The Institute of Chartered Accountants of Nigeria (ICAN) has called on the government to address the proliferation of professional bodies in the country, noting that the trend could weaken standards in the accounting profession if left unchecked.
The appeal was made during the commemoration of ICAN’s 60th anniversary in Lagos on Monday where ICAN President, Haruna Yahaya, described the development as a disservice and urged government to intervene.
“It’s a great challenge to the Institute, and it’s going to be a disservice for us if we don’t speak against it. We will try to maintain our own standard, and we call on government to stop proliferation of registering professional bodies,” he said.
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He also emphasized that Nigeria needs more chartered accountants to support its expanding economy. Yahaya noted that the Institute had grown from just 250 members at inception in 1965 to more than 67,000 chartered accountants and over 35,000 accounting technicians today. He said the progress, though remarkable, was still not enough.
“Nigeria needs more chartered accountants. The Institute has continued to induct certified chartered accountants over the years whose impact we have widely felt on the economy of Nigeria. There is need for more. The Institute has widened its scope and strengthen its certification process in line with global standards,” he added.
He stressed that ICAN’s values of accuracy and integrity had remained central over the decades. “Numbers never lie. It is people that produce the numbers that lie. So in our own case, integrity will make us not to lie about the numbers.
We produce the numbers as it is, and that’s why accuracy and integrity go hand in hand in our daily activities,” he said.
On the role of accountants in governance, Yahaya highlighted the impact of the ICAN Accountability Index, endorsed by the World Bank and the Pan African Federation of Accountants (PAFA), in promoting responsible public financial management. “That alone puts some state governments on check, so that they will be able to render services to the populace and give dividends of democracy,” he noted.
He further pointed to the establishment of the ICAN-SMP Academy to empower small and medium practitioners (SMPs) to serve SMEs effectively. According to him, this will help strengthen businesses that are the backbone of Nigeria’s economy. “Most of our SMEs cannot afford to hire the big four auditors to audit their books. So we are upscaling the SMPs, Small and Medium Practitioners, to render effective service to the SMEs,” he said.
Yahaya also highlighted efforts to attract younger generations into the profession through the Catch Them Young initiative. “Every district society gives a report of how many schools they have visited, how many people, how many students have registered for our exams. We are establishing accountancy clubs in universities, polytechnics, and even major secondary schools,” he explained.
He added that ICAN was equipping members to adapt to global trends in digital transformation, artificial intelligence, and sustainability reporting through specialist faculties and continuous professional development programmes.
The Institute honoured founding fathers, including the late Chief Akintola Williams, for establishing a profession rooted in integrity. “We are architects of accountability, partners in governance, and champions of transparency,” he stated, urging government, business leaders, and the public to collaborate in building a future founded on these values.
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