ICAN

Abuja, Oct  10, 2023: The Institute of Chartered Accountants of Nigeria (ICAN) says it is willing to sign a Memorandum of Understanding (MoU) with the Ministry of Power to provide affordable power supply.

Mr Bolaji Tunji, Special Assistant on Media to the Minister, made this known in a statement in Abuja on Monday

Tunji said that the President of ICAN, Mr Innocent Okwuosa, made this known when the institute visited the Minister of Power, Mr Adebayo Adelabu in his office.

He said the ICAN team also came to inform the minister of its upcoming 53rd conference.

Okwuosa said that the numerous challenges facing the power sector over the years had hindered the ability to provide reliable and affordable electricity to citizens and businesses.

He said that addressing those challenges required a comprehensive and sustained effort from both the public and private sectors.

“ It is essential to create a conducive environment for investment and establish clear policies, with recognition and focus on the power sector as the driver of economic growth,” he said.

Okwuosa said that ICAN had a working group called “ICAN Technical Committee on Power Sector’’, adding that the committee was ready to partner with the ministry to provide reliable supply.

According to him, the objective of the committee is to support government in achieving the objective of affordable and clean energy as well as efficiency in the operation of the power sector in the country.

“One of the ways chartered accountants can support the ministry is through financial assessments of the financial viability of sustainable energy projects such as renewable energy investment or energy efficient technologies,” he said.

He also promised that the institute would support the ministry through capacity building for members and other stakeholders within the value chain.

“ It will also provide intervention that will support the ministry through proper appraisal of low interest loans, grant facilities to entities within the energy sector,” he said.

On his part, the Minister of Power, Mr Adelabu described the theme of the conference, Nigeria: Imperatives for inclusive development, as apt and timely.

The minister harped on the need for a comprehensive, national inclusive development for the country rather than developing in silos.

According to him, a national inclusive development is one that will benefit all segments of the society, especially those who are marginalised or disadvantaged.

“It involves policies and initiatives aimed at reducing income inequality, providing equal access to opportunities and improving the overall wellbeing of citizens.

This is “regardless of their socioeconomic background, gender, ethnicity or other factors.

He said that was what the country needed at this time – development that is multi-sectorial, multi-tribal, multi-class and multi-status,” he said.

The Institute of Chartered Accountants of Nigeria (ICAN) on Thursday emphasised the need to address hyper inflationary pressures, brain drain and other macroeconomic challenges besetting the country.

Mallam Tijjani Isa, president, ICAN, said this at a press conference to commemorate the annual International Accounting Day 2022.

Isa said the advice had become imperative as economies across the world were facing trying times.

He noted that global challenges had become heightened with developments such as Russia-Ukraine war, climate change, increasing consumer prices, contractions in Gross Domestic Products(GDP), trade wars, political tensions, among others.

Isa said at country level, several socio-economic imbalances were biting hard on citizens, with inflation at its highest in 17 years amidst declining purchasing power of citizens.

“To successfully address the problems of inflation, Nigeria must adopt both short and long-term measures,” he said.

The ICAN president stressed the need to revitalise the textile and agricultural sectors with modern technology and adequate financing to meet up with the country’s textile and food demands, and also for exportation purposes.

Addressing the plans to redesign some of the country’s currency, Isa charged the Central Bank of Nigeria (CBN) to consider the views of various stakeholders.

This, he explained, would ensure that critical issues such as the cost of designing and printing the new currency notes, the timing of the policy, the policy’s likely impact on inflation and exchange rates were satisfactorily addressed.

He stressed the need to find a permanent solution to the foreign exchange crisis if the country was to develop at the desired pace.

On brain drain, he noted that while the phenomenon was not peculiar to Nigeria, deliberate steps must be taken to stem the tide.

“Unfortunately, the quality of our certification makes our members more desirable for jobs outside our shores.

“The weak socio-economic environment of our dear nation has not made it easier to persuade our local talents to stay.

“We, therefore, encourage managers of our economy to create an enabling business and regulatory environment that would elicit professionals’ interests in staying back to build our nation,” he said.

According to him, ICAN is contributing its part in developing the entrepreneurial skills of its members.

“However, an enabling environment is required for professionals to deploy their full potential in job creation and employment generation,” he said.

Addressing the International Accounting Day event, Isa emphasised the need for accountants to take regular walks and eat healthily to tackle some health challenges.

This, he said, would enable them carry on with their unique roles in national and global economy.

“The profession has evolved since 1494 and accountants are globally acknowledged for the great work they do to make businesses thrive, support the economy, and help people navigate the complexities of finance.

“Accountants are the conscience of society and with this unique responsibility, we lead in entrenching responsible governance in the public and private sectors.

“We champion effective public financial management system as well as best practice in corporate governance, provide indispensable advisory functions to economic players and invaluable information to guide investors.

“Indeed, our expertise is central to the achievement of a prosperous and safe planet,” he said.

He stressed the need for early adoption of the International Sustainability Reporting Standards to unlock the flow of capital into Nigeria for an effective transition to a sustainability-based economy.

Isa noted that at the United Nations Climate Change COP27 Conference in Egypt, the surplus of confusion and deficit of credibility over net-zero assets of non-state entities was discussed.

This, he said, was in sync with the resolutions made at the 52nd Annual Accountants’ Conference that public sector entities must include sustainability activities in their reports as solutions to human challenges of poverty, financial inclusion, inequality and climate change.

He stated that the institute was positioned to ensure that the required competencies were built in this regard.

President Muhammadu Buhari says professionals in various fields, especially accounting, provide the strength and framework for thriving economies.

The president stated this when he received a delegation from the Institute of Chartered Accountants of Nigeria (ICAN) led by the President, Mrs Comfort Eyitayo, at the State House, Abuja, on Friday.

Buhari noted the contributions of the institute in ensuring probity, accountability and transparency, urging more diligence and professionalism.

He therefore assured that his administration would continue to engage experts to gain measurable and reliable results.

“Having served as a military Head of State and returned to politics to serve as a President, after losing three elections, I have seen the system of accountability in the country, and the mess to be cleaned up,’’ he said.

While describing ICAN as a “social stabiliser” of the economy, the president said he would go through reports and recommendations of the institute on inclusivity and strengthening the nation’s accounting system for growth.

In her remarks, the Minister of Finance, Zainab Ahmed, congratulated the President of ICAN and the new management.

“As a female President in a male dominated environment, you are an example to our young girls of what can be achieved through diligence and excellence,’’ she said.

The minister noted that ICAN had, over many years, played a key role in the domestication of some international policies in the country, urging more interest in Finance Act implementation.

The president of ICAN appreciated Buhari and his administration in adhering to best accounting principles and practices to secure and revive the economy, particularly reverting to the January to December budget calendar.

Eyitayo said the institute had established seven faculties to train accountants in specialised fields, which include forensic accounting.

According to her, Forensic Accounting, working with security outfits, could be used to reduce the security challenges facing the country by tracking all monies used in committing crimes and payments.

The ICAN president pledged to keep supporting the nation building efforts of Buhari and his administration, especially in sensitisation on monetary policies and taxation.