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Tag: Institute of Chartered Accountants of Nigeria (ICAN)

  • ICAN confers 911 fellows

    ICAN confers 911 fellows

    Institute of Chartered Accountants of Nigeria (ICAN) at the weekend conferred fellowship on 911 of its members.

    Held at Harbour Point in Victoria Island Lagos, the event brought together celebrating accountants across the country including many past executive members of the institute.

    Speaking at the gathering, ICAN’s Diamond President, Chief Davidson Alaribe, said the fellowship was the highest  professional status that could be attained by any Chartered Accountant, noting that it marked a significant milestone in the lives of the inductees.

    According to Alaribe, the inductees had put in “a minimum of five years post-qualification in practice or ten years post-qualification experience, if not in active practice”.

    He said the institute’s fellowship status was reserved primarily for individuals who have made significant contributions to the profession, adding that it was an award given to well-respected experts in the different areas of specialization of the profession.

    “There are stringent criteria that must be met before qualifying for the Fellowship status of our Institute. This is to ensure that those conferred into this professional elitist club are truly worthy of the coveted status. We recognize that the new status places additional responsibilities on the awardees. 

    “As fellows, you now stand on the shoulders of giants who have paved the way for excellence in accountancy. You are tasked with the responsibility of mentoring the next generation, championing ethical standards, and contributing positively to society.

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    “I urge you to continually seek innovative solutions, embrace lifelong learning, and remain steadfast in your dedication to the ethical standards that define us,” he said.

    Continuing, the Diamond President said that the honorees were assessed and found worthy in their

    compliance with the best global practices in service delivery and value creation;

    steadfast commitment to the well-regarded ethical values of accountability, transparency, honesty, and integrity as espoused by the profession and ICAN, and

    outstanding value-driven contributions to the development of accountancy profession.

    “The above are the attributes that brought you thus far, and they must be consciously preserved and constantly improved upon. As you become fellows of the Institute today, I urge you to remember that your influence extends beyond balance sheets and financial reports.

    “You are now ambassadors of integrity, accountability, and transparency. In your hands lies the power to guide future generations towards responsible stewardship. I urge you to be proactive in your pursuit of knowledge and to actively participate in shaping the future of accountancy in Nigeria and beyond…

    “You must be intentional about building relationships that support a more efficient workflow and higher quality outcomes. Unarguably, the present economic challenges require deliberate collaborative efforts among Chartered Accountants if we want to significantly impact our society.

    “Let me assure you that the Institute will not renege on its obligation of providing a supportive environment for growth. We will continue to avail our professionals, platforms for cutting-edge training and networking opportunities.

    “I encourage you, our new Fellowship recipients, and other members of the Institute to partake in the diverse capacity-building and continuous professional development initiatives of the Institute,” he said.

    Earlier, Chairman Membership Affairs Committee, Dr. Etofolam Osuji, reminded the recipients to uphold the highest standards of ethical conduct, professional judgment, and leadership.

    “You serve as role models and mentors to younger professionals and as ambassadors of the Institute in both national and global arenas. Your commitment to continuous professional development and excellence should continue to reflect the values of ICAN,” he said.

  • Dad gave me the beating of my life for washing my feet with new sandals on

    Wesley Kafidiya, a principal partner of popular accounting firm, Sowande Kafidiya & Co, is the District Governor for Lions Club 404B2. He is also a fellow of both the Chartered Association of Certified Accountants in the U.K, the Institute of Chartered Accountants of Nigeria (ICAN) as well as the Chartered Institute of Taxation of Nigeria. In this interview with PAUL UKPABIO, the former employee of Ernst & Whinney, once one of the biggest accounting, auditing and management consultancy firms in the world, speaks about his career, lifestyle and activities as Lions Club’s district governor, among other issues.

    What are your duties as a district governor of Lions Club and what legacy do you hope to leave behind when your tenure expires in June 2020?

    The District Governor (DG) is the chief administrative officer of the district and serves as the District Governor Team leader. Thus the DG administers and promotes membership growth, new club development, leadership development and impactful service projects at all levels. He also presides over cabinet, convention and other district meetings, and facilitates harmonious and proper administration of all the clubs in the district.

    The major legacy I strongly wish to leave behind at the end of my tenure is the completion of the ongoing Lions Clubs Ophthalmology Centre at the Obafemi Awolowo University Teaching Hospital Complex in Ile-Ife, and to go on to furnish and equip it to become one of the best eye care centres for prevention of avoidable blindness.

    How does the Lions Club manage to drive membership and remain relevant in spite of the harsh economic realities?

    Lions Clubs International, being the biggest global humanitarian service organizations, has a lot of appeal for majority of the enlightened service-minded humanitarian individuals in the country. Our much-needed quality and impactful service activities within our various communities, coupled with our numerous life-touching centres for eye care, diabetes, cancer and other projects in the various health care facilities all over the country, do attract the clubs to passionate and quality volunteers/members.

    The hardship being faced by the less privileged is usually multiplied and compounded in a depressed economy like we have in Nigeria now. Since the government alone can hardly alleviate the whole suffering among the populace, the relevance of humanitarian organisations like ours cannot be overemphasised.

    What is the most challenging aspect of your job and how do you handle it?

    The survival of an organisation is threatened the day it seizes to grow. Thus membership growth and retention is very important to our association. However, membership growth, satisfaction and retention are major ongoing challenges confronting Lionism in Nigeria and our district especially. Our outgoing District Governor applied various innovative strategies to combat the problem. Thus I shall device appropriate approach to reinforce the strategies that worked and also try to innovatively develop some additional ways and means of growing our membership, with impressive recognition and awards for individual and club performers.

    Where did you grow up and what memories of childhood do you recall?

    I was born in Kano but grew up in the countryside of Ile-Ife and Abeokuta when it was still a students’ town, long before it transformed into a state capital. I could never forget my first day in school in Kano. I joined my peers in playing football after school and my dad, coming back from work, caught me washing my feet with my new school sandals on. For pouring water on the new leather shoes, I received a thorough beating on getting home.

    I also usually remember the pleasurable train rides variously from Osogbo and Abeokuta to Kano on holidays during my primary and secondary school days.

    In what ways would you say your early life influenced the person you are today?

    From my early life I was brought up in a pure Christian environment where I was made to imbibe and appreciate the importance of basic tenets of service, compassion, justice, fairness, peace, human equality, thankfulness and endurance in the life of a true Christian. Thus, I seize every opportunity to be of service to God and to my fellow men.

    Throughout my primary and secondary schools, I was an active chorister and a communicant in the Anglican Church. And since I joined the C & S Movement Church (Ayo Ni O) I have always been engaged in one service unit or the other. Outside the church I emphasise the same principles.

    My Personal Philosophy in life is positive impact on my environment and deep commitment to best ideals. Thus, currently, in addition to being Lions Clubs district governor, I am also chief warden (Usher) of the whole Surulere District, the treasurer of Ife May Club and National President of Lisabi Grammar School Old Students Association.

    What informed your choice of Accounting as a career?

    I had a teacher, guardian and mentor during my secondary school days in the person of Mr. Layiwola Adediwura, now a practising Chartered Accountant. He influenced and played an active role in my journey to becoming a chartered accountant.

    Would you say that you have found fulfilment in Accountancy?

    Yes, I have found deep fulfilment in Accountancy. Studying and practicing accountancy afforded me broad-based education and wealth of knowledge that has kept me relevant as an active participant and not a bench-warmer in any environment I have found myself, whether professional, socio-political or religious.

    How do you cope with family life considering your hectic schedule in Lions Club and other social engagements?

    First and foremost, I am grateful to God for the sound health and immense energy that keeps me going, and the divine wisdom in allocating my time optimally to cope with my multifarious activities. I also have to appreciate the understanding of various stakeholders on the home front.

    At what point did you become a pastor. How did you receive your calling?

    Initially I registered in my Church’s College of Divinity in 1991 to deepen my knowledge of the Bible as a Levite in His Vineyard. It was towards the end of the degree course that my mates and I were counselled to spend additional one year for the pastoral qualification, which we all did and passed in 2001.

    How do you combine your professional calling with pastoral work?

    I am in full time professional practice while my pastoral work is mainly service in God’s vineyard.

    How did your wife and other family members react to your calling?

    They have all accepted it as part of my overall passion to be of service wherever and whenever I belong to.

    What do you do in your spare time?

    Whenever and if I have the spare time, I read, watch films or listen to music that can deepen my secular or spiritual being.

    What are your views about fashion?

    I just like to dress smart and neat.

    What kinds of clothe do you like wearing?

    I like to be as formal as possible in complete English or native dresses, depending on the occasion.

    What fashion accessories would you not do without?

    When the occasion demands and depending on the style of the dress I wear, I use the relevant accessories.

    What do you value most?

    I value peaceful relationship with people. I am always ready to sacrifice a lot to maintain peaceful relationship with others.

    What do you detest the most?

    That would be dishonesty and/or insincerity.

  • FIRS, ICAN disagree over 10-year tax holiday for new companies

    FIRS, ICAN disagree over 10-year tax holiday for new companies

    The Federal Inland Revenue Service (FIRS) and the Institute of Chartered Accountants of Nigeria (ICAN) Monday disagreed over proposed 10-year tax holiday for new companies in the country.

    The Senate began the move to alter the Company Income Tax Act (CITA), which seeks to increase pioneer status to new companies in Nigeria from five to 10 years.

    While FIRS strongly opposed the proposal, ICAN supported it.

    The FIRS noted that giving further incentive to companies would lead to loss of revenue to the country

    At a public hearing on the Company Income Tax Act (CITA), Chairman FIRS Babatunde Fowler, supported the current provision in CITA, which gives five year tax holidays to new companies.

    Using the telecommunications industry to back his position, Fowler submitted that five-year is ‘more than sufficient’ for investors to recoup their profit.

    He said, “When one looks at the telecommunications companies that were given incentives a lot of them actually did make profit before the pioneer status of the incentives even expired.

    “So, I wouldn’t like us to grant such incentives for a period of 10 years. We believe that 10 years is a very long time for any business not to generate profit. And I believe investors would have taken due recognition of their investments and the time that they expect for profit to be made.”

    Section 34 (a) of the proposal states that “A new company going into business where infrastructures such as electricity, water or tarred road are not provided by the government ‘ shall be exempt from tax for the first ten years of its operation.”

    According to the FIRS boss, most investors hardly invest in areas where they can’t make profit within five years of investment.

    But the Institute of Chartered Accountants of Nigeria (ICAN) differed.

    According to ICAN this would encourage entrepreneurs and existing companies to expand their operations.

    The Institute recommended that the proposal should also include existing companies going into a line of business where infrastructures are not provided by the government.

    ICAN President, Mallam Isma’ila Zakari said: “This is a welcome development that will encourage entrepreneurs to invest and expand their operations. However, this section should be amended to include existing companies. This would encourage existing companies to expand their operations so as to benefit from the incentives when they invest in such locations.

    “We recommend that the new section should read as follows: ‘A new or existing company going into business where infrastructures such as electricity, water or tarred road are not provided by the government shall be exempted from tax on its operation for the first five (5) years for existing company and ten (10) years for a new company’”.

    Senate President Abubakar Bukola Saraki, who inaugurated the public hearing said the bill will not only boost employment activities in the rural area but also provide employment opportunities for the teeming unemployed youths.

    “The proposed amendments will encourage investments in the industrial and mining sectors of the economy; especially in the rural areas where ordinarily it would have been unattractive to invest.

    “It is expected that when the CITA Bill is passed into law, economic activities that would be generated through tax moratorium assured by this Bill, will pilot the much canvassed employment opportunities for our qualified youths; and open up communities where these companies are sited,” Saraki said.

     

  • Lagos power generation initiative on course – Ambode

    Lagos power generation initiative on course – Ambode

    Lagos 3000MW power generation initiative on course–Ambode

    JGov. Akinwunmi Ambode of Lagos State  on Monday said his administration had embarked on reforms aimed at generating 3000 MW of power within the next few years.

    Ambode said this while declaring open the 7th Annual Public Lecture of the Lagos State Public Service Chapter (LSPSC) of the Institute of Chartered Accountants of Nigeria (ICAN).

    The theme of the lecture was  “Lagos at 50: Unlocking Its Economic Potentials for Sustainable Development.’’

    He said that the power initiative would go a long way in scaling up the state’s economy and making  life more comfortable for the people.

    Ambode said that adequate power supply was a key factor needed to unlock the economic potentials of the state, adding that the sector remained strategic in reducing the cost of doing business.

    He described the theme of the lecture as apt and in sync with the resolve of his administration to identify, explore and exploit the untapped potentials of the Lagos economy.

    Ambode also said  that was one of the reasons why the state government was adopting the approach of strategic, innovative and long term thinking and planning.

    The governor added that the most effective and efficient way to unlock the economic potentials of Lagos was to open up the economy for private enterprises  to thrive.

    Ambode explained that it was for this reason that his administration had been delivering first class infrastructure and putting in place right policies to ensure a business-friendly environment.

    The governor attributed the ongoing projects at the Eastern and Western axis of the state as well as Lagos Marina and Onikan to the resolve of his administration to unlock the tourism, entertainment and arts potentials of the state.

    “Our smart city initiative will help to ensure that the state is cleaner, safer, productive and then more resilient thereby making the state more attractive for Foreign Direct Investment.

    “Upon assumption of office in 2015, our administration created the Ministry of Wealth Creation and Employment and subsequently launched the N25 billion Employment Trust Fund and as at today, over 3000 entrepreneurs have benefited from the fund through access to low cost credit for their business.

    “Lagos State is also actively involved in the Development Agenda for Western Nigeria (DAWN), a body comprising of  all the South-Western States.

    “Through DAWN and other platforms, we are working on a collaborative development plan, a regional economic integration which will help to minimise some of our current challenges such as high immigration, infrastructure deficit and traffic congestion.

    “Government is committed to diversifying the Lagos economy and opening  it up to the world.

    “With the office of Transformation and Innovation, we are continually improving on the ease of doing business in the state.

    “Consequently, we are continually open to welcoming and partnering with international investors and development partners toward  achieving sustainable economic and social development,” he said.

    Ambode, who  said government alone could not implement all the reforms,  urged  accountants in the state’s  public service to see themselves as key stakeholders in bringing about the desired outcome.

    He charged them to be the best in their endeavours and help to strengthen the financial base of the state to facilitate execution of infrastructural projects vital to economic growth and development.

    Earlier, ICAN President, Mallam Isma’ila Zakari, described Lagos State as a typical example of sustainable development in Nigeria.

    He said that it was important for other states in the country to learn from the experience of the state and apply same to address their challenges.

    Zakari, who was represented by Dr Innocent Okwuosa, an accounting lecturer with University of Reading, UK, said: “Lagos is a shining example in Nigeria.

    “If every other state in Nigeria followed what Lagos is doing, perhaps all the issues confronting us as a nation would have been resolved.

    “Lagos has gotten human capital and good leadership exemplified by the accountant at the helm of affairs in the state.

    “Sustainable development is inclusive development and that is what Lagos is doing,”

    In his  address of welcome, the Chairman, Lagos State Public Service Chapter of ICAN, Mr Hakeem Tairu, said the lecture was significant coming at a time when the state was witnessing tremendous development.

    Tairu said that  development in the state was cutting  across all sections and sectors of its economy.

  • 3000mw power generation plan on course – Ambode

    3000mw power generation plan on course – Ambode

    Lagos State Governor, Mr Akinwunmi Ambode on Monday said his administration has already embarked on reform aimed at generating 3000MW of power within the next few years, adding that the initiative, which is on course, would go a long way in scaling up the State’s economy and make life more comfortable for the people.

    Speaking in Ikeja while declaring open the 7th Annual Public Lecture of the Lagos State Public Service Chapter (LSPSC) of the Institute of Chartered Accountants of Nigeria (ICAN) with the theme “Lagos@50: Unlocking Its Economic Potentials For Sustainable Development,” Governor Ambode said that adequate power supply was a key factor needed to unlock the economic potentials of the State, saying that the sector remained strategic in reducing the cost of doing business and improving the living condition of Lagosians.

    He described the theme of the lecture as apt and in sync with the resolve of his administration to identify, explore and exploit the untapped potentials of the Lagos economy, which according to him, was why the State Government was adopting the approach of strategic, innovative and long term thinking and planning.

    The Governor added that with high population growth of 3.2 per cent annually, high immigration rate estimated to be one of the highest in the world and rapid urbanization, the State Government was not oblivious of the fact that the most effective and efficient way to unlock the economic potentials of Lagos is to open up the economy for private enterprise to thrive, which was why his administration had been delivering first class infrastructure and putting in place right policies to ensure business-friendly environment.

    Besides, Governor Ambode attributed the massive projects ongoing at the eastern and western axis of the State as well as Lagos Marina and Onikan to the resolve of his administration to unlock the tourism, entertainment and arts potentials of the State which he said were also critical.

    According to the Governor, “Our smart city initiative will help to ensure that the State is cleaner, safer, productive and then more resilient thereby making the State more attractive for Foreign Direct Investment.

    “Upon assumption of office in 2015, our administration created the Ministry of Wealth Creation and Employment and subsequently launched the N25bilion Employment Trust Fund and as at today, over 3000 entrepreneurs have benefited from the fund through access to low cost credit for their business.

    “Lagos State is also actively involved in the Development Agenda for Western Nigeria (DAWN), a body comprising all the South-Western States. Though DAWN and other platforms, we are working on a collaborative development plan, a regional economic integration which will help to minimize some of our current challenges such as high immigration, infrastructure deficit and traffic congestion,” he said.

    Aside the regional collaboration, Governor Ambode said his administration has also entered into several partnerships locally and internationally, while the Lake Rice project which had been very successful is being taken to a new level with establishment of value chain for agricultural commodities like rice, groundnut, pepper, among others.

    “Our government is committed to diversifying the Lagos economy and open it up to the world. Through the office of Transformation and Innovation, we are continually improving on the ease of doing business in the State. Consequently, we are continually open to welcoming and partnering with international investors and development partners towards achieving sustainable economic and social development,” he said.

    While stating that government alone could not implement all the reforms, Governor Ambode urged accountants in the State public service to see themselves as key stakeholders in bringing about the desired outcome.

    He particularly charged them to be the best in their endeavors and help to strengthen the financial base of the State to facilitate execution of infrastructural projects vital to economic growth and development.

    Earlier, ICAN President, Mallam Isma’ila Zakari described Lagos State as a typical example of sustainable development in Nigeria, adding that it was important for other States in the country to learn from the experience of the State and apply same to address their challenges.

    Zakari, who was represented by Dr Innocent Okwuosa, said: “Lagos is a shining example in Nigeria. If every other State in Nigeria follows what Lagos is doing, perhaps all the issues confronting us as a nation would have been resolved. Lagos has gotten human capital and good leadership exemplified by the accountant at the helm of affairs in the State.

    “Sustainable development is inclusive development and that is what Lagos is doing,” Zakari said while assuring that the deliberations at the lecture would be properly documented and put into consideration by the Council.

    In his welcome address, LSPSC Chairman, Mr Hakeem Alade Tairu said the lecture was significant coming at a time when the State is witnessing tremendous development in all sections and sectors of its economy under the leadership of a former distinguished member of the chapter in person of Governor Ambode, who he described as a man with a Midas touch, a seasoned technocrat, exceptional leader and a seasoned accountant with a positive difference.

  • Landmark varsity, NIM collaborate to expand management training

    Landmark varsity, NIM collaborate to expand management training

    Prof. Aize Obayan, the Vice-Chancellor, Landmark University, Omu-Aran, Kwara says the Memorandum of Understanding (MOU) the institute signed with Nigerian Institute of Management (NIM) is to expand its frontier on management training.

    Obayan told the News Agency of Nigeria (NAN) in Omu-Aran, Kwara on Sunday that the collaboration would afford the university build the capacity of the students in line with global best practices.

    NAN reports that the MOU, which was formalised on May 30, was on Students’ Management Certification Programme.

    She said that the MOU would serve as one of the springboards for the actualisation of the university’s visionary path with respect to providing a strong base for the students and the institution as a whole.

    The university boss described NIM as a professional body of excellence which provided the platform for management training to the advantage of students upon graduation.

    “We want to say that very soon Landmark University will become the hub of university and management excellence when is mentioned globally,” she said.

    Obayan said that the institution had been re-assured of the commitment of NIM toward honouring the terms and reference of the MOU through its Registrar and Chief Executive, Mr Tony Fadaka.

    According to her, Fadaka has reiterated that the Students’ Management Scheme is mooted by NIM as a means of giving students in Universities and Polytechnics the opportunity to imbibe the ideals and values of professional management.

    “The opportunity, Fadaka maintained will be useful at the early stage of the students’ career development.

    “The NIM boss equally gave the assurance that the partnership will open up the university to the institute’s network of international organisations with increased benefits,” Obayan said.

    She disclosed that the university had recently signed similar MOU with association of Chattered Certified Accountant (ACCA) and at the same time gained full professional accreditation status from Institute of Chartered Accountants of Nigeria (ICAN) and Council for the Regulation of Engineering in Nigeria (COREN).

    “The Computer Professional Registration Council of Nigeria (CPN) recently conferred full accreditation status on the Computer Science programme of the university,” Obayan added.

  • Ambode’s making life worth living for Lagosians – Obasanjo

    Ambode’s making life worth living for Lagosians – Obasanjo

    Former President of Nigeria, Chief Olusegun Obasanjo on Friday evening showered encomium on the Governor of Lagos State, Mr Akinwunmi Ambode for his administration’s programmes and policies at improving the lives of the people of the State.

    Speaking at the 2017 Annual Dinner and Awards of the Institute of Chartered Accountants of Nigeria (ICAN) in Lagos, the former president said he had taken notice of the developmental strides of Governor Ambode, which according to him, are geared towards making life more comfortable for the people.

    “I can see the little things you are doing here and there to make life worth living for the people of Lagos. Keep it up,” Obasanjo said to the Governor.

    While urging the Governor to sustain the good work he was doing, he stressed the need for the country to do more on ensuring an enabling environment that would boost investors’ confidence to do business in Nigeria.

    According to the former president who was also an award recipient, “There are great opportunities out there, as government we need to create ways for investments and conducive conditions for investments to thrive”.

    On his part, State Governor, Mr. Akinwunmi Ambode, who also received an award described it as a crowning moment for his career, adding that reaching the pinnacle of his career 30 years after becoming a chartered accountant- a feat he noted as a dream come true.

    Governor Ambode, who took time to recall his early days and his quest to become an Accountant, said he was determined to work hard to become one.

    “If there is any award that has meaning to me, today’s award is a crowning moment for me, my story and my career.

    “When I was about 12 years old, I had an encounter with one of my Dad’s friends who was an Accountant. He asked me what I wanted to become. I told him I wanted to be an Accountant and he said “You? You can’t be an Accountant.” He must have said this because I used to be very playful.

    “That night, as I went to bed, I told myself that I will be the best of all Accountants. I determined to work hard to achieve this. At the age of 21, I graduated with a B.sc in Accounting from UNILAG.

    “Exactly, 30 years ago, at the age of 24, I became a Chartered Accountant and completed my Masters Programme in Accounting. I have practiced Accounting as a Chartered Accountant for 30 years. 30 years after my qualification, this great Institute has recognised me with the highest merit award, the highest achievement of my career,” Ambode said.

    While alluding to the fact that his career success was as a result of his resilience to become an Accountant and achieve his life goal, the Governor said he had made up his mind to give back to humanity for the rest of his life.

    “I want to use this platform to encourage others to be resilient. Never give up on your ambition. Stay on your conviction. You will never go wrong. We can all learn from the motto of the Institute – Accuracy and Integrity,” Ambode said.

     

  • Accountability will take Nigeria out of recession – Amosun

    Accountability will take Nigeria out of recession – Amosun

    The Ogun State Governor, Ibikunle Amosun on Tuesday said that the quickest way out of the recession in the country is accountability.

    He pointed out that everything will collapse if all Nigerians in different fields are not held accountable with what they do.

    The governor spoke on the topic ‘Accountability, A collective Responsibility’ during the Institute of Chartered Accountants of Nigeria (ICAN) 46th Annual Accountants’ Conference in Abuja.

    The governor said: “If we have to quickly get out of the recession we found ourselves, we all must be accountable.

    “If we are not going to be held responsible for our actions, then everything will collapse.

    “We must be ready to adhere to world best practices.” He added
    Noting that the ICAN has been up and doing, he pointed out that not all Nigerians have been following the accountability norm.

    Presently, he said that the private sector is doing more accountability than the public sector.

    Even though Nigeria is facing tough times, he said that Nigerians must be ready to face the challenges.