ICAN President: We Will Not Remain Silent in Face of Nigeria’s Mounting Challenges

•To establish think-tank to take charge of institute’s position papers on national issues

Dike Onwuamaeze

The new President of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Iweka Okwuosa, has pledged that the institute would not remain silent in the face of socio-economic challenges threatening the country’s national existence and cohesion.

Okwuoa stated clearly that in spite of its apolitical nature, ICAN would begin to let its voice to be more audible and clear in its intensity, depth and breadth as it pursues its public interest mandate with greater vigour and determination.

He made this pledge yesterday, in Lagos, during his investiture ceremony as the 59th President of ICAN, where he declared that he would use his tenure to chart a deserving future for ICAN that its members and other stakeholders desired. 

He was elected the president of ICAN on May 31, 2023, by the members of the governing council of the institute.  

Okwuosa said: “Our voice as an institute will be more audible and clear in its intensity, depth and breadth. We will pursue our public interest mandate with greater vigour and determination. We will advocate for and promote accountability, transparency and good governance within public and private institutions given our belief in the building of strong institutions.

“As we are aware, social, political, and economic indices in the country are worrisome, with the high rate of unemployment and inflation rate, insecurity, rising poverty, debt burden, brain drain, scarcity of foreign currency, oil theft, infrastructural deficit, high cost of governance and so on. Above all clean energy transition has become a burning issue impacting locally.

“The challenges are myriads, but we believe they can be solved with appropriate policies, programmes, and effective and efficient deployment of human and material resources.

“As professionals, we will not volunteer silence in the face of these seeming threats to our national existence and cohesion. ICAN is apolitical, but our strategic management and technical skills can help rebuild the socio-economic fortune of the nation.”

He stated boldly that ICAN has made its mark in the country in terms of its intelligent and professional contributions to national discourse, budgeting, financial planning, and policy formulation, saying, “we will raise the bar this presidential year by making more significant contributions on relevant accounting, finance, and economic issues. A think-tank of the institute will promote thought leadership and take charge of the production of the institute’s position papers on national issues.”

Okwuosa added that ICAN’s Accountability Index that was developed to promote high quality public finance management would be expanded to include the coverage of the private sector of the Nigerian economy. 

“Whereas our previous accountability and transparency has focused on public sector through the ICAN’s AI, this year, we will expand on this to private sector.

“We will partner with the NGX Regulation Ltd to introduce corporate reporting award among listed companies in Nigeria. “This will further promote the adoption of integrated thinking in corporate reporting whereby corporations imbibe best practices in volunteering sustainability and financial information for investors which will help unlock capital in the Nigerian capital market,” he said.

The president of ICAN also said with the experiences of the other 29 wise men in council of ICAN, “we will chart a deserving future for ICAN – a future that members and other stakeholders’ desire. We will not bask in the euphoria of our past achievements and forget the task ahead of us – the task of decisively reshaping the future of the profession, through purposeful leadership, well-thought-out decisions, and conscientious actions.”

He added: “Your Excellences, professional colleagues, ladies, and gentlemen, I, therefore stand before you today to declare that I, Dr. Innocent Iweka Okwuosa, humbly accept my election as the 59th president of the ICAN.

“I do this with all sense of responsibility and full appreciation of the demands of the office. With God and your support, this presidential year will witness unprecedented achievements.”

Okwuosa said the leadership of the ICAN under his watch had chosen to place ICAN on a new trajectory after a painstaking analysis of the state of the nation and the profession.  

He said: “Surely ICAN will be on a new trajectory this presidential year. There will be better communication and relationship among all stakeholders within ICAN. This will provide a solid foundation for ICAN to be on a new trajectory.”