Accountancy Services

Governor Muhammad Inuwa Yahaya of Gombe state has approved the appointment of Umar Babagoro Bello as the new Accountant-General of the state with immediate effect. The appointment was contained in a statement issued to newsmen on Monday by Yakubu Mamman, on behalf of the Head of State Civil Service, Alhaji Bappayo Yahaya. Babagoro, who was a Director for several years at the Treasury House, the office of the Accountant General of the state, was recently promoted to Permanent Secretary by Governor Yahaya.  A graduate of Accounting from Kaduna Polytechnic; he previously worked at the National Orthopaedic Hospital, Dala in Kano state and the Federal Medical Centre, Gombe. Babagoro later transferred his services to the state government and joined the treasury department. Meanwhile, the head of service has reshuffled twelve permanent secretaries in the civil service. The affected permanent secretaries are: Barrister Obel Yaji from Ministry of Metropolitan Development to Agriculture; Usman Sambo Abubakar, Deputy Governor’s office to Land and Survey; Mohammed Salisu Waziri, office of the Head of Service to Metropolitan and Urban Development; Adamu Musa Kumo from Special Duties to Information; Laraba Ahmed Kawu from Health to State Pension Bureau and Zainab I. Haruna from State Pension Bureau to Health. Others are: Ibrahim Sulaiman from Ministry for Local Government to Animal Husbandry and Nomadic Affairs; Mohammed Manu Malala from Trade and Industry to Local Government; Sule Bappaji from Rural Development to Education; Musa Umar Sani from Local Government Service Commission to Deputy Governor’s office; Benjamin Wabida from Housing and Transport to Rural Development and Muhammad A Umar from office of the Head of Service to Government House.   Source: Daily trust  

The Institute of Chartered Accountants of Nigeria has again accredited the Accounting/ Accountancy programme of Moshood Abiola Polytechnic, Abeokuta (MAPOLY). ICAN certificate dated 10th May, 2019 which was presented to the Rector of the Polytechnic, Dr. Samson Adeola Odedina, certified that MAPOLY has fulfilled all the requirements by the Institute for the accreditation of Accounting / Accountancy programmes in the tertiary institution. According to the Director, School of Business and Management Studies, MAPOLY,  Dr. Oluwakemi Oyefesobi who led the Head of Department and other lecturers in the department to present the certificate to the Rector said the accreditation, which is for three sessions, was based on adequate teaching facilities and qualified lecturers mostly fellows of the ICAN who are in the ranks of the academic staff of the Polytechnic. By this accreditation, graduates of Accounting from Moshood Abiola Polytechnic, Abeokuta (MAPOLY) will only have to sit for two instead of four stages of the ICAN professional examinations. In the same vein, three students of Accountancy Department of the Polytechnic; Osifola Stella Tolulope, Imoleayo Michael Joseph and Udeh Emmanuella Ijeh were qualified as Chartered Accountants in the final year of their studentship in the last diet. The Director, SBMS, confirmed that it has been the culture of the department to produce Chartered Accountants at every diet of ICAN professional examination. The Rector, on behalf of the Management, has since congratulated the the students for their success in the professional examination and wish them well in their future endeavours.   Source: The News

The new President, Association of National Accountants of Nigeria (ANAN), Prof. Muhammad Mainoma, has urged the Federal Government to improve the pace of implementing the Economic Recovery and Growth Plan (ERGP), as the country’s full recovery from recession rests on this. Mainoma, who said during his inauguration as the11th President and Chairman of Council of ANAN, recently, expressed optimism that with the favourable outlook in 2019, resulting from the rising crude oil price, growth in external reserves, declining inflation, and GDP growth, there is hope that these would translate to sustainable economic development. Using his name as an acronym, the new president said it was with a determination to consolidate on the attainments by Making Accountants in Nigeria Ordinarily More Attractive (MAINOMA). He equally urged ANAN members to exhibit characters of proficiency, respect, objectivity, fairness, education, selflessness, service and integrity, organisation, networking, ability, learning, image, standardisation and methodological, which he termed as Professionalism. Under his watch, Mainoma said the council would work with other professional accounting organisations (PAOs) to form a joint accounting body, as formidable platform for advising the government, noting that the Federal Government’s National Anti-Corruption Strategy (NACS) needs the support of PAOs in Nigeria. “PAOs must work alongside government, regulators, law enforcement and international bodies to combat corruption, tax evasion, money laundering and to strengthen transparency and accountability programmes,” he said. While commending efforts in institutional and governance reforms, he said ANAN would partner with the three tiers of government to enhance fiscal transparency and accountability governance. During the ceremony, a new ANAN logo as well as its training arm, Nigerian College of Accountancy (NCA) Jos, was unveiled. In his valedictory address, the immediate past president, Shehu Ladan, listed some progress made to uplift the association and its members.   Source: Guardian

MAZI Nnamdi Okwuadigbo has emerged the 55th president of the Institute of Chartered Accountants of Nigeria, ICAN, pledging to support government at all levels with recommendations that would facilitate the process of economic growth and development, especially in the management of public resources. Speaking at his investiture in Lagos, Okwuadigbo who until his appointment was the immediate past vice president of the association, said ICAN is a key player in the country’s economic value chain which is why it would not shy away from lending its voice to critical social, economic, educational and professional issues that would emerge in the country in the course of the year. He said: “We shall continue to provide robust contributions to various relevant bills from the National Assembly. We shall engage governments at all levels intensively on pertinent burning national issues. “As a profession and an institute, we will continue to offer constructive advice to all tiers of government in our efforts to promote the culture of professionalism in the management of public resources, thereby facilitating the process of economic growth and development. “However, as seasoned professionals who are relied upon by players in the economy in their business decision-making processes, we must raise the profile of our contributions to public policy processes beyond the submission of solicited or unsolicited memoranda to the various arms of government. “We shall sustain with vigor of the Accountability Index (AI) project. Initial feedback has shown the remarkable impact of the project to national governance. “As seasoned professionals, we must, in words and actions, remain the foe of deceits and champion of honesty. We must be prepared to support our members to ensure that they continually render value-laden services to clients, employers and the society at large in strict conformity with the ethics of our profession.   Source: Vanguard

The Chartered Institute of Taxation of Nigeria (CITN) has begun the distribution of its stamp and seal to its certified members, just few months after it emerged that tax returns without the institute’s authentications would be rejected. The presentation marks the full kick off of the implementation of the new directive that all tax returns to the Federal Inland Revenue Service must bear the stamp and seal of the institute, showing that declarations have been certified by a professional tax practitioner. The President of CITN, Chief Cyril Ede, in an interview with The Guardian, said the stamp and seal presented to deserving members stand as an appointment, acknowledgement and authority of the institute to practice taxation in the country. They will use it to certify all the tax jobs they have done, as well as part of efforts to contain quackery, because the seal cannot be given to people who are not certified by the institute. Noting that FIRS is deeply interested in effective taxation in the country, he pointed out that the move has the support of FIRS, although the agency is mainly for tax administration, while CITN is for tax practice. “They know that CITN is their body. The Chairman of the board of the FIRS knows that CITN is the body of tax administrators and practitioners and they respect what we are doing. “They send their people here for training and certifications, help us organise our conferences and for the government. It has been established that it is only the seal of CITN that actually should be used in tax returns, although some people are still contesting it. “This institute is the only one certified by law and to control taxation profession in all its ramifications. So, we are battling it with the people who are protesting, who think that we shouldn’t be given that alone. In England, the practice of taxation derives authority from the institute of taxation. We have been doing our best to let everyone know. “We look forward to seeing genuine tax professionals and those who represent the institute and they will also be recognised because tax is taking a very wide dimension in Nigeria, Africa and the world at large. “The government has also realised that taxation is the backbone of the nation. No matter what it gets from oil, none of them can be steady as taxation and it can never be replaced by anything because from time immemorial tax was there. “What we are doing is to refine the system and the process and to make sure that taxation is done in a civilized way and that people understand because once you know that tax is a must, the best thing for you is to learn it and do it very well,” he said. While the institute’s yearly tax conference has come and gone, the tax expert said the body is now pressing the government to ensure that tax issues are appropriately stated in the nation’s fiscal plans. “We have difficulties because tax laws are not reviewed for years. In fact, since the return to civil rule, only two times have the tax laws been adjusted. So, we want tax to be reviewed and tax to be included in a proper budget process so that each year, everybody will know what is on the table for tax and the government itself. “Tax is law and you cannot impose any tax without passing a law on it. So the best way we suggested is to include it n the annual budget so that once you pass the budget, you pass the tax law that will reign for that year. “Because tax is very dynamic, it cannot be left to last for a very long time, as taxation goes with the prevailing economic environment. So, if you are doing it on a yearly basis, you will be capturing the environment and the economic situation of the country and then you will be able to ensure that the tax is effective,” he added.   Source: Guardian

The Institute of Chartered Accountants of Nigeria (ICAN) has accredited National Diploma (ND) and Higher National Diploma (HND) programmes in Accountancy being run by the Abubakar Tatari Ali Polytechnic (ATAP) Bauchi. The Dean, School of Management Studies of the polytechnic, Dr Hafiz Baba who announced this, said this would enable students of Accountancy of the institution to enjoy a waiver while registering for ICAN examination. The Dean added that, ATAP is now in consultation with ICAN headquarters in Lagos for the opening of an examination centre in Bauchi where students can sit for the professional examination. Dr Baba added that following the accreditation other professional bodies like Nigeria Society of Engineers and the Institute of Quantity Surveyors have visited the polytechnic for final accreditation. He further disclosed that the polytechnic had been accredited to run National Diploma in Taxation after meeting all the requirements of professional bodies. According to him, the polytechnic now runs 46 fully accredited National Diploma and Higher National Diploma courses, 18 NCE courses and eight degree programmes in affiliation with ATBU, Bauchi.   Source: Daily trust

The Institute of Chartered Accountants of Nigeria (ICAN) has issued certificate of recognition to Abubakar Tatari Ali Polytechnic (ATAP) Bauchi for its National Diploma and Higher National programmes in Accountancy. The Dean, School of Management Studies of the polytechnic Dr Hafiz Baba made the disclosure on Tuesday  while speaking with newsmen in his office. With this development, according to Dr Hafiz national diploma and higher national diploma students of Accountancy of the institution can now enjoy a waiver while registering for ICAN examination. The Dean said ATAP is now in consultation with the ICAN headquarters in Lagos for the opening of a centre in Bauchi where students can sit for the professional examination. Similar news  Gov Bello pledges human capital Devt, youth empowerment in second term Dr Hafiz Baba said following the accreditation of professional courses in the polytechnic, many professional bodies like Nigeria Society of Engineers, Institute of Quantity Surveyors, Nigeria Institute of Accountancy and ICAN have all visited the polytechnic to give their final professional accreditation and identify themselves with the institution. He further disclosed that the polytechnic had been accredited to run National Diploma in Taxation after certifying all the requirements of professional bodies. Dr Hafiz commended the Rector of the polytechnic Dr Suleman Muhammed Lame for his efforts towards uplifting the institution to greater heights. According to him, the polytechnic now runs 46 fully accredited National Diploma and Higher National Diploma courses, 18 NCE courses and 8 degree programmes in affiliation with ATBU Bauchi.   Source: Blueprints

A former president of the Institute of Chartered Accountants of Nigeria (ICAN), Otunba Abdul Lateef Owoyemi, has called on the Central Bank of Nigeria (CBN) to devise strategies to reduce interest rate in the country, adding that the cost of accessing facilities in the country was too high. Speaking on second term given to Mr Godwin Emefiele as CBN governor, the accountancy guru said that the interest rate in the country is too high to allow people to engage in productive activities. Speaking in an interview with at the weekend, Owoyemi, who is also the chief executive officer of LOP Consultants, said that only those who want to engage in short-term and speculative business can afford to take facilities at the prevailing rate in the country. According to him, “In countries where productivity is taken seriously, the interest rate is one or two percent and this allows small business owners and others who want to engage in productive ventures to do so. In Nigeria, the interest rate is so high that only a few productive activities can take place. What do we want to do with the money? We should be interested in what money can do for the economy in the interest of Nigerians,” he said. Owoyemi argued that if the interest rate were brought down, manufacturers and others would be able to borrow money for productive ventures, adding that the country would be a better place for it.   Source:  Independent

The Institute of Chartered Accountants of Nigeria (ICAN) has lauded the pioneering roles being played by the pan-African conglomerate, Dangote Group in shaping the economy of Nigeria for the betterment of Nigerians and the benefit of other African countries. The Institute praised the management of the company for the giant strides it has been undertaking in manufacturing business to make the country self-sufficient in a number of commodities that would have otherwise made the nation spend huge foreign exchange in importing. President of the institute, Razak Jayeola, made these remarks when led the executive members of the body to the Lagos head office of the company on a courtesy visit. He said the company has become a pride of Africa in its trail blazing efforts in manufacturing businesses like cement and sugar which had hitherto caused the country huge foreign exchange to import for which the nation is now self-sufficient and even now exporting. Jayeola also alluded to 650,000 bpd refinery currently under construction which would also save Nigeria foreign exchange which is presently being spent on importation of petroleum products. The institute particularly praised the ingenuity of the management led by Mr. Olakunle Alake, saying “It shows from all indication that he has skills laced with strategy with which he has been steering the company to profitability. “Dangote Group is a pride of Africa, its contribution to job creation is unquantifiable Nigeria has achieved self-sufficiency in cement and sugar through the efforts of the company, Nigerians can’t thank you enough,” the ICAN boss stated. He also explained some of the challenges being faced by the Institute and efforts being made by his leadership to turn things around, disclosing that the institute has commenced stakeholder’s  to address its challenges. Jayeola explained that his leadership was looking towards application of information technology for accounting purposes and that an accounting technology conference has been scheduled as a start up towards the use of technology in accounting. In his response, the group managing director of Dangote Industries Limited (DIL), Mr. Olakunle Alake, who was also with some management members as well as some staff who are ICAN members, showered accolades on the ICAN leadership for its foresight and orderly manner it organizes institute. Alake explained that DIL is a quality organization that is always in search of quality which was why it company has a large number of ICAN members as staff. According to him, “ In Dangote, we are always trying to grow the economy and we believe that for the economy to grow, you must create jobs. A key element to be a producing nation, we must create a cycle of wealth. That is why we invest and reinvest. “In Dangote, we do not keep our dividends we use it for more investments, any nation that must grow must create jobs, that is why we touch people’s lives positively, we create wealth through job creation.” Alake challenged the government to look into wealth creation for Nigerians through massive job creation.   Source: Leadership