Leading professional accounting body, the Institute of Chartered Accountants of Nigeria (ICAN), has called on President Bola Ahmed Tinubu to populate his cabinet with chartered accountants.
In a press statement, ICAN emphasized the vital role that chartered accountants play in ensuring proper accountability and effective public governance.
ICAN commended President Tinubu for his bold economic policy reforms, including the removal of fuel subsidies and the unification of the exchange rate. The organization also lauded his support for clean energy transition, which it views as a move towards energy justice and a means to reduce the country’s debt exposure.
ICAN particularly appreciated the president’s consideration for low-income individuals in these reforms.
However, ICAN urged President Tinubu to prioritize the appointment of more chartered accountants in his cabinet. The organization cited empirical evidence that organizations with a higher number of chartered accountants outperform those with fewer accountants in terms of service delivery and financial performance. Examples drawn from Zenith Bank, the Federal Inland Revenue Services (FIRS), and the Lagos State government further support this correlation.
ICAN believes that the President’s administration will experience greater performance success by engaging more chartered accountants. Specifically, ICAN called for a Minister of Finance who is a chartered accountant, economist, combining qualifications in both accounting and economics.
The press statement emphasized that ICAN chartered accountants possess a wide range of expertise, including economics, engineering, medicine, architecture, political science, and religious leadership. By ensuring accountability within each cabinet member and their ministry, ICAN believes that corruption will be minimized, governance will be improved, and Nigerians will reap the benefits of democracy.
Notably, President Tinubu, an accountant himself, is well-positioned to understand and appreciate the significance of ICAN’s recommendation.
Innocent Okwuosa PhD, FCA, President of ICAN, released the statement highlighting the importance of chartered accountants in public governance and calling for their increased inclusion within President Tinubu’s cabinet.
