ICAN Submits Recommendations to FG on NDDC, EFCC Probes


By Olawale Ajimotokan

The Institute of Chartered Accountants of Nigeria (ICAN) has tabled recommendations to the federal government on the going public investigation of the Niger Delta Development Commission (NDDC) and the Economic and Financial Crimes Commission (EFCC).

The 56th President of ICAN, Mrs Onome Joy Adewuyi made the disclosure yesterday when she led the Governing Council on a courtesy call to the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha.

She noted that the institute, having closely followed the public investigation of the NDDC, in September compiled and sent its comments and recommendations to the SGF’s office.

According to her, ICAN recommended the improvement in internal audit function and staffing of the NDDC in addition to more efficient fund management and monitoring of the projects being carried out by the commission.

She noted that the International Public Sector Accounting Standards Board (IPSASB), the world public sector standard setter, is also considering incorporating monitoring in its public sector standards (Exposure Draft 72).

ICAN similarly recommended to the federal government to review of the enabling Act as well as look at the qualification of the prospective Chairman of EFFC before appointment, in addition to placing emphasis on the training of key and core staff notably those in its Internal Audit Unit.

“As more businesses are conducted in the virtual space, it behoves the commission to ensure their staff have the requisite skills to ensure the resources of Nigerians and investors within Nigeria are safe in cyberspace,” Adewuyi said.

She also sought the maximum support and corporation from Ministries, Departments and Agencies (MDAs) in the application of several annual exercise, including the ICAN Accountability Index (ICAN AI), which is recognised as a powerful tool for measuring Public Financial Management (PFM) practices across the three tiers of the Nigerian government.

The ICAN president also urged the federal government to approve a licence in no distant future for the establishment of International University of Management, Nigeria, which the Institute wants to establish to provide top-notch management courses for aspiring Nigerian citizens and also as part of intervention to plug the gaps in accounting and finance education in the country.