ professional body was satisfied with the “thorough academic standard” of the Accounting Department of the JABU, which was why the ICAN approved the collaboration.

    He said: “The focus of the MoU is to integrate ICAN syllabus into JABU’s curriculum for the ICAN qualifying professional examination.”

    He observed that students could now study accountancy using the integrated ICAN/National Universities Commission (NUC) approved accounting curriculum, while graduates from Accounting Department would be granted 11 subjects exemptions as against seven subjects exemption under the normal ICAN accreditation scheme.

    Present at the signing of the MoU were the JABU Acting Vice-Chancellor, Prof T.O. Olowokure, Deputy Registrar, Mr J.O. Babalola, Head of Accounting Department, Mr Akindele Akosile, and Dean, College of Law, Dr Ola Jejelola.

  • JABU partners ICAN on MCATI for Students

    Joseph Ayo Babalola University (JABU) has signed a Memorandum of Understanding with the Institute of Chartered Accountants of Nigeria under Mutual Cooperation Agreement with Tertiary Institutions (MCATI) to ensure the professionalism of accounting practice in Nigeria.

    Speaking at the official signing ceremony of the MoU, ICAN President, Mallam Isma’lla Mohammadu Zakari said “the MoU is essentially between ICAN and three universities – Joseph Ayo Babalola University, Ikeji Arakeji, Osun State University, Oshogbo and Pan Atlantic University, Lagos.

    Zakari stated that the Institute was satisfied with the thorough academic standard of the Accounting Department of the JABU; Hence, the approval for collaboration by the Council.

    According to Zakari, “the focus of the MoU is to integrate ICAN syllabus into JABU’s curriculum for the ICAN qualifying professional examination”.

    He however stated that, students can now study accountancy using the integrated ICAN/NUC Approved Accounting Curriculum while graduates from Accounting Department would be granted 11 subjects exemptions as against 7 subjects exemption under the normal ICAN accreditation scheme.

    Present at the signing of the Memorandum of Understanding with the Institute were the: Ag. Vice Chancellor, Professor T.O. Olowokure; Deputy Registrar, Mr. J.O. Babalola; Head of Department, Accounting Department, Mr. Akindele Akosile; and Dean, College of Law, Dr. Ola Jejelola.

  • Buhari seeks ICAN assistance to tackle environmental challenges

    *Urges Nigerians to contribute to nation building

     

    President Muhammadu Buhari on Friday tasked the Institute of Chartered Accountants of Nigeria (ICAN) to assist in tackling environmental challenges in the country among other problems.

    He said that all Nigerians have a role to play in securing the future of the country.

    The President spoke in Abuja while receiving the President and Executive Committee of the ICAN.

    The President said: “In the present circumstances, all hands must be on deck to ensure Nigerians work towards an inclusive, diversified and sustainable future.”

    President Buhari noted that climate change and environmental challenges are major threat to the peace and prosperity of our nation and its citizens.

    “In the Niger-Delta region, man-made environmental problems have adversely impacted the livelihoods of the inhabitants. Farmers and fishermen in particular have seen their means of livelihood destroyed. Our assessments have shown it will take decades to reverse this damage. But we have made a start. With or without international cooperation, we are starting to clean up our degraded areas, beginning with Ogoni.

    In the North Central region, we are also seeing a significant increase in farmer herdsmen clashes. This trend, which is recurring in many West and Central African nations, is as a result of desertification.We are also seeing unpredictable rain patterns resulting in significant floods across our coastal communities. These floods have destroyed hundreds of homes and farmlands,”he said.

    He therefore, urged the Chartered accountants to use their positions to champion the course of sustaining the environment.

    “As Chartered Accountants, your knowledge of environmental and sustainability business practices is critical. You have a responsibility to ensure your clients, in both the public and private sector, prioritise environmental sustainability in their operations,” he advised.

    The President used the opportunity to inform his guests that his administration intention to sustain the fight against corruption in order to yield more dividends of democracy.

    “In the past 3 years, this administration has worked hard to enhance the transparency and efficiency of public sector financing through the Treasury Single Account. We have also introduced policies that are improving the business environment. We have implemented projects that enable young entrepreneurs. We will also continue to review obsolete laws that are hindering growth in many sectors,” he said.

    He also assured ICAN of continued partnership with the Institute for the development of this nation.

    ICAN President, Rasaq Jaiyeola said: “Government has made giant strides in this direction. Fighting corruption is really at the front burner of President Muhammadu Buhari’s administration and it is acknowledged all over the world. We believe the government has tried and will continue to grow in strength in that direction.”

    He said ICAN has introduced some measures that will help strengthen and sustain the fight against corruption.

    “We have introduced a number of measures in our Institute as regards fighting corruption in this country. We have recently introduced ICAN accountability index which is a way of assessing public finance management practices in Nigeria.

    “At the end of the day this will introduce measure that will improve performance of the government and the economy as well block loop holes as regards fighting corruption. We have also introduced other measures in this direction, like what we call, Non compliance with rules and regulations by various bodies.

    “Our members are mandated to make a report of any infractions in their organisations. We have also introduced the whistle blowing policy to support our government and we have set aside a fund to support this objective such that if any of our members makes a report or he does his work and is been victimised as a result of fighting corruption, the Institute is there to support them as appropriate and we actually did this several years ago and we are happy that this present government has also made it a national priority,” he said.

  • ICAN, ANAN and the story of a struggle

    Call him an accountant-author, you won’t be wrong. For Omooba Olumuyiwa Samuel Abayomi Sosanya, writing a book on the history of accountancy in Nigeria is not just a dream come true but a legacy to bequeath to future generations of accountants. EVELYN OSAGIE was at the book presentation at the Federal Capital Territory (FCT), Abuja.

    TO parody the prophetic words of the great literati, Chinua Achebe, “a people who cannot tell their stories adequately are doomed to perpetual crisis of identity”.

    This becomes apposite in describing the intent and purpose of renowned accountant and author, Omooba Olumuyiwa Samuel Abayomi Sosanya, who decided to pen for posterity a book on his chosen profession – accountancy.

    Omooba Sosanya, who can easily be described as someone destined for greatness, with the benefit of hindsight, may have written his name in the timeless pages of history by authoring the first historical account of the foundation of accounting (no pun intended) in Nigeria.

    ‘’The Revolution of Accountancy Profession in Nigeria: History of the Association of National Accountants of Nigeria (ANAN)’’, which the author described as “a child of necessity”, provides insights into what led to the struggle for the liberalisation of the accountancy profession.

    On November 6, 1978, Sosanya, Olalere Akanbi Kolawole and Iyiola Olufemi Odefisayo met at his 15, Mosuro Street, Abule-Oja, Yaba, Lagos Mainland home. It was to find solutions to restrictive policies that were inimical to the advancement of accountancy in Nigeria. That meeting led to a revolution in the profession that gave birth to ANAN.

    The formal presentation of the book by Sosanya elicited memories last Thursday at the Shehu Musa Yar’Adua Centre, Abuja. It was an epoch-making event that drew dignitaries from across the country and Benin Republic.

    Interestingly, the major dramatics personae, who participated in the struggle, were on hand to give their own accounts of how history was made. If anyone had any iota of doubt as to the justification of the establishment of ANAN, an excerpt from the book clears such doubt. It reads in part: “It was a revolution in the accountancy profession in Nigeria. Revolution is not always about gun-wielding militants and fire-spitting ideological demagogues. Our own revolution was resonating thinking that elicited ideas.”

    Sosanya said the trio resolved to launch ANAN on January 1, 1979 as “a virile home-grown accountancy body, which would provide a path to a recognised professional qualification, which was of the highest international standard”. He noted that they were determined that such a body should be open to all men and women solely on the basis of education and ability.

    The selfless efforts of the septuagenarian, as indicated in the treatise on accounting, were praised by all. Describing him as “a man of ideas and passion for the growth and development of the country”, guests said he is a worthy inspiration to people concerned about fighting a just cause.

    The book was reviewed by The Nation columnist  Segun Ayobolu. His review opened the floodgate of tributes for the uncommon achiever, with speaker after speaker describing Sosanya in affectionate terms.

    Asiwaju Bola Tinubu chaired the presentation of the over 400-page, 31-chapter book.

    The National Leader of the All Progressives Congress (APC), represented by Yinka Ajayi, a member of the House of Representatives, challenged Nigerians not to take their freedom for granted, stating: “Power is not served a la carte. You have to believe, you need to struggle and acquire freedom. Sosanya is a man of ideas who pursues causes he believes in with all of his heart.”

    Lagos State Governor Akinwunmi Ambode, an accountant, who was represented by his Commissioner for Finance, Akinyemi Asade, also commended the resilience and industry of the author, which he said, was in itself inspiring.

    The drafter of the ANAN law, Mrs Ajonu, who was then an officer with the Ministry of Justice, also paid glowing tributes to Sosanya. She recalled that apart from being meticulous and dogged about the ANAN cause, Sosanya would not give room for avoidable mistakes. “Whatever information I asked for about ANAN, Papa will have it in his briefcase, he will never have to go back to Lagos for anything. He is a yeoman’s job very boldly, with undiluted passion for ANAN,” she stated.

    Mrs Ajonu, however, observed that Soasanya was someone with a grateful heart, saying: “I found it humbling that 15 years after I helped Papa on the ANAN matter and retiring in 2015 from service, Papa still remembered me and when something came on in CBN, he gave them my number.”

    Other personalities at the event included members of the National Assembly, Senators, Anthony Adefuye, Rufai Anga, Gbenga Ashafa, Alh. Nasir Muhammed, who represented the Minister of Women Affairs; Republic of Benin Senior Minister Dr. Abddoulaye Bio Tchane (Guest Speaker); Chief Adolo Okotie-Eboh; Usman Naganga and Dele Oshinowo. Others included former Military President General Ibrahim Babangida, who was represented former Transport Minister, Muritala Aliyu; Dr. Abisoye Alabi; Umaru Dembo, who was the Minister of Petroleum during the regime of Gen. Sani Abacha and now Director-General,  Buhari Support Group Center, among others.

    The book reviewer, who regaled the audience with the exploits of the author, recalled that the motive behind the formation and survival of ANAN was purely altruistic. Sosanya, he said, was motivated by the provision of the ICAN Act, 1965 that discriminated against other accountancy qualifications and gave the Institute the monopoly of practice.

    “The ICAN Act, 1965  conferred absolute monopoly of regulating accountancy profession on ICAN. Sosanya believed that this unhealthy scenario has serious negative implication for a dynamic economy like Nigeria with immense natural resources and abundant redundant manpower, whose potential must not be allowed to be caged through any sort of restrictive practice.

    “For instance, between 1965 and December 1978 (13 years), ICAN succeeded in producing 55 professional accountants through its examinations. Conservatively, the Nigerian Law School produced 2,405 lawyers between 1966 and 1978 (12 years). However, with the emergence of ANAN, it produced 300 professional accountants between 1978 and 1981 (four years), which showed the benefits of competition.”

    To make ANAN a reality, the reviewer posited, Sosanya sponsored a private bill before the National Assembly, where it passed the public hearing stage, despite stiff opposition mounted against its passage. The battle was fiercer in the Senate: it took 20 months after the House had passed the bill before it could be read for the second time in the Senate. This eventually led to the abortion of its journey as it could not reach the public hearing stage before the expiration of the Assembly the next day.

    “However, on 25th August 1993, General Babangida signed the ANAN Decree 76 into law.

    This marked the ushering in of a new more vibrant and qualitative era into the evolution of accountancy in Nigeria.  ICAN did not relent in its pursuit of getting ANAN proscribed by approaching Gen. Sani Abacha  to repeal the establishment Decree, rather the President congratulated the body in 1994 for the promulgation of the Decree but advised its members to demonstrate maturity as regards the attitude of a sister body,” Ayobolu said.

    One of the few surviving members of the Second Republic House of Representatives gave a vivid account of the journey of the ANAN bill. Malam Sidi Ali said the battle was fierce. He said: “There were cabals that did not want the bill to see the light of day. They were bent on maintaining the status quo. We found out that there was a cabal that don’t want anyone in that profession. Why? we kept on wondering, only to find out that kind of racket in that profession. We found out that the top brass of ICAN was coming from one state. We couldn’t believe when we discovered that a Professor of Accountancy from the University of Calabar sat and failed the ICAN exam. This was a Professor that was producing accountants, how could he have failed the ICAN examination? As Chairman of the Committee treating the bill, there was a day some lawmakers told me that some eminent accountants wanted to come and visit me but I declined. I refused because there is no way anyone seeing them coming into my office or house would not insinuate that something has changed hands, and you know we were in the era of Ghana Must go. Many of us in the House believed that the fight to create ANAN was not only moral but it became a religious obligation to us. The first challenge was in the Senate but there are many who felt justice must be done.”

    The high point of the day was the unveiling of the book, with some members of the Lagos State House of Assembly, including those serving at the National Assembly lending support through cash pledges. The Nation’s Evelyn  Osagie, a poet, who rendered the National Anthem, thrilled guests with poetry performances, including Ibrahim Apekhade Yusuf’s “Salute to The General” in honour of the author.

  • Old student inspires graduands

    A former student of Pacific Group of Schools Akowonjo, Lagos, Adebayo Adelaja, inspired the graduating students of his alma mater at the school’s graduation last weekend.

    Though his success story triggered  applause from parents, students and guests, Adelaja’s message is anchored on discouraging parents who enforce discipline in their wards at the point of making career choice.

    At 22, the young Adelaja, who is of the 2013 set of the school, is a first class graduate of University of Lagos. Aside getting his first degree this year, Adelaja has also passed the Chartered Accountants of Nigeria (ICAN) exams.

    But the young man said he owns his success to his parents who allowed him follow his heart, rather than decide career path for him.

    “I owe my success story to my parents who gave me support and allowed me do what I wanted to do,” Adelaja began.

    “When I finished secondary school, my parents sat me down and asked me repeatedly what I was interested in studying and I told them its Accounting. They did not force me, but gave me support. That led to where I am today.

    ‘When I was in school, I met many students studying courses with which they had little or no interest. Many were not even contributing any value in their department; they were simply there because their parents chose that path for them. Many had lost focus completely, while others who had a choice of career in mind but compelled by their parents to do something else, were just waiting to graduate and present the certificates to their parents before following what their heart desires.”

    Adelaja lamented that many parents at their youthful age, realised they could not become what they aspired to be because of their poor backgrounds or life’s challenges; and, therefore, wanted to ensure they reproduce such lost dream  in their wards. Unfortunately, many of such children either turned out to be something very far away from their parents’ expectations, or, worse still, became nonentities in the society.

    Adelaja, who is on a short course in NIT, an IT solutions firm in Ikorodu, advised the 18 young graduands to be flexible so they could venture into other disciplines in a world that seeks multi-talented youths for employment.

    The outgoing head girl, Orakpo Mirabel, said they would miss the their teachers and tutors.

    “As from today,” said Mirabel, “there will be no more chairman’s ‘and then you know’, Principal’s ‘hell, you there’; Mr Okiti’s  ‘Oya, my people’ Mr Adetuberu’s ‘to be candid with you’; Mr Adelekes’ ‘Maths is beautiful’; Mr Daramola’s ‘you  know’; Mr Adeboye’s “that is satanic’; housemistress, ‘I will panel beat you’; and Mr Ibrahim’s ‘c’mon’.”

    The school’s Proprietor Mr Omosowon Idowu Remigious, urged the graduands drawn from both JSS and SSS arms, to reflect on the difficult path they tread in their quest for success, and look forward to achieving more. He asked them to manage their time and avoid in bad company.

    “You will have to find the tools of who you want to be and how to get there. You will have to find things you love doing. When you did, you must focus on it, have the tenacity to go along, preserve it in the face of difficulties and believe in your Gods given ability to forge ahead.’’

    The Principal Mr Mekwunye Andrew, congratulated parents on their investment, urging them to keep an eye on the graduands as they are still vulnerable.

    He said: “Teenagers are usually exposed to a lot of external influence, some of which may not be beneficial to them. As parents, you have the responsibility to  closely monitor the graduands to ensure there are  no loopholes.”

  • ICAN urges Fed Govt to sell off idle assets

    THE Institute of Chartered Accountants of Nigeria (ICAN) has urged the Federal Government to sell off idle assets across the country to shore up government’s fund and accelerate the nation’s growth.

    President of ICAN Razak Jaiyeola made the call in an interview with the News Agency of Nigeria (NAN) yesterday in Lagos.

    He said some of the assets lying idle, especially in Lagos, were in prime locations, and thus worrisome to ICAN.

    “There are lots of assets lying idle around in the country. There is the Federal Secretariat, Ikoyi, Dodan Barracks, Ikoyi Prison, all in prime locations in Lagos.

    “The government should sell them and move the barracks and the prison out of the prime areas. To site barracks and prisons in prime areas is not done anywhere,” he said.

    Jaiyeola, however, hailed government’s efforts in the fight against corruption, but said the outcome was still far from ICAN’s expectation.

    He said decisive actions should be taken to reduce delays in prosecuting offenders, and therefore recommended the introduction of special courts to accelerate trial and conviction of corrupt offenders.

    The ICAN president also called for the complete riddance of corrupt judges, deployment of intelligence techniques in fighting corruption, vigorous pursuit of voluntary declaration of assets and the whistle blowing policy.

     

  • ICAEW, ICAN to strengthen accountancy profession

    The Institute of Chartered Accountants in England and Wales (ICAEW), a leader in the global accounting and finance industry, and the Institute of Chartered Accountants of Nigeria (ICAN) have signed a Memorandum of Understanding (MoU) to strengthen the accountancy profession in Nigeria.

    Both organisations have committed to work together to promote a sound and sustainable accounting and finance industry by sharing their knowledge, improving professional and intellectual development and advancing the number of members of accountancy bodies.

    The agreement was signed by ICAEW President Nick Parker and ICAN President Alhaji Isma’ila Muhammadu Zakari, during an official ceremony in Lagos.

    Speaking on the MoU, Alhaji Zakari said: “A strong financial sector is the backbone of any economy; so we look forward to working closely with ICAEW in future to develop a number of exciting initiatives and to share experiences and expertise for the benefit of the profession in Nigeria. It is essential to establish linkages of this nature so that both bodies will be able to leverage upon each other’s strengths.”

    Parker also said: “We are pleased to sign a mutually beneficial alliance with ICAN and are looking forward to aligning our visions and sharing our expertise to strengthen and support the development of the accountancy profession in Nigeria.”