Tag: ICAN

  • NUC accredits six undergraduate courses in Landmark University – VC

    NUC accredits six undergraduate courses in Landmark University – VC

    Prof. Aize Obayan, Vice-Chancellor of Landmark University, Omu-Aran, says the National University Commission (NUC) has accreditation six undergraduate courses in the institution.

    Obayan told the News Agency of Nigeria (NAN) in Omu-Aran on Thursday, that the NUC letter conveying the approval of the courses was received by the management on April 3..

    She disclosed that the approval was the fall out of NUC team’s visit to the institution for the November/December 2016 accreditation when the courses were presented.

    Obayan listed the accredited courses and programmes as Computer Science, Economics, Biochemistry, Mathematics, Physics and Sociology.

    She further said that the approval was significant, showing clear demonstration of the success of the exercise for an institution that had penchant for best academic practices.

    The vice-chancellor also attributed the feat to God’s faithfulness upon the institution as well as the exemplary leadership style of its Chancellor and Chairman, Board of Regent, Dr David Oyedepo.

    She said the courses which were highly rated by the NUC would be for five years.

    Obayan also said other courses such as Accounting, Banking and Finance as well as five other engineering programmes had also been given full professional accreditation status by ICAN and COREN respectively.

    “Recently, the Computer Professional Registration Council of Nigeria (CPN) conferred full accreditation status on the institution’s Computer Science programme”.

    The vice-chancellor reiterated the commitment of the institution to pursue an agrarian revolution drive toward attaining sustainable agriculture production in fighting poverty and unemployment.

    Obayan, who commended members of staff and students of the institution for their dedication and cooperation toward achieving the feat, promised that the university would maintain high level of academic performance.

  • We groom our graduates to be employable – DVC, Babcock University

    We groom our graduates to be employable – DVC, Babcock University

    Undoubtedly one of the frontline private universities in Nigeria, Babcock University, Ilisan, Ogun State, through its operations and forays into ICT revolution and students’ mentorship has remained unrelenting in its drive towards excellence. In this interview with Emorinken Moses, its Deputy Vice Chancellor and College of Health and Medical Sciences provost, Prof. Iheanyi Chukwu Okoro beams more light on the institutions activities, achievements and products.

    Babcock University is one of the few private universities with impressive stories to tell; can you give us a sneak peek into your activities so far?

    Well, as we speak, students have started their exams, one of the things we have going for us is stability. By the grace of God, we have not missed a single day since 1999. And one of the factors responsible for this is the online revolution going on in the institution. Some of our courses are now taken online. Before now, marking, collation, and grading of the scores of students after an examination was an arduous task. You typically would find a lecturer having to mark and grade close to 500 students. However, some of our in-house ingenious staff in the ICT unit developed a software, which is now being used for exams. It was tried last year, and within 30 minutes the exams were concluded and the results came out swiftly.

    This reduced the burden of collation of results for the lecturers. All they now have to do is input the data (scores) and the computer software automatically does the calculations and collation of results instantly.

    Secondly, as a school, we place a premium on the behaviour of our students. We believe that education is more than imbuing academic knowledge to students, but also in the inculcation of ethical and scrupulous behaviours. We train their hearts and make sure that they behave well.

    We have a way of monitoring their behaviour through a tool called the Behavioural Index. We monitor them in their hostels, chapel, class rooms etc. If a student has any infraction or misconduct, he or she is ‘demerited’. Every student has a 60 demerit point; so as a student keeps misbehaving, his or her score reduces. It is like withdrawing from ones account. When you are zero, you go on suspension, and this affects your ‘citizenship grading’. Even if you have a first class, with a zero point of behaviour, you are not graduating because this affects your citizenship rating.

    This form of assessment has also gone online. There is a central coordinating office called the BUMU office (Babcock University Merit Unit). The unit coordinates all the grades from the various points online, and they issue out the grades to the students at the end of a session.

    Can you tell us about the ‘total classroom revolution’ project?

    The Total Classroom Revolution is simply leveraging technology in the deployment of learning and the learning environment. Currently, every classroom in the school has a projector and smart boards. You can also find radio towers at strategic positions within the campus. We intend to have a cloud all over the compound, so that students can access their lectures anywhere they are within the campus. Lecturers can upload courses, and students can refer back to it by downloading it.

    All these congenial educational facilities are powered by electricity. Therefore, the school is investing heavily on a power project called Babcock Power Project, which will supply uninterrupted power round the clock. At first, we wanted to opt for a gas-powered turbine, but because of the huge cost of maintenance, we settled for a power generator that runs for 80,000 hours non-stop…on gas. By implication, it means it can run for 9 years at a stretch.

    Due to the current economic recession in the country, the project has however been stalled a bit; but, with the Naira slowly gaining stature, we hope to push the project further.

    Aside the generating power generator, there are some diesel-powered generators on ground as standby – they can run for 30 hours non-stop.

    All of these efforts are geared towards creating a congenial academic environment for the students and members of staff.

    You have spoken on the importance of behavioural competence of the students; however, focusing on the society as a whole, do you think the Nigerian youths have the right values to lead going into the future?

    To be frank with you, I don’t think we are giving our younger ones good examples. There is a saying where I am from that – ‘When a mother goat is eating the yam, the kid is also looking at the mouth of the mother goat.’ The snake can only give birth to long things like itself. This is the situation of the country now. Until we have a total revolution in the attitudes of minds and behaviours among the older generation (my generation), the concept of examples and mentorship for the younger ones will be a white elephant expenditure. The blame should not always point to the direction of the younger ones. You cannot give what you don’t have. It is my belief that when you have a delinquent child, there are at least two delinquent adults that are propelling such a child. Take for instance examination malpractice; some parents arrange for special centres for their wards; the individual running this centre is a delinquent adult, the parent seeking his or her service is a delinquent adult. Their unethical attitudes can only produce a delinquent child. These acts continue even when the child reaches an institution of higher learning; the child now believes that this is the ideal way to carry on in life. He doesn’t do anything straight anymore because he believes he has to cheat to get things done. However, if the child requests for a special centre and is rebuked instantly by the parent, this leaves an indelible impression on the child.

    My appeal goes to my generation to consider posterity before engaging in acts of malfeasance, corruption, and other related delinquent behaviours.

    This current administration has a mantra – the change begins with me! But it should go beyond rhetorics and advertisement.

    In Babcock, our motto is ‘building leadership through Christian education’. We intend to produce servant-leaders. We continually resound into the consciousness of our students that leadership is about service – it is not what you get from the position, but what you give into that position.

    Here, we have the Babcock University Students Association (BUSA), which is not a student government but an association. We train them on the values that make a complete leader, and the need to be a worthy example. Another important thing about the behaviour of students in Babcock is their responsibility to the environment. If you go round, you will not see a single piece of paper on the ground. When you come to such an environment, you will definitely look stupid to begin to drop wastes on the ground. Our students are well dressed. It is leadership by example – from the management, members of staff, and down to the students.

    Last week, the students had a seminar tagged ‘experience’, which saw the likes of Femi Falana (SAN), Charles Okafor etc. They were on ground to encourage and inspire the graduating students on succeeding. They shared personal experiences about how they became successful in their fields and careers. Also, they enlightened the students about some of the pitfalls they should avoid on their journey to the top.

    There is this assumption that a lot of Nigerian graduates are unemployable. What is your take on this? What is Babcock doing to produce ‘employable’ graduates?

    What makes us stand out is the process of producing our graduates. Regardless of the unemployment in the country, one fact remains that people are consistently being employed. For instance, KPMG, a foremost auditing firm has seen the quality of our students in accounting, and have given us 300 slots for internship every year. From those 300, they will select those that will eventually be employed. Other organisations like ICAN, ACCA, CIMA etc., are partnering with us in Accounting. In computer, the computer professional registration body in Nigeria has named Babcock a centre for excellence in training because they have seen our products. It is the same for other programmes. Also, we have been the overall best in the Nigerian Law School for two years now. That speaks volumes about the quality of our products.

    Students evaluate the lecturers – contents, methods etc., while the lecturers in turn evaluate the students. If a student fails to meet up with 75% of attendance, he or she has failed automatically – it is called “Failure due to absence” (FA).

    When students are graduating they go through a finishing school to prepare them for the labour market. Issues on how to sit at an interview, how to write a CV etc., are considered. The highlight of the programme is usually a job fair where organisations come and interview students live, and possibly recruit them on the spot.

    Finally, we have a centre for entrepreneurial studies that teaches the students all kinds of arts and craft – theory and practical.

    My worry about ‘unemployability’ also bothers on the incessant strikes that used to be preponderant in federal and state-owned schools, which is reducing gradually. This usually affects the quality of content that the lectures give as a result of rushing to meet up with the semester.

    What is the state of Babcock’s Cardiac Centre?

    We have partnered with Tristate Cardiovascular Associates from Delaware in the U.S. It is a team of experts that brings together solution to heart diseases through the collective competence of top intervention cardiologists, cardiothoracic surgeons and radiologists.

    We have developed a state-of-the-art cardiac centre, which is currently the only permanently run cardiac centre in the country today. Other centres may occasional invite surgeons from abroad to come and perform one or two heart surgeries and then go back to their country. However, our surgeons are permanently resident in the institution. The centre, which started in October 2015 have performed almost a hundred heart surgeries, and still counting.

    We are partnering with NNPC, LAFARGE, Primary Health Administrations in the country, and non-governmental organisations (NGO). They refer cases to us.

    Many universities have come to us for academic partnership; amongst them are Caleb University, Adeleke University etc.

    Our medical students go to India for their housemanship for two months each. This is because of the quality of field experience they can get from India because of its seasoned medical department.

    Our computer students also go to Poland for computer training and exposure. In fact, some students also earn an additional degree during their educational stay in Poland.

    We also partner with Birmingham University. Our International and Diplomacy students go there for two years and get their law degrees and come back. These are a few of the kinds of academic partnerships that we are involved in.

    Tell us about the awards Babcock has won in recent times.

    We have received awards from the World Branding Forum in the education segment. We got the award in 2015 and 2016 concurrently. We also received a solid 18-carat gold award plaque, based on the fact that no organisation had ever won the award back-to-back since inception.

    For two to three years now, we have won the best university in Africa award, given by the Association of African Students. We were nominated by the National Association of Nigerian Students (NANS). The interesting thing is that Babcock is not part of NANS, however, their interactions with our students and the qualitative feedbacks they get informed their decision to recommend our institution for the award.

    Also, in the Nigerian Private Universities Debate (NIPUD), our students have consistently emerged tops in the last four years. We encourage our students to be the best they can be.

    Do you think that government is doing enough to encourage private tertiary institutions? Also, what can government do to encourage private tertiary institutions?

    I do not think the government is doing much to encourage private institutions because they see it as business. They only monitor and accredit them through their agencies to ensure that the schools meets up with the minimum standard, however, that is where it stops. The federal government finances government-owned universities using TETFund. Initially, private institutions have always been weary of receiving such funds because as the saying goes – he that pays the piper dictates the tune. But with the biting economic situations in the country, private institutions have started to bite their words arguing that even if the institutions are privately owned, it produces graduates for the nation at large; therefore, it should at least be encouraged with palliative and government largess like the TETFund. It is a cry of desperation because many universities are finding it difficult to cope. We implore government to give us grant in aid. By grant in aid, we mean government provides some level of financial support, monitor its usage, but do not interfere with running the school.

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  • BoI to receive ICAN award for supporting MSMEs

    The Institute of Chartered Accountants of Nigeria (ICAN) has nominated the Bank of Industry (BoI) for this year’s edition of its merit award  slated for April 28 in Lagos.

    The nomination was in recognition of BoI’s outstanding contributions to the growth of businesses and the nation’s economy.

    The institute said the bank was being recognised in the corporate body category of its merit award.

    ICAN said having reviewed BoI’s activities in the last one year, it found that BoI has recorded remarkable improvements in supporting Micro, Small and Medium Enterprises (MSMEs) in line with one of the priorities of the Federal Government.

    The institute said, for instance, that a review of activities during the 2016 financial year showed that BoI’s loans approvals as at December 2016 rose by nine per cent to N150 billion, compared to N138.5 billion achieved in 2015.

    Indeed, disbursements to MSMEs also went up by 42 per cent within the same period to N8 billion, from N5.64 billion in 2015, while the bank’s wide ratio of non-performing loans (NPL) reduced to 3.87 per cent in 2016, from 5.75 per cent in 2015.

    Also, BoI’s operating Profit Before Tax (PBT) rose to N17.4b in 2016, from N11.95b in 2015, representing 46 per cent increase.

    “All these culminated in BoI’s ratings by international and domestic rating agencies being upgraded and affirmed throughout 2016.

    “While Moody’s assigned BoI Aa1 in 2016, up from Ba3 of 2015, Agusto’s rating of AA- in 2016 was higher than A+ of 2015. AA+ assigned by Fitch in 2015 was affirmed in February 2017”, the bank stated in a statement.

    In the last one year, BoI had taken bold steps to implement the economic programmes of the Federal and state governments in collaboration with domestic and foreign development partners.

    The bank noted that conscious efforts have continued to be made towards evolving a favourable ecosystem for SMEs in Nigeria and further deepen its credit delivery process and have it revitalised for speed and efficiency.

    These include expansion of the bank’s branch network, automation of its operations and equipping youths with relevant business skills in solid minerals, agro processing as well as cotton, textile and garmenting.

  • Alaafin advises ICAN on probity

    Alaafin advises ICAN on probity

    Alaafin of Oyo Oba Lamidi Adeyemi has called on the Institute of Chartered Accountants of Nigeria (ICAN) to support the Federal Government’s efforts in tackling corruption.
    Oba Adeyemi gave the advice yesterday in his palace at a reception for ICAN President Deacon Titus Alao Soetan and his entourage, who visited him.
    Alaafin decried the alarming rate of looting of public treasuries, which he said was caused by lack of fear of God, dishonesty and betrayal of trust.
    “Public funds stolen by top government officials and political office holders are worrisome and disturbing. Urgent steps must be taken to save the country from total collapse.’’
    The monarch described ICAN as barometer for public accountability, noting that effective and dynamic accounting systems that are manned by highly skilled professionals such as ICAN are essential to facilitating transparency and accountability in public administration

  • Ambode mourns passage of Kuforiji-Olubi, first female ICAN President

    Ambode mourns passage of Kuforiji-Olubi, first female ICAN President

    Lagos State Governor, Mr. Akinwunmi Ambode on Sunday expressed shock and sadness over the death of foremost accountant and a former Minister of Commerce and Industry, Dr. Bola Kuforiji-Olubi.

    Dr. Olubi, who was the first female  President of Institute of Chartered Accountant of Nigeria (ICAN),  passed on at the age of 80 on Saturday. She was appointed the first female Chairman of United Bank of Africa (UBA) in 1984. 

    Governor Ambode in a statement signed by his Chief Press Secretary, Mr. Habib Aruna, described Dr. Olubi as a distinguished businesswoman, banker, economist and accountant, who cut her teeth in the corporate world.

     The Governor recalled the former minister’s decades of distinguished career in the private and public sectors of national life, saying she was a role model to the future generation. 

     “Dr. Olubi was a woman of many firsts; she wrote her name in gold in the banking industry and was a pace-setter and leader in banking, manufacturing and entrepreneurship not only in Nigeria but also in Sub-Saharan Africa.

     “It was not surprising that she was a proud and well-deserved recipient of National honours, fellowships, awards and honorary degrees from within and outside the country,’’ Governor Ambode said.

     The Governor said Dr. Olubi’s legacies would continue to be a source of inspiration to the younger generation.

     Governor Ambode also prayed for the peaceful repose of her soul, urging her family to draw strength from the legacies she stood for while she was alive and the fact that she was a devout Christian.

      “On behalf of my family and the people of Lagos state, I want to express our heartfelt condolence to the family of Dr. Olubi, on this great and irreparable loss.

     “I had always admired her demeanor. She was a woman of true character, substance and quiet nobility. We will sorely miss her”, he said.

  • Buhari, Adeosun, others  for ICAN’s confab

    Buhari, Adeosun, others for ICAN’s confab

    President Muhammadu Buhari, Finance Minister, Mrs. Kemi Adeosun and other dignitaries are expected to be part of the 46th yearly accountants’ conference of the Institute of Chartered Accountants of Nigeria (ICAN) scheduled for between today and October 14 in Abuja.

    In a statement, ICAN said it had assembled a team of technocrats, professionals and key government functionaries to discuss the current economic situation in the country and proffer solutions on how to pull the economy out of recession.

    With Accountability Now Nigeria as its theme, President Buhari is expected to declare the conference open while the President of the International Federation of Accountants (IFAC), Ms Olivia Kirtley will deliver the lead paper titled: Accountability and good governance.

    The theme of the conference, which is the global accountability campaign of IFAC titled: Accountability now, is an initiative to encourage higher standards of public sector information around the world. It challenges governments to recognise the importance of working toward financial reporting that meets international standards known as the International Public Sector Accounting Standards (IPSAS)

    ICAN, therefore, seeks to encourage the Federal Government in the spirit of change, to imbibe the culture of good financial reporting in government spending and public sector financial reporting.

    ICAN promised to work with the government to build a global coalition to bring together organisations that support the objective of improving transparency and accountability in the public sector; raise awareness through reinforcing the benefits of sound financial reporting to governments on the need for change; develop partnerships to effect change and bring together key actors in the public sector to improve financial information in the public sector; and build more capacity by providing professional accountants to work with government organisations to bring about the change that is required.

    Others billed to speak at the conference are Ogun State Governor, IbikunleAmosun; Lagos State Governor, MrAkinwunmiAmbode, Head of Service of the Federation, Mrs. Winifred Oyo-Ita. Minister for Solid Minerals, Dr. Kayode Fayemi, CEO, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema and the Chairman, FirstBank of Nigeria, Mrs. IbikunAwosika.

    Others include the immediate past President of Chartered Institute of Public Finance and Accounts (CIPFA), Mr. John Matheson, Pastor Ituah Ighodalo, Managing Partner, SIAO and Executive Director, Enough is Enough, Ms Yemi Adamolekun.

  • Flexible FX policy needs monitoring, says ICAN chief

    Flexible FX policy needs monitoring, says ICAN chief

    The flexible forex policy instituted by the Central Bank of Nigeria (CBN) needs adequate monitoring for it to achieve its desired objectives, the new President of Institute of Chartered Accountants of Nigeria (ICAN), Titus Soetan has said

    He spoke yesterday during a media luncheon by the institute in Lagos.

    Soetan, who backed the new policy, described it as innovative system that allows the exchange rate to be determined by supply and demand forces.

    He urged the CBN to monitor the policy to serve the purpose of which it was introduced; that is, preventing the free fall of the naira and to stimulate foreign investment.

    “The institute is in support of the introduction of flexible forex policy by the CBN. The policy as a monetary system allows the exchange rate to be determined by supply and demand. However, as a policy, it needs effective and adequate monitoring to serve the purpose for which it is being introduced, that is preventing free fall of the naira,” he said.

    On the economy, he said in the face of dwindling crude oil prices in the global market, every avenue to generate sustainable revenues should be explored.

    “There is an urgent need to reduce the cost of governance, curb financial excesses by public officers and blocking all sources of leakages of revenues in the economy,” he said.

    According to Soetan, government at all levels should be encouraged to adopt transparent policies to reengineer the economy sustainable level.

    “As a professional institute, we urge government at all levels to initiate actions and policies to promote and provide enabling environment for business to operate with ease. The diversification of the economy has become so urgent in the face of global oil price crash on which the country has depended for too long a time,” he added.

    On corruption, he said the judiciary must realise its responsibility in fighting corruption.

    “Without eradicating corruption the government will not make any progress in its developmental efforts. The ICAN appreciates the efforts of the current administration and the Armed forces in fighting terrorism, Boko Haram. We appreciate the gallant effort of the army. It is our hope that every Nigerians will be their brother’s keeper by reporting any threat to the appropriate authority,” he said.

    On the bailout for states, he said: “Bail out to the state is a topical issue with divergent views. You will recollect that the recent announcement is the second within a period of 12 months. There are people who argued that they states are insolvent and deserve no further handout.There are also those who supported it because some of the states do not have Internally Generated Revenues and should be supported.’’ The question is that to what extent is bailout sustainable?”

  • ICAN commends FG over fuel subsidy removal

    ICAN commends FG over fuel subsidy removal

    The Institute of Chartered Accountants of Nigeria (ICAN), Ikeja District Society, has commended the Federal Government over the deregulation of the downstream sector of the petroleum industry.

    Mr Gbenga Adewole, the Chairman of the society, speaking in Lagos, said the deregulation would ensure product availability across the country.

    He added that this would also enable investors in the downstream sector to come in and do business, adding that this would encourage job creation.

    He, however, said that the government should have allowed the forces of demand and supply to determine the price instead of fixing the price for the product.

    Speaking, Adewole said, “I support deregulation of the petroleum sector, but what government did is partial deregulation and not total because you don’t deregulate and still dictate the price.

    “After deregulation, it is the forces of demand and supply that will determine the market prices.

    “By fixing the price, you are telling marketers to sell petrol for N145 per litre.

    “All marketers will be working within that fixed price instead of allowing the forces of demand and supply to dictate the price.”

    He urged the government to do all within its power to ensure stability of foreign exchange, adding that only stabilised foreign exchange would encourage marketers.

    He appealed to Nigerians to support the government in its effort to ensure total deregulation of the downstream sector.

  • ICAN hails deregulation of petroleum sector

    The Institute of Chartered Accountants of Nigeria (ICAN), Ikeja District Society, on Friday commended the Federal Government over the deregulation of the downstream sector of the petroleum industry.

    The Chairman of the society, Mr. Gbenga Adewole, told the News Agency of Nigeria (NAN) in Lagos that deregulation would ensure product availability across the country.

    Adewole said this would also enable investors in the downstream sector to come in and do business, adding that this would encourage job creation.

    He, however, said that government should have allowed the forces of demand and supply to determine the price instead of fixing the price for the product.

    “I support deregulation of the petroleum sector but what government did is partial deregulation and not total because you don’t deregulate and still dictate the price.

    “After deregulation, it is the forces of demand and supply that will determine the market prices.

    “By fixing the price, you are telling marketers to sell petrol for N145 per litre.

    “All marketers will be working within that fixed price instead of allowing the forces of demand and supply to dictate the price,” Adewole said.

    The chairman urged the government to do all within its power to ensure stability of foreign exchange, adding that only stabilised foreign exchange would encourage marketers.

    He appealed to Nigerians to support the government in its effort to ensure total deregulation of the downstream sector.

  • ICAN proffers panacea for corruption

    ICAN proffers panacea for corruption

    The National President of the Institute of Chartered Accountants of Nigeria ICAN, Otunba Femi Deru has called for the implementation of the International Public Sector Accountancy Standards (IPSAS) as a way to improve accountability and transparency of the nation’s funds.

    Speaking during the Northern Zonal Districts Accountants Conference with the theme, “IPSAS Adoption in Nigeria: Implication on  Accountability and Probity” held in Minna yesterday, Deru said that accountability and transparency is being taken for granted in the country adding that there is a need for people with public funds to be accountable.

    He said that IPSAS can work in Nigeria pointing out that IPSAS is designed to work effectively and efficiently unless in an environment with fundamental problems.

    The National President then disclosed that the institute has so far trained 4,000 Chartered Accountants and 18,000 Account Technicians from 1965 to date in global based practice.

    He assured that the institute and its members would continued to adhered strictly with the global tenant and principles of the profession just as it will not compromised in anyway against the ethics establishing the profession.

    Deru further said that the institute has contributed tremendously in both public and private sectors of the nation’s economy adding that it will not relent in its efforts in fighting corruption tendencies in all aspect of financial dealings to uphold the integrity of the accounting profession.

    In his address, the Niger state Acting Governor, Alhaji Mohammed Ketso said that the adoption of the IPSAS in Nigeria will bring the nation into the current global trend of improving and reforming public accountability.

    He pointed out while IPSAS offers numerous benefits over medium and long term; it is a complex and comprehensive change management process urging ICAN to come up with suggestions on engaging appropriate tools and strategies for the implementation.

    “I am not unaware of the potential challenges with the adoption of IPSAS. It is a complex and comprehensive change management process. While it offers numerous benefits over the medium and long term, it also entails short term costs and challenges that need to be seriously addressed by the heads of all MDAs concerned.”

    The Acting Governor however stated that the state have become IPSAS compliant adding that effort is on to ensure the publication of IPSAS compliant financial statements especially with the pressure from the legislature.

    The Conference Chairman, Dr Salisu Abubakar  that IPSAS are a set of Accounting Standards issued by the International Public Sector Accounting Standards Board (IPSASB) for use by public sector entities around the world in the preparation of financial statements.