Stakeholders Challenge Sections of ICAN Act Amendment Bill at Senate Public Hearing

Stakeholders in the financial sector have expressed concerns over certain sections of the bill seeking to amend the Institute of Chartered Accountants of Nigeria (ICAN) Act during a Senate public hearing held on Thursday in Abuja.

The bill, sponsored by Sen. Solomon Adeola, aims to modernize the ICAN Act to reflect changes in Nigeria’s professional accounting environment.

The stakeholders, including representatives from the Chartered Institute of Taxation (CITN), the Association of National Accountants of Nigeria (ANAN), the Chartered Institute of Secretaries, the Chartered Institute of Bankers of Nigeria, the Financial Reporting Council of Nigeria, and the Nigeria Institute of Management (NIM), raised objections to sections 15, 22, and 28 of the amendment bill.

They argued that these sections were designed to take up regulatory functions of other similar professional bodies in the country, making the bill self-serving.

Mr. Samuel Adegbeluyi, President of the Chartered Institute of Taxation of Nigeria (CITN), stated that the proposed legislation would encroach on the jurisdictions of other professional bodies.

Mr. Adedoyin Olumide, Registrar of the Chartered Institute of Treasury Management (CITM), pointed out that the bill’s scope could lead to conflicts with existing laws and professional standards, potentially undermining the professional integrity of other specialized bodies.

ICAN President, Chief Davidson Alaribe, defended the amendment, stating that it was intended to model the ICAN Act to meet global best practices and standards in accounting practice. He urged stakeholders to support the amendments sought in the bill.

Senate Committee Chairman on Establishment and Public Services Matters, Sen. Cyril Fasuyi, assured stakeholders that their views would be analyzed and presented for consideration.

Senate President Godswill Akpabio, represented by Senate Majority Whip Mr. Onyekachi Nwaebonyi, emphasized the importance of ICAN’s role in the economic development of the nation and urged all participants to ensure their contributions promote the economic development of Nigeria.

The public hearing provided a platform for stakeholders to voice their concerns and suggestions regarding the ICAN Act amendment bill, highlighting the need for collaboration and clear boundaries between professional bodies to avoid regulatory conflicts and promote ethical standards of excellence in accounting practices.