THE INSTITUTE OF CHARTERED ACCOUNTANTS OF...

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

2016 Annual Report & Financial Statements

2

Vision StatementTo be a

leading global professional

body.

Mission Statement

To produce world-class chartered

accountants, regulate and continually

enhance their ethical standards

and technical competence in the public

interest.

CONTENTS

3

Notice of Meeting

4 Officers and Council

5 Past Presidents

6 President’s Statement

26 Reports of Committees of Council

«MEMBERSHIP AFFAIRS«ICAN MEMBERS’ BENEVOLENT & EDUCATIONAL

TRUST FUND«ANNUAL ACCOUNTANTS’ CONFERENCE

«ASSOCIATION OF ACCOUNTING TECHNICIANS WEST AFRICA

«MEMBERS’ EDUCATION AND TRAININGCOMMITTEE

«PROFESSIONAL PRACTICE MONITORINGCOMMITTEE

«RESEARCH, TECHNICAL AND PUBLIC POLICY«INFORMATION TECHNOLOGY COMMITTEE

«FACULTIES«STUDENTS’ AFFAIRS COMMITTEE«STUDENTS’ SPECIAL PROJECT«PROFESSIONAL EXAMINATIONS

«LEGAL SERVICES«PUBLICATIONS AND IMAGE

«INTER-GOVERNMENTAL RELATIONS COMMITTEE

52

Financial Statements



3NOTICE of Meeting

52ND ANNUAL GENERAL MEETING

AGENDA

NOTICE IS HEREBY GIVEN that the 52nd Annual General Meeting of The Institute of Chartered Accountants of Nigeria will take place at Shell Hall, Muson Centre, Onikan, Lagos on Friday, May 26, 2017 at 10.00 a.m. to transact the following business:-

1. To adopt the minutes of the Annual General Meeting held on May 27, 2016.

2. To receive the Annual Report of Council, Financial Statements for the Year ended December 31, 2016 and the Auditor’s Report thereon.

3. To elect members of Council.

4. ToappointtheAuditorsandauthorisetheCounciltofixtheirremuneration.

By order of the Council

ROTIMI A. OMOTOSO, MBA, FCARegistrar/Chief Executive

Dated this ........5th ........day of May 2017.



4OFFICERS and Council

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA(Established by Act of Parliament No.15 of 1965)

OFFICERS & COUNCIL 2016 – 2017President

Titus Alao SOETAN (Deacon), FCA (2004) Vice President

Isma’ila Muhammadu ZAKARI (Mallam), mni, BSc, FCA (2004)

1st Deputy Vice PresidentRazak JAIYEOLA (Alhaji), BSc, ACFE, CRISC, FCA (2005)

2nd Deputy Vice PresidentNnamdi Anthony OKWUADIGBO (Mazi), BSc, FCA (2007)

Immediate Past President Samuel Olufemi DERU (Otunba), FNIM, JP, FCA (2002)

Honorary TreasurerTayo PHILLIPS, MBA, FCA (2005, 2014)

MembersSolomon Oluwole ADELEKE (Deacon), FCA (2008, 2016)

Titilayo Ariyike Nurat AKIBAYO (Alhaja), MBA, FCIT, FCA (2016) Oyemolu Olugbenga AKINSULIRE (Chief), MSc, MBA, FNIM, FCA (2013)

Davidson Chizuoke Stephen ALARIBE (Chief), MA, CFA, MNIM, FCA (2012)Chibuzor Noel ANYANECHI, BSc, MBA, FCA (2016)

Deji AWOBOTU (Dr.), M.IoD, FCA (2015)Ibrahim Madugu Abdullahi BABAYO, FCA (2014)

Adaku Chilaka CHIDUME-OKORO (HRM), BSc, MSc, FCA (2009)Comfort Olujumoke EYITAYO, mni, CFA, FCA (2007)Tijjani Musa ISA (Mallam), BSc, M.IoD, FCA (2009)

Nasiru MUHAMMAD (Hon.), BSc, MSc, FCIT, FCA (2014) Sylvester Chukwudi NWANNA, MSc, MBA, FCA (2015)Ngozi Monica OKONKWO, MSc, ACIB, CFA, FCA (2011)

Innocent OKWUOSA, MSc, ACIB, FCA (2011)Onome Joy ADEWUYI, BSc, MSc, FCIB, FCA (2007)Tajudeen Olawale OLAYINKA, BSc, MBF, FCA (2014)

Sam Onyebuchi ONUKWUE, MBA, MSc, FCS, FCA (2014)Etofolam Felix OSUJI (Dr.), mni, MSc, FCTI, FCA (2014)

Hilda Ofure OZOH, MBA, FCA (2014)Oyebowale Rafiu RAJI, BSc, FCA (2014)

Queensley Sofuratu SEGHOSIME, mni, MBA, FCA (2014)Samuel UKURA, FCA (2014)

Haruna Nma YAHAYA (Alhaji), BSc, MBA, ANIM, FCA (2011, 2014)

Registrar/Chief ExecutiveRotimi Akanni OMOTOSO, MBA, FCIB, FCA

Joint AuditorsPricewaterhouseCoopers (Chartered Accountants)

UHY Maaji & Co. (Chartered Accountants)



5Past PRESIDENTS

THE ASSOCIATION OF ACCOUNTANTS IN NIGERIA (The Forerunner of the Institute)1960 – 1961 Akintola WILLIAMS, CBE, CFR, B.Com., FCA1961 – 1962 Akintola WILLIAMS, CBE, CFR, B.Com., FCA1962 – 1963 Frank Cuthbert Oladipo COKER, CFR, B.Com., FCA (Deceased)1963 – 1964 Frank Cuthbert Oladipo COKER, CFR, B.Com., FCA (Deceased)1964 – 1965 Frank Cuthbert Oladipo COKER, CFR, B.Com., FCA (Deceased)

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA1965 – 1966 Frank Cuthbert Oladipo COKER, CFR, B.Com., FCA (Deceased)1966 – 1967 Ephraim Adekunle OSINDERO (Otunba), MON, FCA (Deceased)1967 – 1968 Herbert William BOND, FCA (Deceased)1968 – 1969 Zacchaeus Oludayo OSOSANYA, FCA (Deceased)1969 – 1970 Alfred EHREN, FCA1970 – 1971 FelixBankoleCARDOSO, FCA (Deceased)1971 – 1972 Emmanuel Ayodele ODUKOYA (Archdeacon), FCA (Deceased)1972 – 1973 Musliu Olaiya ANIBABA (Chief), FCA1973 – 1974 Vincent Obajimi Adebisi OGUNBA, FCA (Deceased)1974 – 1975 Julius Akinyokun OWOSENI (Chief), FCA (Deceased)1975 – 1976 Michael Adepoju ADEYEMO (Prof.), MSc (Econs.), FCA (Deceased)1976 – 1977 Cecil Oyeniyi Olurotimi OYEDIRAN, BSc (Econs.), MFR, FCA1977 – 1978 Anthony Asuquo ANI (Chief), MON, FCA1978 – 1979 Arthur Christopher Izuegbunam MBANEFO (Chief, Amb.), (Odu III), MFR, CON, FCA1979 – 1980 Joseph Akintunde Alaba ADEBAYO (Prince), FCA1980 – 1981 John Adepoju BALOGUN (Sir), FCA (Deceased)1981 – 1982 Idris Onaolapo SULAIMON (Alhaji), FCA1982 – 1983 Olusola FALEYE (Chief), FCA1983 – 1984 Dolanimi Babafemi Olabamidele OGUTUGA, FCA1984 – 1985 Johnson Kayode Osiyemi OSINAIKE, FCA (Deceased)1985 – 1986 Adedoyin Olayide OGUNDE (Otunba), FCA (Deceased)1986 – 1987 Samie Aremu WILLIAMS, FCA (Deceased) 1987 – 1988 Johnson Olaobaju Olabisi OMIDIORA (Balogun), BSc, OON, FCA1988 – 1989 Ebenezer Folorunsho OKE (Chief), BSc, FCA (Deceased)1989 – 1990 Bola KUFORIJI-OLUBI (HH, Otunba Ayora, Dr.) BSc, OON, FCA (Deceased)1990 – 1991 Michael Ayodeji ONI, BSc, FCA1991 – 1992 Cornelius Oladipupo Sunday OSENI, BSc, FCA (Deceased)1992 – 1993 Oluwole Alani ADEOSUN (Chief), BSc, OON, FCA (Deceased)1993 – 1994 Ismaila USMAN (Mallam), FCA1994 – 1995 Olutoyin Olusola OLAKUNRI (Chief, Mrs.), OFR, FCA1995 – 1996 Simeon Olusola OGUNTIMEHIN (High Chief, Sir), OON, FCA1996 – 1997 Emmanuel Itoya IJEWERE, FCA1997 – 1998 Agnes Adenike ADENIRAN (Princess), FCA1998 – 1999 Ike NWOKOLO (Sir), OFR, KSC, FCA1999 – 2000 Adeboye Olugboyega BADEJO (Chief), FCA2000 – 2001 Herbert Adewole AGBEBIYI, FCA2001 – 2002 Ugochukwu Stephen NWANKWO (Chief), MON, FCA2002–2003 FelixKolawoleBAJOMO (Senator, Chief), mni, FCA2003 – 2004 Jaiye Kofolaran RANDLE (Bashorun), CFR, FCA 2004 – 2005 Ibironke Mojisola OSIYEMI (Mrs.), FCA 2005 – 2006 Abdul Lateef Adebayo OWOYEMI (Alhaji, Otunba), FCA2006 – 2007 Catherine Ginikanwa OKPAREKE (Chief, Dr., Mrs.), mni, B.A, MBA, D(Lit.), MNIM, FCA2007 – 2008 Adebajo Abiodun BABINGTON-ASHAYE (Prince), FCA (Deceased)2008 – 2009 Richard Uchechukwu UCHE (Chief), PhD, FCA2009 – 2010 Elizabeth Omeresan ADEGITE (Chief, Mrs.), BSc, MBA, FCA2010 – 2011 Sebastian Achulike OWUAMA (Major-General retd.), BSc, FCA2011 – 2012 Francis OJAIDE (Professor), MSc, PhD, OON, FCA2012 – 2013 Adedoyin Idowu OWOLABI, BSc, MILR, FNIM, FCA2013 – 2014 Kabir Alkali MOHAMMED (Alhaji), mni, FCIS, CGMA, MFR, FCA 2014 – 2015 Chidi Onyeukwu AJAEGBU, FCS, MBF, FCA 2015 – 2016 Samuel Olufemi DERU (Otunba), FNIM, JP, FCA (IPP)



6

Titus A. SOETAN (Deacon), FCA52nd ICAN President



7PRESIDENT’s Statement

O n behalf of the governing Council, I welcome you all to the 52nd Annual General Meeting of our Institute. It is with great pleasure I present the stewardship Report for 2016/2017 presidential year as well as the Institute’s audited financial

statements for the year ended December 31, 2016 for your consideration and approval.

The Institute, as a major corporate entity, operates in a dynamic and complex environment, and its activities areinfluencedlargelybygovernment’smacro-economicandfiscalpolicies. It is therefore apt to commence this stewardship report with a review of the economic environment in which the Institute operated during the presidential year which spanned the period June 2016 to May 2017.

AN OVERVIEW OF

THE ECONOMYThe global financial market was

characterised by uncertainties predicated by the outcomes of the UK referendum decisions to leave the European Union, ‘Brexit’ andperhaps the US election. Prior to this period, our nation’s economy has been struggling with the consequential effect on the Gross Domestic Product (GDP) occasioned by the steady drop in the price of its major export commodity, crudeoil.Theeconomyfinallyslipped intorecession in 2016. It was a period that witnessed the inabilities of some corporate entities including government departments to pay their workers’ wages and salaries. There was generally a national decline in economic activities aggravating the level of unemployment.

The government on its part made efforts to retool the economy by proposingthe2016revenueandexpenditureplanasabudgetof ‘recovery and growth.’ The sum of N6.08 trillion for the 2016 fiscalyearwasmeanttostimulatetheeconomyandbringafasterend to the recession. In spite of this move by the government, the economy was still saddled with the effects of the shocks of the first quarter of 2016, which led to a contraction in outputarising from energy shortages, high electricity tariffs, price hikes, scarcity of foreign exchange and depressed consumerdemand, among others.

Whereas the influence and persistence of some of thefactors waned in the second quarter, it was unlikely that the economy rebounded strongly in the quarter as setbacks in the energy sector continued owing mainly to vandalism of oil installations. In addition, the implementation of the 2016 budget inthesecondquarterremainedslowerthanexpected.Further,the deregulation in the downstream petroleum sector and the liberalisationoftheforeignexchangemarketdidnothelpbringabout the much needed relief to the economy.

During the period under review, inflation rate took its turnon the economy as there was a further rate rise from 11.38%

in February 2016 to 16.48% in June 2016. The increase in headline inflation inJunereflected increases inboth foodandcore components of inflation. The rising inflationary pressurewas largely a reflection of structural factors, including highcost of electricity, high transport cost, high cost of inputs, low industrial activities as well as higher prices of both domestic and imported food products.

On the side of the Money market, interest rate fluctuatedin tandem with the level of liquidity in the banking system and thescarcityof foreigncurrencies.The latter, toagreatextenthas inhibited economic activities. The Institute reiterates the need for government to be more inward looking and hasten effortstowardseconomicdiversificationtosupportthedomestic

economy and improve life for the Nigerian people. The current situation was not amenable to simplistic analyses and quick fixessuchashavefoundexpressionandincreasedattentionatdifferent fora and the media.

The domestic economic challenges which included a chronically import dependent consumption culture, lack of competitiveness of many sectors of the economy and yawning infrastructural gap have combined with an unfavourable externalenvironment tocomplicate themacroeconomicpolicyenvironment. The Institute lends its voice to efforts for an earlyfinalisationofthe2017FederalBudgetbytheauthoritiesconcerned, and the resolve to pursue a non-oil driven economy, as these would go a long way in stimulating aggregate demand and restore confidence in the economy. The Institute furthernotes that inflationary pressures would begin to subside, asnon-oiloutputrecoversandthenairaexchangeratestabilises.

Finally, restoring Nigeria’s economic growth and laying a solid foundation for the long term development requires strategic economic models. For Nigeria to compete in the 21st century global economy, its industrial policy must be linked to a

The President and his entourage with the CEO of Nigerian Stock Exchange Mr. Oscar Onyema during a courtesy call




digital led strategy for growth. We urge the government to focus on industrialisation most especially the micro, small and medium scale enterprises (MSMEs). This will create job opportunities for the youths, increase production in manufacturing, agriculture and also diversify the economy. The government should encourage and patronise made in Nigeria Products.

MEDIA AND IMAGE MATTERSPress Interview with Select Print MediaAs part of the Institute’s advocacy programme for

the 2016/17 presidential year. Interview sessions were held with a few print media houses on various topical issues affecting the nation’s socio-economic and political terrain.

Media Luncheon On Wednesday, July 13, 2016, I hosted members

of the fourth estate of the realm to a media luncheon/parley at the Zen Restaurant, GRA, Ikeja, Lagos. At the media parley, I intimated the media on current activities within the profession as well as attending to questions on various socio-economic and political challenges confronting the growth and progress of the nation.

Courtesy Visit to Federal Radio Corporation of Nigeria (FRCN) Enugu National Station As part of programmes outlined for the 11th Eastern Zonal

Accountants’ Conference, I was at the Enugu National Station of the Federal Radio Corporation of Nigeria (FRCN), where I paid courtesy call on the Zonal Director, Mr. Ike Okere. He was, however, represented by the Deputy Director (Marketing), Sir Ken Eneh.

Courtesy Visit to Dream FM 92.5In continuation of my visit to select media houses in Enugu

and as prelude to the commencement of the 11th Eastern Zonal Districts’ Conference, I also paid courtesy visit to the Managing Director of Dream FM 92.5 in Enugu, Mr. Anthonio Cruise.

Courtesy Visit to Impact Business Radio (IBR 92.5 FM) Ibadan, Oyo StateI visited the studio of Impact Business Radio (IBR 92.5

FM)inIbadan,OyoStateaspartofmyofficialtriptoIbadan&District Society. In his welcome address, the Managing Director, Deacon Owolabi Oladejo, FCA was appreciative of our visit and commended the efforts of the Institute on its socio-economic mandates.

Visit to the Punch Newspaper As part of media publicity programme for the presidential

year, I led an entourage comprising some Council members and Secretariat staff on a courtesy visit to the Punch Newspapers at its headquartersatMagboroalongtheLagos-IbadanExpressway,Ogun State on September 15, 2016. Issues concerning the two organisations, the nation’s economy and media coverage for the 46th Annual Accountants’ Conference were discussed.

I had another opportunity to visit Punch Newspaper as part of the programme for my visit to Mowe & District Society of

the Institute.During this visit, I expressed the concern of theInstitute over the delay in the passage of the Audit Bill 2014 by the National Assembly. I also spoke on the current recession in the country and called on all citizens to make the rebuilding of the nation’s economy the responsibility of everyone. I urged all to join hands with the government and corporate bodies towards making the revival of the economy a possibility. I also responded toquestionsfromsomefinancialcorrespondents.

Courtesy Visit to the Guardian NewspapersOn Tuesday, September 20, 2016, I paid a courtesy visit to

the Editor of Guardian Newspapers, Mr. Abraham Ogbodo at theRUTAMHouseoffice, Isolo,Lagos. Inmybrief remarks, Icommended the steadfastness of the newspaper’s editorial policy which, in my opinion, has been very consistent and balanced.

As a routine, I was engaged by the editorial team in questions and answers session on the current economic downturn challenging the country and the way out of the recession as well as other socio- economic issues confronting Nigeria.

Courtesy Visit to African Newspapers of Nigeria (AAN Plc), IbadanIncontinuationofmyvisittoIbadan&DistrictSociety,Ipaid

a courtesy visit to the Managing Editor of African Newspapers of Nigeria (AAN) publishers of Nigerian Tribune Newspapers, Mr. Edward Dickson. In his welcome address to the visiting team, the Managing Editor glowingly expressed his pleasureand delight at the very professional disposition of members of the Institute in the employ of his organisation. He said that their services were of tremendous value to the day to day survival of the organisation.

He also mentioned that the Tribune Newspaper is a national monument considering the philosophy behind its formation as

Managing Partner of PKF, Mr. Tajudeen Akande presenting souvenir to ICAN President, Deacon Titus Soetan




well as the ideals of its founding fathers.In my remark, I spoke on the reason for my visit, the desirability

of the Institute’s team to share in the secret of its entrepreneurial successes in spite of the various economic policies by various governments in the country.

I highlighted the various responsibilities of the Institute as enshrined in its Acts of Parliament of 1965 as well as the various disciplinary procedures of the Institute and the critical position of responsibility members of the Institute occupy in the nation’s economic front.

Retreat of the Senate Committee on the Review of the 1999 ConstitutionOn Friday, June 17, 2016, at the instance of the Senate

Committee on the review of the 1999 constitution, I presented a paper on the “The Need to Separate the Offices of the Accountant and Auditor General of the Government from that of the Federation.” In the paper, I opined, on behalf of the Institute, that there was no need to have a separation of the offices.

WORKSHOP AND SEMINARS2016 Presidential Policy Dialogue SessionThe 2016 Presidential Policy Dialogue Session was held on

Thursday,August11,2016atEkoHotel&Suites.Thekeynotespeaker was the Vice-President of the Federal Republic of Nigeria,HisExcellency,ProfessorYemiOsinbajo,GCON.Iwas,however, represented at the session by Alhaji Razak Jaiyeola, FCA, 1st Deputy Vice-President.

Treasury Single Account WorkshopOn Thursday,

November 10, 2016, I delivered the welcome remarks at a one-day seminar on Treasury Single Account (TSA) organised by the Institute and held at the Annexe Office, EbuteMetta, Lagos. Seasoned paper presenters delivered papers in respect of their assigned topics.

ICAN Economic Discourse – 2017This year, we

introduced an Economic Discourse Series with the main objectives being the assessment of economic and national policies and their implications to national development. The 2017 edition was held on April 24, 2017 at MUSON Centre, Onikan, Lagos. The focus was

onEconomicRecovery&GrowthPlan and the 2017FederalGovernment of Nigeria budget. The workshop had a panel format comprising: Dr. ObadiahMailafia;Mr.MudaYusuf; Mr. TaiwoOyedele and Dr. Ayo Teriba as members, while Mr. Bismarck Rewane as guest speaker and Professor Charles Soludo as the chairman of the workshop.

VISIT TO EXECUTIVE GOVERNORSCourtesy Visit to the Executive Governor of Anambra StateOn Monday, January 30, 2017, I paid a courtesy visit to the

Executive Governor ofAnambra State, His Excellency, ChiefWilliam Obiano, FCA at the Government House, Awka during theStateExecutiveMeeting.

IthankedtheGovernorandmembersoftheStateExecutivesfor the honour accorded me to address them in the middle of theirexecutivemeeting.

In my address I spoke on:● The roles and responsibilities of the Institute as provided

in its enabling Acts of Parliament No. 15 of 1965.● The importance of the Institute’s disciplinary tribunal

in checking refractory members in the discharge of their professional duties.

● The need for Anambra State government to adopt IPSAS initsfinancialoperations.

● The need for the State government to continue to partner with the Institute in capacity building on technical issues on the adoption of IPSAS.

● PleatoChiefObiano,FCAonbehalfofOnitsha&District

Director-General, Lagos Chamber of Commerce and Industry, Mr. Muda Yusuf (left); Partner PWC, Mr Taiwo Oyedele, FCA; former CBN Governor, Prof. Charles Soludo; ICAN President, Deacon Titus Soetan, FCA; former Deputy Governor, CBN, Dr. Obadiah Malafia; and Dr. Ayo Teriba at the Economic Summit organised by ICAN recently




Society for the acquisition of four plots of land at the cost of Sixteen Million Naira (N16,000,000) and 50% counterpartfunding of the ICAN building at Onitsha.

● Request for two 14-seater buses for ease of mobility for theover100membersinOnitsha&Nnewi.

During the late evening meeting, the Executive Governordirected the State Accountant-General, who is also a Council member, Ms. Ngozi Monica Okonkwo, FCA and the Chairman of the State Internal Revenue Service to develop a blueprint in connection to the Institute’s Special Students’ Project as well as its cost implications

Courtesy Visit to Executive Governor of Kebbi StateI, in company of the Vice-President, Alhaji Isma’ila M. Zakari,

mni, was at the government house at Birnin Kebbi for a courtesy callontheExecutiveGovernorofKebbiState,HisExcellency,Abubakar Atiku Bagudu.

While informing the governor of the purpose of our visit, which was to commission the newly constructed lecture theatre built by the Institute for the accountancy students of the Federal University, Birnin Kebbi as part of our corporate social responsibility, I praised the strides of the state government in its drive towards self sufficiency in the areas of agriculturalprogrammes.

I made reference to the rice farming project in partnership with the Lagos State Government. I commended and recommended the project to all the States and Local Government Councils across the federation as a way of getting the best out of the economic stance of comparative advantage.

The Governor thanked us for the visit and acknowledged the important role of our Institute in the nation and emphasised that our Institute has projected the country in positive ways to the world.

While speaking on the state rice project in partnership with the Lagos State Government, he stated the initial challenges

encountered with the programme and how both states overcame them with determination and focus for success.

Thegovernoronbehalfoftheexecutivecouncilandpeopleof the state thanked the Institute for the donation of the lecture theatre to Federal University, Birnin Kebbi, this donation, he said would be cherished by the students and the university management.

Courtesy Visit to Executive Governor of Ogun StateIcommencedtheofficialvisittoAbeokuta&DistrictSociety

onFriday,March17,2017withacourtesyvisittotheExecutiveGovernor of Ogun State, His Excellency, Senator IbikunleAmosun,CON,FCAathisOkeMosanoffice,Abeokuta,OgunState.

In my address, I conveyed the appreciation of the governing council of the Institute to Governor Amosun, FCA for his loyalty and unflinching support to the various programmes of theInstitute.

I also thanked him for his attendance at the 2016 Annual Accountants’Conferenceheld inAbujaandalsoextendedaninvitation to the 2017 Annual Dinner and Awards Ceremony scheduled for Friday, April 28, 2017 in Lagos.

In his response, Governor Amosun, FCA was full of praises for the profession that has prepared him for the task of prudential governance in the gateway state of Ogun.

He appreciated the efforts of the Council of the Institute for initiating world class professional inclined courses for members as part of its mandate in upskilling their knowledge as stipulated by the International Federation of Accountants (IFAC).

Meeting with the Executive Governor of Akwa Ibom StateI paid a courtesy visit to the Executive Governor ofAkwa

IbomState,HisExcellency,GovernorEmmanuelGabrielUdom,FCA who alongside his deputy and large members of the State

cabinet hosted me and my entourage to a state banquetinhisofficialresidence.

In my address, I thanked the executivegovernor and members of his cabinet for their presence and show of affection at the state banquet. I commended the strides of the governor regarding his developmental programmes in the State as it has been acknowledged that majority of the developmental programmes have been having greater impact on the progress of the State and its citizens.

I spoke on the various milestones attained by the Institute in its efforts to maintain the ICAN Brand as the only preferred accountancy brand in the nation and within the African Continent. I also highlighted the Institute’s membership contributions to some Select Committees of the International Federation of Accountants (IFAC).

I spoke on the need to continue to maintain and sustain the ICAN Brand as I called on the Governor as one of the ambassadors of the Institute to continue to remember its motto of Accuracy and Integrity in its dealings with all publics of government.

IalsocalledonhisExcellencyontheurgentneed for the state to embrace the Institute’s

Kebbi State Governor, Alh. Abubakar Atiku Bagudu (right) welcoming ICAN President, Deacon Titus Soetan to Kebbi Government House




Special Students’ Project (SSP) designed for some educationally disadvantaged states in the country, as a route to producing more chartered accountants for the state. I explained theoperational modalities of the scheme and the benefitstothecitizens,stateandthenation.

In his address, Governor Udom, FCA assured me and my entourage and members of Uyo &District Society of his readiness to consider the requests made.

VISIT TO STAKEHOLDERS AND GOVERNMENT PARASTATALS

Courtesy Visit to the Honourable Minister of EducationOn Monday, August 23, 2016, I, in company of

some Council members visited the Honourable Minister of Education, Mallam Adamu Adamu. Issues relating to the consolidation of the relationship between the Institute and its supervising ministry were passionately discussed.

Courtesy Visit to the Nigerian Stock ExchangeAsoneofthevisitstofewkeystakeholders inthefinancial

sector of the economy, and in company of some Council Members, I paid a courtesy visit to the Director-General of the Nigerian Stock Exchange, Mr. Oscar Onyema and hismanagement team in Lagos on Tuesday, August 23, 2016. Financial and economic matters were discussed during the meeting. I also had the honour of ringing the bell signaling the close of the market for that day.

Invitation from the Ministry of Budget and National PlanningI was represented by Mallam Haruna Yahaya, FCA, Council

Member at the 15th Meeting of the 2016 Joint Planning Board (JPB) and National Council on Development Planning (NCDP) held at Tahir Guest House, Kano, State from Tuesday 23 and Thursday 25 August, 2016. The theme of the meeting was: ‘‘National Strategic Panning as a Vehicle for Attainment of the Sustainable Development Goals (SDGs) in Nigeria.’’

Courtesy Visit to the Honourable Minister of FinanceAs a show of support for the current administration’s ongoing

economic reform policies, I, in company of some Council members paid a courtesy visit on the Honourable Minister of Finance, Mrs. Kemi Adeosun, ACA, in Abuja on Friday, September 30, 2016. I commended the Honourable Minister and her team for their efforts at ridding the civil service of ‘ghost workers’ and other fraudulent activities in the nation’s civil service.

Other issues discussed include staff training, risk-based internalauditinthecivilservicesystem;planstoblockleakagesin the economy and joint audit by big and small and medium-sizedfirms.

Courtesy Visit to the Executive Chairman, Independent Corrupt Practices Commission (ICPC)On Monday, September 26, 2016, I led a delegation of

some members of the Institute’s Council on a courtesy visit to the Chairman, Independent Corrupt Practices and Other Related Offences Commission (ICPC) in Abuja. Our delegation was received by a representative of the Chairman, Alhaji Baki Abdullahi, (member of the Commission Board).

In my address, I acknowledged the efforts of the Commission towards the eradication of corrupt practices in our national facet and assured members of the Commission of the Institute’s support in this area. I also informed him of ICAN’s Whistle Blowers Protection Fund, Training of Forensic Accountants;possible partnership with the commission’s Anti-corruption Academy, among other discussions.

Courtesy Visit to the Head of Service of the FederationAs part of the Institute’s support for the ongoing institutional

reforms by the Federal Government, I, in company of some Council members paid a courtesy visit to the Head of Service of The Federation (HOS) Mrs. Winifred Oyo-Ita, FCA at the Federal Secretariatoffice,AbujaonMonday,September26,2016.

Issuesofstrengtheningourrelationship;movementfromcashtoaccrualaccounting;lownumberofCharteredAccountantsintheservice;the46thAnnualAccountantsConference;in-housetraining for their staff and welfare packages were also discussed.

Courtesy Visit to the Honourable Minister of the Federal Capital TerritoryOn Friday, December 08, 2016, I led a delegation of some

Council members of the Institute on a courtesy visit to the Honourable Minister of The Federal Capital Territory, Mallam MuhammadMusaBelloinhisAbujaoffice.

I thanked him for receiving the ICAN team and made request for allocation of land at the Federal Capital Territory for the construction of ICAN Multi-purpose Resource Centre with the capacity to host world class conferences such as the World Congress of Accountants and the Annual Accountants

FCT Minister, Mallam Muhammad Musa welcoming ICAN President, Deacon Titus Soetan to his office in Abuja when ICAN team paid him courtesy call




Conferences.Documents pertaining to our application for 100 hectares of

land for a Mass Housing Scheme were presented. It is pertinent to mention that the Institute had earlier submitted the documents to the Abuja Geographic Information Systems (AGIS) with the required payments without any communication from the AGIS.

As a way of speeding up this request, Mallam Bello requested for the Institute’s representatives who would work with the FCT technical team on the subject matter. The team has already started working in this direction.

Courtesy Visit to the Executive Chairman, Federal Inland Revenue Service In continuation of my visit to Abuja on Friday, December

08,2016, Ipaidacourtesycallon theExecutiveChairmanofthe Federal Inland Revenue Service, (FIRS) Abuja, Mr. Tunde Fowler.

The FIRS Chairman thanked our team for the visit and gladly informed us that the FIRS has in its employ over three hundred and fifty members (350) of the Institute, who aredelivering qualitative professional services to the upliftment of the organisation.

Hedecriedthelowrateofcompliancewithpaymentoftaxesin the country, hence the organisation’s decision to employ the servicesofprofessionalaccountingfirmstoassistinthisregard.

Mr. Fowler informed us of the organisation’s achievement of meeting 80% of its set target for the year under reference.

He said that the organisation holds, in very high esteem, comments and professional advice from the Institute on issues concerning the economic growth and wellbeing of the nation.

In my response, I spoke on the current recession in the country and how taxation could be deployed to balance thecountry’s annual budget deficit. I commented on the positivereforms in the tax sector of the economy, but implored therevenue service to look at the possibility of creating avenues

whereby the contributions from tax tothe GDP could be higher than presently obtainable.

Courtesy Visit to the Registrar-General of the Corporate Affairs CommissionAs part of activities for the 46th Annual

Accountants Conference, on Monday, October 10, 2016, I led a delegation of seven officials on a courtesy call tothe Registrar-General of the Corporate Affairs Commission, Alhaji Bello Mahmud in Abuja.

I acknowledged the Commission’s immense contributions to the promotion of best practices in corporate governance;theenthronementof“The Ease of Doing Business in Nigeria”;and its bold initiative at recommending the draft bill to repeal the CAMA Act. I also thanked him for giving the Institute the opportunity to have its suggestions included in some sections of the Bill under reference.

Courtesy Visit to the Executive Secretary/Chief Executive Officer of the Financial Reporting Council of Nigeria (FRCN) at Alausa, Ikeja, LagosAs part of measures of ensuring that the Institute’s cordial

relationship with other financial regulatory agencies in thecountry is maintained I, in company of some council members paid a courtesy visit to the recently appointed ExecutiveSecretary of the Financial Reporting Council of Nigeria (FRCN) attheIkeja,LagosofficeonThursday,January26,2017.

I congratulated the Executive Secretary/Chief Executive,Mr. Daniel Asapokhai, FCA on his appointment and wished that his tenure ushers in good and quality standards in view of the critical role of the FRCN in the scheme of the nation’s economic policies. In his response, the Executive Secretary/Chief Executive of FRCN thanked my team and assured usthat his mandate to serve the interest of Nigeria will never be in doubt especially in the course of discharging his responsibilities.

He was grateful to the Institute for bringing professionalism and robust ideas to bear on the board of FRCN through our representatives.

Other matters brought to my attention were:● Collaboration in the area of dual registration by members

of the Institute with FRCN and ICAN.● Collation of comments on published accounts by

corporate organisations to be jointly done by both FRCN and ICAN.

● Leveraging on ICAN Auditing Standards for the purpose of synopsis.

● Request on collation of comments on exposure draftssent to concerned organisations by the Institute to be shared with the FRCN.

● Co-ordinating the collation of comments on IFAC exposuredrafts.

I responded to some of these requests and where necessary others have been referred to the relevant committee for review.

Chairman, Federal Inland Revenue Service (FIRS), Mr. Tunde Fowler; ICAN President, Deacon Titus Soetan and ICAN Council Member, Haruna Yahaya during ICAN's visit to FIRS office in Abuja




One-On-One Visit to Some Past Presidents and the First ICAN Secretary As part of my programme of maintaining an all inclusive style

of governance, I paid one-on-one courtesy visit to some past presidents of the Institute mostly resident in Lagos. The visit was principally in appreciation of their past contributions to the accountancy profession in particular, the nation at large as well as to enquire of their well-being. Many of them further gave advices on how to move the profession and the nation forward. The past presidents I visited were: Prince Joseph A.A. Adebayo, FCA, 1979/1980; Mr. Dolamini Babafemi O. Ogutuga, FCA,1983/1984;ChiefAdeboyeO.Badejo,FCA,1999/2000;ChiefOlusola Faleye, FCA, 1982/1983;Ambassador (Chief) ArthurChristopherI.Mbanefo(OduIII),CON,CFR,FCA,1978/79;Mr.Oyediran,FCA,1976/77;AlhajiIdrisSulaimon,FCA,1981/1982and the Lisa of Ondo Kingdom (Sir) Simeon O. Oguntimehin, OON,FCA.IalsopaidcourtesyvisitstothefirstSecretaryoftheInstitute, Reverend Oluyomi A. Ladeinde, FCA.

VISIT TO FIRMS Akintola Williams DeloitteAs part of the Institute’s strategy to reach out to its various

stakeholders, I, in company of some Council members, the Registrar/Chief Executive and some Secretariat staff paid acourtesy visit to Akintola Williams Deloitte at its Victoria Island officeonThursday,July21,2016.

During the interactive session with partners and other senior staffofthefirm,thefollowingissuesamongotherscameup:

● Rationale behind the creation of AWD’s Audit Academy.● The development of its K2 software known as the ICAN

Combo@$80 per licence.In my address, I spoke on the following among others:● Seeking suggestions from stakeholders on how to

enhance the ICAN certificate and find other ways ofimproving the Institute’s processes.

● Listening to suggestion(s) or comment(s) from our various stakeholders such as accounting firms on how toimprove on our operations. ● Seeking employment opportunitiesfornewlyqualifiedmembers and prize winners in the final examination levels oftheInstitute’sexaminations.

Ijewere & Co In continuation of my visit

toauditfirms, IpaidanofficialvisittothefirmofIjewere&Coon Thursday, July 21, 2016. Mr. Tunde Odunowo, FCA, a partner of the host firm spokeon the need to observe and preserve the ethics of the profession. He also enjoined the Institute to advise members on the need for them to observe and adhere to scale

of professional fees when quoting/bidding for professional accounting services.

During the interactive session with the partners the following issues were raised among others:

● Ensuring that members in the SMPs bracket must continuously up skill themselves in order to fit into theever dynamic roles of the profession.

● The need for members to up-skill their competences in the areas of information technology that are applicable to their specialties.

● Issues of members looking at the option of diversifying into other professional areas other than accountancy.

In my brief remark, I spoke on the following programmes among others:

● Encouraging the SMPs to consider partnership for the purpose of growth and professional advancement.

● To conduct workshops and seminars for SMPs where quality enhancing topics will be discussed on life based scenario.

Ernst & YoungAcourtesyvisitwasmadetoErnst&Young,oneoftheBig-4

accountingfirmsonFriday,July22,2016at itsMarinaOffice,Lagos. Our team was received by the Regional Managing Partner, West Africa, Mr. Henry Egbiki, FCA, and other partners.

Issues discussed with Mr. Egbiki, FCA during the visit, among others were:

● How the Institute is responding to globalisation and technology which is changing the landscape of the accountancy profession.

● EfficiencyandrestructuringoftheInstituteasanon-goingissue in order to keep up with what obtains internationally.

● Support for the 46th Annual Accountants Conference.

UHY Maaji & CoIncontinuationofmyvisittosomeAccountingfirms,Ileda

Members of the Institute’s Council with the Registrar-General of the Corporate Affairs Commission, Mr. Mahmud Bello




teamtotheofficeofUHYMaaji&CoIlupeju,Lagoson Friday, July 22, 2016. We were received by the Managing Partner of the firm,Mr.GabrielIdahosa,FCA.

In my remarks, I informed the Managing Partner that the visits to somefirms,ofwhichtheirfirmwasoneofsuch,wasto discuss pertinent issues confronting the growth of SMPs in Nigeria as well as seeking solutions to some of the identifiedproblems hampering their growth.

Other discussions included: Issue of unprofessional display by members when filing taxreturns on behalf of their respective clients.

PricewaterhouseCoopersOn Friday, August 12, 2016, I, in company of some Council

members paid a courtesy visit to PricewaterhouseCoopers at its VictoriaIslandoffice,Lagos.

Inmybriefremarks,Ispokeonwaysbywhichthefirmwillbe of additional value to the activities of the Institute through the establishment of knowledge partnership between the two organisations. I requested for the services of PwC’s partners as members of the various committees of the Institute.

The meeting also afforded me the opportunity to share knowledge on some recent professional issues in the world of accountancy;e.g.theISA(701)anditseffectsonthequalityofreporting by the SMPs.

Grant Thornton NigeriaIncontinuationofmyvisit tosomeAccountingfirms, Iwas

at the office of Grant Thornton, Yaba, Lagos on Friday, July12, 2016, where I, in company of some council members was receivedbytheExecutiveChairmanofthefirm.Principally,thechallenges facing SMPs were discussed, among others.

SIAOOn Friday, August 18, 2016, I paid a courtesy visit to SIAO

at its office in Ikoyi, Lagos. Our team was received by thepartnersofthefirm.Inmyremarks,Icongratulatedthepartnersofthefirmformovingaheadinspiteofthevariouschallengesassociated with partnership in Africa. During our conversations, I emphasised the advantages of firms engaging in joint auditand advised that it was not a matter of competition between the bigfirmsandtheSMPs,butawayofknowledgesharing.

PKF Professional ServicesOn Wednesday, September 07, 2016, I led an entourage

of six officials on a courtesy visit to theManagingPartner ofPKF Professional Services, Mr. Tajudeen Akande, FCA, who received us alongside his partners. In my address, I spoke

on the need for members to up-skill their professional service delivery capabilities considering the dynamics of professional service delivery by professionals in advanced countries across the globe.

Among other discussions, I spoke on the need for members to improve on the legacies of the founding fathers of the profession in Nigeria in order to handover to upcoming generations a world class institution.

VISIT TO OTHER CORPORATE BODIES

Dangote GroupAs part of my visits to the Lagos District Society, My team

andIwereatthecorporateheadofficeoftheDangoteGroupinFalomo, Ikoyi, Lagos. We were received by the Chief Operating Officer, Mr. Oladele Alake, FCA. Mr. Alake represented theGroup Chairman, Alhaji Aliko Dangote, GCFR who was outside the shores of the country on business appointments.

To my delight, Mr. Alake, FCA informed me of the large number of our members in the organisation who are positively contributing to its growth of the group. He was grateful to the Institute for granting Dangote Group approval to host an in-plant MCPE programmes for the members of the Institute.

I used the opportunity of the visit to call on the Dangote Group,throughitsChiefOperatingOfficer,todonategenerouslytowards the 46th Annual Accountants Conference held in October 2016.

Transcorp PlcIn my visit to Transcorp Plc on August 12, 2016, our team

was received by its Chief Executive Officer, Mr. EmmanuelNnorum, FCA. During the visual presentation of the operations of the organisation, the CEO emphasised the contributions of our members to the overall role of the organisation and to the economic development of the country. He also mentioned their efforts in discovering entrepreneurial talent for Africa. In my

ICAN President with the Executive Secretary of Financial Reporting Council of Nigeria Mr. Daniel Asapokhai




remarks, I stated my delight concerning the performances of our members in the corporation as well as my appreciation for the good works being embarked upon by the organisation.

Courtesy Visits to Industrial Organisations in Anambra State InthecourseofmyofficialvisittoOnitsha&DistrictSociety,

I and my entourage paid courtesy visits to the underlisted industries:

● Intafact Beverages Ltd., Bridgehead, Onitsha, Anambra State.● Krisoral Group of Companies, Onitsha, Anambra State.● Chikason Group, Nnewi, Anambra State.● Innoson Motors Limited, Nnewi, Anambra State.

Courtesy Visit to the Acting Director-General, National Institute for Policy & Strategic Studies (NIPSS), KuruDuringmyvisittoJos&DistrictSociety,Ipaidacourtesycall

on the Acting Director-General of the National Institute for Policy &StrategicStudies,JonathanElanjuma,mni,atKuru,Jos.

I praised NIPPS for living up to its objectives which could be observed from the research works by its alumni and has been a reference point for most establishments in Nigeria and within the Western region of the continent. I called on the alumni and present crop of participants at the Institute to engage in time-tested policy formulations that will take the country from its present economic background to the forefront.

I also spoke on the Institute’s objectives, mission and vision;howwehavebeencarryingalongourcorporatesocialresponsibility to the nation; our association with relevantprofessional bodies within the region, continent and on the international stage.

I equally gave insight into our disciplinary procedures and how effective the judgments from our disciplinary tribunals are on members that are found culpable of any professional misconduct.

While thanking us for the visit, Mr. Elanjuma, mni, traced the relationshipbetween the two institutionsspanningoverfifteenyears.HelaudedICANforthedonationofafullyfittedbungalowwhich serves as accommodation for course participants.

He called on the Institute to assist in formulating economic policies that will lift the country out of recession and urged members to always walk and talk of the motto of the Institute irrespective of the situation they may face. He also called for our support and stated the readiness of NIPPS to receive ICAN nominationforthe2018SeniorExecutiveCourse40.

Visit to Jos & District Society The District’s visit commenced with a courtesy call on the

Director General of the Industrial Training Fund (ITF), Jos, Sir, Joseph N. Ari (KSM). I gave a brief history of our Institute and the international association with professional accountancy bodies across the globe.

I spoke on the non-leakage of the Institute’s examinationsfrom the date of its inception till now and also gave an insight into the ICAN disciplinary procedures for erring members. I mentioned the Institute’s training for members through the MCPE programme, where members are required to attend theprogrammebasedon their specificneedareas.However,where an organisation has a sizeable number of members in its employ, request could be made to the Institute for in-plant trainingtailoredatthespecificneedsofthesemembers.

The Director-General of ITF thanked us for the visit and spoke glowingly about the excellent services being rendered by ourmembers in the employ of ITF. He ascribed the quality service

delivery to the high standard infused in the qualifying stagesoftheInstitute’sprofessionalexaminations.

He also said the skilled human capacity in the ITF accounting systems places members of the Institute at very result oriented end, which has assisted the organisation in attaining its mandate at ensuring that youths in the country are offered the best of technical and vocational education in Nigeria. Lastly, Sir Ari commended the Institute’s peaceful succession process and recommended it to the political system of the country.

Courtesy Visit to the Managing Director, Grand Cereals LimitedI paid a courtesy call on the Managing Director

of Grand Cereals Limited. The Acting Managing Director, Mr. P. Sanjiv received us and spoke on the contributions of the company to the economic wellbeing of the Nation and how the company encourages its employees at various stages of the Institute’s professional examinations with financialand administrative assistance. He praised our members in the employ of the company for their professionalcontributionstothefinancialwelfareofthe company.

I acknowledged the contributions of the company to the socio- economic welfare of the country and thanked the management for sponsoring and Deacon Titus Soetan (right) with the CEO of Deloitte, Mr Fatai Folarin




supporting ICAN students in the employ of the company to write thevariousstagesoftheInstitute’sprofessionalexaminations.

The staff of the company made requests on the following: establishment of a tuition house by the Institute in Jos and the allocationofadditionalMCPEslotsforJos&DistrictSociety.

Courtesy Visit to the Chief Medical Director, Bowen University Teaching Hospital, OgbomosoIncontinuationofmyofficialvisittoOyoState,onTuesday,

March 14, 2017, I paid a courtesy visit to the Chief Medical Director of Bowen University Teaching Hospital, Ogbomoso, Dr. S.U. Eyesan.

During my remarks, I acknowledged the positive contributions of the hospital to the wellness of people of Nigeria in general and the locality where it is located, in spite of its being a faith based organisation under the Nigeria Baptist Convention.

I spoke on the mandate of the Institute upon its formation in 1965 and its contributions to the nation’s socio and economic developmentaswellasitsaffiliationtoregional,continentalandinternational accountancy organisations.

In his response to my remarks, Dr. Eyesan thanked the ICAN team for its thoughtfulness in paying a courtesy visit to him and members of his management team.

Courtesy Visit to the Group Managing Director of O’Odua GroupAspartof themyprogramme for Ibadan&DistrictSociety

visits, I and my entourage paid a courtesy visit to the Group Managing Director of the O’Odua Group, Mr. Adewale Raji.

In my address, I remarked that the visit to the O’Odua Group was a home coming one for me, considering my professional relationship with the conglomerate spanning over thirty-fiveyears of business relationship. I also spoke of the roles and contributions of professional accountants to the socio-economic order in all nations of the world among other matters discussed.

Courtesy Visit to the Nigerian Brewery Plc, Ibadan PlantIn continuation of my visit to Ibadan & District Society, I

visited the Nigerian Brewery PLC, Ibadan Plant. Mr. Tayo Adelaja received me and my entourage on behalf of the Plant Manager and took us on a tour of the plant. Prior to the factory tour, I spoke on the various corporate social responsibility of the Institute as well as its advocacy position in the nation’s socio-economic sphere.

Invitation to Lagos Centurions’ LuncheonAs part of the Institute’s corporate social responsibility

initiative, I attended the Lagos Centurions Luncheon at the Banquet Hall, Lagos House, Alausa, Ikeja, Lagos on Tuesday June14,2016.ItwasattheinstanceoftheExecutiveGovernorofLagosState,HisExcellency,Mr.AkinwunmiAmbode,FCA.

Theceremonywasdedicated tofighting thewidespreadofcancer disease and bringing succor to its victims. This noble cause was supported by the Institute with a donation of the sum of Two Hundred and Fifty Thousand Naira only (N250,000).

Invitation from Risk Managers Association of NigeriaI was invited as a Special Guest of Honour at the Risk

Managers Association of Nigeria’s (RIMAN) conference held at the EkoHotel & Suites, Victoria Island, Lagos on July 14,

2016. A member of Council Mr. Sam Onukwe, FCA, however, represented me at the event. The conference theme was: “Global Oil Crises and Energy Risk In Nigeria,’’anditx-rayedpertinent issues in the country’s energy sector.

Invitation from Association of Reporting Accountants in the Capital Market (ARACAM) – 2016 Annual ConferenceThe Association of Reporting Accountants in the Capital

Market (ARACAM) invited me as a Special Guest at its 2016 Annual conference held at Sheraton Hotel, Victoria Island, Lagos on July 20, 2016. A member of Council, Mr. Sam Onukwe, FCA also represented me at the event. The theme was “The Future of Corporate Financial Reporting.”

6th Annual Public Lecture by the ICAN Lagos State Public Service ChapterThe Honourary Treasurer of the Institute, Mr. Tayo Phillips,

FCA represented me at the 6th Annual Public Lecture of the ICAN Chapter of the Lagos State Public Service titled: “Public Private Partnership: Tool for Economic Growth and Development in Nigeria.” The event was held at the Regency Hall, Alausa, Ikeja, Lagos on July 28, 2016.

Launching of the Akintola Williams FoundationAspartofourmandatetoexpandthefrontiersofaccounting

education in Nigeria and Africa, the Institute launched the Akintola Williams Foundation at the Metropolitan Club, Victoria Island on Monday, August 08, 2016.

I used the opportunity to once again thank the Council of the Institute for honouring the Doyen of Accountancy profession in Africa and Diaspora with the endowment of the foundation, which I strongly believe will further drive and deepen knowledge in all spheres of human endeavours.

Inaugural Lecture of the Akintola Williams FoundationThe inaugural lecture of the Akintola Williams foundation took

place on Wednesday, November 23, 2016 at the MUSON Centre, Onikan, Lagos under the Chairmanship of the Obi of Onitsha, His Royal Majesty, Igwe Nnaemeka Achebe, OFR. A paper titled “Nigeria Yesterday, Today and Tomorrow: Governance and Accountability’’ was delivered by His Excellency, PresidentOlusegun Obasanjo, GCFR, former president of Nigeria.

Book Launch On Wednesday, August 10, 2016, I was the special guest of

honour at a book launch on “Strategy, Risk Governance & Ethics at a Glance’’ authoredbyMr.OlaoyeRafiuAbiola,ACA.The event was held at the Nigerian Institute of International Affairs (NIIA), Victoria Island, Lagos and had Mr. Fola Adeola, FCA as the chief launcher.

Mr. Fola Adeola, FCA magnanimously donated fifty (50)copies of the book to me as a mark of support for my tenure and requested me to donate forty-nine (49) copies of the book to institutions of my choice.

Invitation to Breakfast Discourse by SIAOAt the instance of the Partners at SIAO, Lagos, I attended a

breakfast Discourse as Special Guest of Honour on Tuesday, August 16, 2016 at the Wheatbaker Hotel, Ikoyi, Lagos.




Commissioning and Dedication of BBC Professionals Office ComplexOn Tuesday, November 29, 2016, I honoured an invitation

at the instance of BBC Professionals to the commissioning of theirnewofficecomplexchristened“The Charter House” and located at Sabo, Yaba, Lagos.

SWAN Workshop on Anti-CorruptionThe Society of Women Accountants of Nigeria (SWAN) held

a workshop on Anti-Corruption on Saturday, September 10, 2016at the Institute’sAnnexeOfficeatEbuteMetta,Lagos. Iwas duly represented by a member of Council, Hon. (Dr.) Deji Awobotu, FCA.

Special Invitation to SWAN SeminarAnotherinvitationextendedtomebytheSocietyofWomen

Accountants of Nigeria (Abuja Chapter) was a two-day seminar titled, “The Role of Women in National Development.” I acknowledged the invitation through representation by a council member, Mr. Sylvester Nwanna, FCA.

Forum of FirmsI held a meeting with Small and Medium Sized Practitioners

(SMPs)onTuesday,August16attheInstitute’sAnnexeOfficeEbuteMetta, Lagos.Themeetingwas the first of a series ofengagements with stakeholders organised as part of the presidential year’s programme committed to the development of SMPs and also, as a way of building a closer relationship with other members of the Institute who are sole practitioners.

Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) 50th Anniversary Grand BallI honoured an invitation from the Institute of Chartered

Secretaries & Administrators of Nigeria (ICSAN) to its 50th

anniversary grand ball held at the Eko Hotel and Suites, Lagos on Friday, November 18, 2016, through representation by a

member of Council, Mr. Wale Raji, FCA.

APBN Programme at AbujaOn Wednesday, June 15,

2016, I attended the Council meeting of the Association of Professional Bodies of Nigeria (APBN) held at the Ultimate Sharon Hotel, Abuja

Workshop for Association of Vice-Chancellors of Nigerian UniversitiesThe joint national workshop

between the Institute and the Association of Vice-Chancellors of Nigerian Universities (AVCNU) with the theme: “Conflict Free Financial Administration in the University” was organised for Vice-Chancellors, Registrars and Bursars of Universities in Nigeria at Abuja on Tuesday, November 29, 2016. A member of Council,

Chief Davidson Alaribe, FCA, represented me at the programme.

VISIT TO VICE CHANCELLORS/RECTORS OF TERTIARY INSTITUTIONS

As part of the programme to the Eastern State of Anambra, I paid courtesy visits to the Vice-Chancellors of the following universities–PaulUniversity,Awka;NnamdiAzikiweUniversity,Awka;ChukwuemekaOdumegwuOjukwuUniversity,Igbariam,AnambraState;MadonnaUniversty,Okija,AnambraState.

My discussions centered on: The leadership roles of ICAN inNigeriaandbeyond;ICANasafoundingmemberofABWA,PAFA and IFAC; Disciplinary process for any erringmember;The advantages enjoyed by universities that are accredited by the Institute aswell as the additional benefits available uponsigning to the Institute’s MCATI programme; benefits of theengagement of the services of Chartered Accountants both in academic and non-academic positions. I attended to questions from the Accounting students of the institutions.

At Paul University, requests were made for the following:● Construction of an accounting lecture theatre for the

University;and● Donationof relevantandcurrentaccounting textbooks

and softwares for the accounting department.

I, with the support of the Council members on my entourage, announced a donation of two laptop computers and accounting softwares relevant to the accounting department. In addition, books worth One Hundred Thousand Naira (N100,000) were donated.

The Vice-Chancellor of Nnamdi Azikiwe University, Awka promised that the University community will maintain the professional relationship between both institutions. He also acknowledged that the visit will solidify the bond between the students and the Institute

Iheldamembers’forumwithourmembersinAwka&District

ICAN President, Deacon Titus Soetan with some members of SWAN




Society where issues germane to the uplift of the profession and the District Society were discussed.

Mountain Top University (MTU), Mowe, Ogun StateI commenced my visit to Mowe & District Society with

a courtesy visit on the Vice-Chancellor of Mountain Top University, Prayer City, Ibadan-Lagos Expressway, ProfessorE.A. Akinlabi. While acknowledging the contributions of the Institute to the growth of the profession in the country, especially to the academia, the Vice-Chancellor informed us that all their studentswhosatfortheInstitute’sATSIexaminationspassed.He mentioned that the university was ready to receive the Institute’s team for accreditation.

The VC equally informed me of the university’s readiness to partnerwith theInstituteandMowe&DistrictSociety inorderto give its accounting student the benefit of tapping from theavailable educational resources at the disposal of the Institute.

In my remarks, I thanked the Vice-Chancellor and the Deans for granting us audience. I commended the courage and resilience of the Visitor to the university – Dr Daniel K. Olukoya, for his visionary leadership and an epitome of good character.

I gave a brief history of the Institute and the various programmes laid out for institutions accredited by the Institute.

In his vote of thanks, Professor J.A.T. Ojo used the opportunity toappealtotheCouncilforthedonationoffifty(50)computerunits and relevant softwares to its department’s computer laboratory as a way of showing the students the availability of various accounting packages and to prepare them for the labour market.

Meeting with Accounting Students of Mountain Top UniversityAs part of the programme for my visit, I also addressed the

accounting students of the institution, where I admonished them to allow the core values that are applicable to lifelong situations be their guiding principles. I also advised them to make the best use of their time in life by applying some of the attributes of the Visitor to the university – Dr. D.K. Olukoya.

In his contribution during the interactive session with the students, Chief Oye Akinsulire, FCA, the Council co-ordinator for Mowe & District Society spoke on the modalities andother procedures that are open to the students on ways and means of preparing for and writing the Institute’s professional examinations.

During the questions and answers session, the issue of ACCAexaminationproceduresaswellasitsarrangementwithOxfordBrookesUniversitywerementioned.Thestudentwantedto know if the Institute was thinking along this line. The following requests were also placed before me for consideration by the Head of Department of Accounting of the University:

● Donationoffiftycomputerunitsplusrelevantaccountingsoftwares.

● Training of select lecturers of the department on the use of the accounting softwares.

● Connection of the University’s accounting department to the Institute’s website to enable its accounting students tap into the E–Resources of the Institute.

Courtesy Visit to the Vice-Chancellor, University of JosI paid a courtesy visit to the Vice-Chancellor, University of

Jos, Professor Seddi Sebastine Maimako, FCA. The visit was

not only to congratulate him on his elevation and appointment as the Vice-Chancellor of the University of Jos, but also to commiseratewithhimonthefire incidencethatdestroyedtheUniversity’s library building in December 2016. I assured him of the Institute’s token support towards the reconstruction of the library.

I also implored the Vice-Chancellor to call upon the services of ourmembers in Jos &District Societywhenever the needmight arise as a way of boosting his reservoir of professional accountants. I also appealed to Professor Maimako, FCA to endeavour to nominate our members in the employ of the university to attend the various courses under the Institute’s MCPE programme.

In response, the Vice-Chancellor expressed delight forthe visit and acknowledged that the invaluable training he received as a chartered accountant assisted him in no small way to navigate the administrative terrain of the university environment. He brought to my attention that his elevation to theexaltedpositionofaVice-ChancellorofaFederaluniversitywas the second time in the annals of this nation that a chartered accountant would be so appointed.

Heconfirmedthattheinstitution’sdepartmentofaccountingisprofessionallystaffedwithexperiencedcharteredaccountantsand acknowledged the tremendous support from the Council, management and staff of the Institute in sustaining the University’s accreditation status.

The VC sought the Institute’s assistance in terms of educational publications, materials and computers towards the restorationof theUniversity’s library thatwasengulfedbyfirein December 2016. The Institute had since sent its donation as promised.

Visit to the Vice-Chancellor, Kaduna State University, KadunaDuringmyvisitstoKaduna&DistrictSocietyinMarch2017,

I paid a courtesy visit to the Vice-Chancellor of the university, Professor Mohammed Tanko, FCA. The purpose of the visit was to enquire how our members are faring at the university and to congratulate him on his appointment. Professor Tanko expresseddelightonourvisitandthehonourofbeingaLeadPaper presenter at the 3rd Edition of ICAN Academic Conference held in Lagos.

Courtesy Visit to the Vice-Chancellor, Ajayi Crowther University, OyoI visited Ajayi Crowther University, Oyo where a courtesy visit

was made on the Vice-Chancellor, Professor Dapo Asaju, who was represented by a member of the academic board and some academic and management staff of the Institution.

Inmybriefremark,IspokeonthevariousbenefitsthatareaccruabletoregisteredstudentsoftheInstitutewithfirstclassdegrees and who are desirous of sitting and writing the various levelsoftheprofessionalexaminationsoftheInstitutewithinarecord time.

Courtesy Visit to the Vice-Chancellor, Ladoke Akintola Universty of TechnologyIn continuation of my visit to the ancient town of Ogbomoso,

I paid a courtesy visit to the Vice-Chancellor of Ladoke Akintola University, where I was received personally by Professor AdeniyiSulaimonGbadegesin.TheVice-Chancellorexpressed




his happiness on our visit and acknowledged the professional discharge of our members’ responsibilities. He attested to the professional training underwent by members of the Institute as having profound impact on their service delivery to the university community.

Courtesy Visit to the Rector of the Polytechnic, IbadanI paid a courtesy visit to the Rector of the Polytechnic,

Ibadan on Thursday, March 16, 2017. In his address, the Rector acknowledged my visit as a home coming to my alma mater and thankedme for theunflinching loyaltyandsupport to thepolytechnic.

He seized the opportunity of the visit to thank the governing council of the Institute, its membership and staff for the highly cherished donation of accountancy lecture theatre to the institution. The Rector commended the professional disposition of members in the employ of the polytechnic to their jobs as he confessed to their trust worthiness in the discharge of their duties. He also spoke of the recent visit by the Institute’s accreditation team to the polytechnic for the re-accreditation of its accountancy programme of which he sounded positive about the outcome of its result.

Courtesy Visit to the Vice-Chancellor, University of UyoI paid a courtesy visit on the Vice-Chancellor, University of

Uyo where I and my entourage were received by the Deputy Vice-Chancellor (Administration), Professor Godfrey Udo. I spoke of the need for the university to sign onto the Institute’s MCATI programme. I also called on the senate of the institution toconsider the listingof theATSWAPartThreeCertificateasone of its admission policy for the university.

In his response on behalf of the Vice-Chancellor, Professor Udo reiterated the University Senate’s support for the Institute’s programme as well as its accreditation visitation report which

are usually crafted with details on areas that needed adequate attention by the institution.

He commended the ‘Catch them Young Programme’ introduced by the Institute as a means by which its membership base will always be enriched.

While responding to some of my requests, Professor Udo assured me that the University Senate would look into the requests and would liaise with the relevant department of the Institute for the programmes.

On the issue of recognising the ATSWA Final Three certificate for the purpose of admission into theUniversity, the Deputy Vice Chancellor (Administration) called on the Institute to make the request formal.

Meeting with Accountancy Students of University of UyoDuring the visit under reference, I met with students

of Accounting Department of the university. The students were afforded the opportunity of having very robust interactive session with the ICAN Team. The earlier donation of two laptops and some accounting software including the training of staff on the use of the software were acknowledged.

Courtesy Visit to the University of CalabarI and my entourage commenced an official visit to

Calabar&DistrictSocietywithacourtesycallontheVice-Chancellor of the University of Calabar, who was represented by the Registrar of the Institution, Mr. Moses Obong.

My remarks centered on the relationship between the two institutions dating back to 1991 and to enquire from the authorities oftheuniversityabouttheirpreparednessforthenextroundofaccreditation which was due. I stressed the importance of the university retaining its accreditation status with the Institute. I also emphasised the advantages of signing unto the Institute’s MCATI programme. I also called on the institution to consider the listing of theATSWA Part Three certificate as one of itsadmission policy of the university.

In the cause of the discussion, the representative of the Vice Chancellor made the following requests to the Institute:

● Construction and furnishing of an accounting lecture theatre for the University.

● Donation of computers and accounting softwares for its accounting laboratory.

● Donationofrelevantaccountancybooks&journals.

Bowen University Maiden Lecture and Visit to the Vice-ChancellorOn Wednesday, November 30, 2016, I delivered the maiden

lecture of the Faculty of Social and Management Sciences, Bowen University, Iwo, Osun State, titled: “The State of The Nigerian Economy: Survival Strategies for Government and Other Stakeholders.” In the paper, I took a retrospective look into the nation’s economy prior to independence, post independence, the early eighties and into the millennium and supported the arguments advanced in the paper with comparative analysis with some countries across the globe.

During the visit to the University, I paid a courtesy call on the Vice- Chancellor, Professor M.A. Ojo who thanked me for honouring the invitation. He acknowledged the Institute’s assistance towards ensuring that its Department of Accounting

ICAN President, Deacon Titus Soetan with former CIPFA President, Mr. John Matheson



20

was regularly updated with essential materials as a condition for retaining its accreditation status.

INVESTITURE CEREMONIES Lagos Mainland District Society ChairmanThe investiture ceremony of Chief (Sir) Amobi Nwakafor,

FCA as the 22ndChairmanofLagosMainland&DistrictSocietyandtheinaugurationofnewexecutivemembersfor2016/2017was held at the Lagos Airport Hotel, Ikeja, Lagos on Saturday, July 02, 2016. I was represented at the ceremony by the then 2nd Deputy Vice-President of the Institute, Late Mrs. Ifesinachi Erobu, FCA – May her soul rest in peace.

Ibadan & District Society ChairmanThe 19th investiture ceremony of the new Chairman for

Ibadan&DistrictSocietywasheldatthebanquethallofPremierHotel, Mokola, Ibadan, Oyo State on Thursday, July 14, 2016. I was at the occasion and advised the new Chairman and the newly inaugurated executive members to enthrone laudableprogrammes for members of the District that are in line with the ideals of the profession.

2nd Investiture Ceremony of Mowe & District Society Chairman On Saturday, August 13, 2016, the 2nd investiture and

swearing-in ceremony of the new Chairman and ExecutivecommitteemembersofMowe&DistrictSocietyoftheInstitutewas held at the RCCG Youth Centre, KM 46, Lagos-Ibadan Expressway,Mowe,OgunState.Iwasrepresentedattheeventby Mr. Wale Raji, FCA, Council Member and Co-ordinator for the District.

Ikeja & District Society ChairmanThe Honorary Treasurer of the Institute, Mr. Tayo Phillips,

FCA represented me at the Investiture ceremony of 29th Chairman of the District Society Ikeja & District SocietyMrs.Morenikeji Dayo Olaiwole, FCA held on Saturday, August 13, 2016 at Eden Comfort Place, Ikeja, Lagos. The event also featuredtheinaugurationofthe2016/2017executivemembersof the District Society.

Port Harcourt & District Society Investiture Ceremony I was represented by Mazi Nnamdi Okwuadigbo, FCA, then

a Council member, at the investiture of the new Chairman, Mr OkeyNwogu,FCAand inaugurationof the2016/17Executivemembers of the Port Harcourt & District Society. During theevent, the presentation of the District Society’s Centre of Excellencewasheld.

PRESIDENTIAL VISIT TO DISTRICT SOCIETIES OF THE INSTITUTE

Ibadan & District Society On my visit to the District Society, I had a meeting with

members of the District Society who seized the opportunity to presenttheirchallengesinacquiringabefittingaccommodation

for itsDistrictoffice.TheDistrictSocietyhostedapresidentialdinner in my honour at the banquet hall of Premier Hotel, Ibadan as a mark of my visit to the District Society. I acknowledged the immense contributions of members of the district society to my professional successes including my election into the Council of the Institute.

Abeokuta & District SocietyAs a way of showing deep sense of appreciation to me and

my entourage during the official visit to the District Society,members hosted us to a presidential dinner at the June 12 Cultural Centre, Kuto, Abeokuta. During the dinner, I called on members to rededicate themselves to the call of the profession and also to brace up to confront the current economic realities with renewed professional vigour in order to bring out their professional ingenuity.

In attendance at the dinner were two members of the State executive council, a traditional ruler and members of otherrecognised professional bodies in the state.

Jos & District Society Iwashostedtoadinnertoroundoffmyofficialvisit toJos

&DistrictSociety.TheVice-ChancelloroftheUniversityofJos,Professor Seddi Maimako, FCA was the special guest of honour and supported by Mr. Alhazzan Ibrahim, FCA, the Bursar of the university.

At the dinner, members were accorded the opportunity to ask questionsorseekclarificationsontheoperationsoftheInstitute.The following were mentioned:

● Request for the possibility of advancing the District societyaspecifiedamountasloantocompleteitsoffice.

● Reasons for the late response for the issuance of licence topracticecertificates.

● Criteria for membership of CIPFA.● Consideration of organising future Academic Conference

through teleconferencing and on basis of rotation.● Request for the construction of ICAN lecture theatre in

University of Jos.I responded to all the questions above but in particular, I

assured members of the District that a case would be advanced forJos&DistrictSocietyonaspecialstatusbasis inorder toreceive adequate attention from the Institute. The request for rotation of Academic conferences had been passed to the relevant TRPPC for consideration.

COURTESY VISITS TO THE SECRETARIAT

The Executive Members of Lagos Mainland & District SocietyOnWednesday,September05,2016,theexecutivemembers

of theLagosMainland&DistrictSociety ledby itsChairman,Chief (Dr.) Amobi Nwakafor, FCA paid a courtesy call to me at the Institute’s Secretariat, Victoria Island, Lagos. Challenging matters were discussed and admonitions given accordingly.

Executive Members of Ota & District SocietyTheExecutivemembersoftheOta&DistrictSocietyofthe

Institute led by its Chairman, Mr. Olufela Sokenu, FCA paid a

PRESIDENT’s Statement



21

courtesy visit to me at the Secretariat, Victoria Island, Lagos on September 25, 2016. A number of issues affecting the district were discussed. I took time to address the issues and gave advices where necessary on the way forward.

Executive Members of Amuwo Odofin & District SocietyOn Friday, June 17, 2016, the Executive members of

Amuwo Odofin & District Society led by its Chairman, Mr.Chidi Otumba, FCA paid a courtesy visit to me at the Institute’s Secretariat, Victoria Island, Lagos. The Chairman thanked me for granting them audience in spite of the short notice. He also discussed some challenges being faced by the District and recommendations were given to the issues accordingly.

CONFERENCE MATTERSThe 46th Annual Accountants’ ConferenceThe 46th edition of Annual Accountants’ Conference took

place at the International Conference Centre and Sheraton Abuja Hotel, Abuja from Monday, October 10 to Friday, October 14 2016. The Annual conference with the theme: “Accountability. Now. Nigeria” wasdeclaredopenbyHisExcellency,PresidentMuhammadu Buhari, GCFR, Commander-in-Chief of the Armed Forces, Federal Republic of Nigeria, ably represented by His Excellency,ProfessorYemiOsinbajo,GCON,Vice-Presidentofthe Federal Republic of Nigeria.

A number of delegates including invited guests and resource persons drawn from Africa, Europe and America attended the conference. It was interesting to observe that three serving State Executive Governors graced the occasion with theirphysical presence. They were the Executive Governor ofGombeState,HisExcellency,Alh. IbrahimDankwambo,FCA,the Executive Governor of Lagos State, His Excellency, Mr.AkinwummiAmbode,FCAandtheExecutiveGovernorofOgunState, His Excellency, Senator Ibikunle Amosun, CON, FCA.TheimmediatepastgovernorofAnambraState,HisExcellency,Mr. Peter Obi was also in attendance.

Goodwill messages were received from the Special Guest of Honour, President Muhammadu Buhari, GCFR, Ms. Olivia Kirtley, President of the International Federation of Accountants (IFAC), the Pan Africa Federation of Accountants (PAFA), the Association of Accountancy Bodies in West Africa (ABWA) and theExecutiveGovernorsofGombe,LagosandOgunStates.

There were three plenary and four workshop sessions during which carefully selected seasoned resource persons drawn from government, industry, academia and the profession made presentations. In particular, the Conference lead paper titled “Accountability and Good Governance” was delivered by the IFAC President, Ms. Olivia Kirtley.

I sincerely appreciate not only the large presence of many Past Presidents at the event, but also for graciously chairing the technical sessions and making contributions on the various topics of discourse. Thank you all once again. The communiqué of the Conference has been widely circulated.

11th Eastern Districts’ Zonal ConferenceThe 11th edition of Eastern Districts’ Zonal Conference

tagged “Abakaliki 2016” took place at the Akanu Ibiam

International Conference Centre, Abakaliki, Ebonyi State from Monday, August 01 to Thursday, August 04, 2016. The theme of the conference was “Managing the Impact of Dwindling Oil Prices: Local Solutions to Global Challenges.”

Also, the 11th Western Districts’ Zonal Conference tagged “Amuwo2017”washeldatWelcome Centre Hotel, Lagos from Monday February 13 to Thursday 14, 2017. The theme of the conference was “Democracy and the Crisis of Accountability in Nigeria” and it was declared open by me.

In the same vein, I attended the 12th Northern Districts’ Zonal Conference tagged “Makurdi 2017”. The theme of theconference was “Sustaining the Nigerian Economy through Accountability in Public and Private Sectors: The Role of the Professional Accountant” held at BIPC Guest House, Makurdi, Benue State from Monday, May 8 to Thursday, May 11, 2017.

MEMBERSHIP GROWTH AND DEVELOPMENT

58th Induction Ceremony The Institute continued to witness steady growth in

membership. During the 58th Induction ceremony held at the ICAN Student Centre, Amuwo on Wednesday, November 9, 2016, a total of 472 newly qualified young men and womenwere admitted into membership. At the end of the ceremony, which included technical papers presentations, the membership of our Institute rose to 40,789. The Institute is still committed tomaintainingthestandardsof itsexaminationsforwhichit isknown worldwide. Therefore, we are proud of this regular and steady growth in capacity building in the profession.

44th AATWA Induction CeremonyThe 44th AATWA Induction ceremony was held on Thursday,

June19,2016alsoattheICANCentre,AmuwoOdofin,Lagos.The keynote address was delivered by the special guest of honour, Chief (Mrs.) Elizabeth Adegite, MBA, FCA (PP). The paper she presented was on “The Effect of Corruption on the Nation’s Socio-economic and Political Landscape.” I delivered the admission address and administered the oath of allegiance on 518 graduands admitted into membership of Association of Accounting Technicians West Africa (AATWA), thus bringing the number of ATSWA members to 20,570. Students who distinguished themselves at the various levels of theexaminationswererewardedwithmeritandsubjectprizesbasedontheirperformance(s)attheMarch2016examinations.

45TH AATWA Induction CeremonyThe 45th Association of Accounting Technicians of West Africa

(AATWA) Induction ceremony was held on Tuesday, December 06,2016at the ICANStudentsCentre,Amuwo-Odofin,Lagoswhere I admitted Seven Hundred and Seventy-Nine (779) new members into its membership fold. The AATWA membership now stands at 21,349. The Special Guest of Honour at the event was Pastor Ituah Ighodalo, FCA – Managing Partner SIAO, Lagos, Nigeria.

Prior to the induction ceremony, an address by the Registrar/ChiefExecutive,Mr.RotimiOmotoso,MBA,FCA,andPaperson“Entrepreneurship: Pathway to Becoming Self Employed”




22

by Mr. Seyi Olanrewaju, FCA and “Business Etiquette and Networking Skills” by Mrs. Ndidi Zedomi were presented. The papers were chaired by Council members – Mr. Chibuzor Anyanechi, FCA and Alhaji Ibrahim Babayo, FCA respectively.

21st Annual General Meeting & Annual Conference of the Association of Accounting Technicians West Africa (AATWA)The events were held on Wednesday, December 07, 2016

attheICANStudents’Centre,Amuwo-Odofin,Lagos.However,affairs at the Annual General Meeting were directed by the Vice-President and Chairman of the Association, Alhaji Isma’ila Zakari, FCA, mni.

The theme of the conference which was: AAT. Accountability. Now. Nigeria and Topic: Accounting Technicians: Delivering Value to Nigeria’s Accountability and Integrity had Past President, Senator (Chief) Kola Bajomo, FCA, mni, as the Special Guest of honour.

Meeting With Professional Examinations’ AssessorsI met with two groups of the Professional Examinations’

Assessors at the Lagos Airport, Ikeja, Lagos. On both occasions, while thanking the Assessors for their untiring service to the examinationprocesses, Iextended thegratitudeofCouncil tothem and assured them that their welfare remains paramount to the Council.

I spoke on the ICAN Benevolent Funds and how members can access the funds as well as the modalities that should be employed in order to make its accessibility easier. In same vein, I spoke on the N1.5 million members’ insurance welfare scheme for members and the modalities for eligibility.

I also called on members to update their profiles on theInstitute’s website and used the opportunity to assure them that their request for increment in their allowances will be directed to the appropriate committee of the Institute for consideration.

STUDENTS MATTERSICAN Lecture Theatre – Ahmadu Bello University, ZariaIn the Institute’squest for theexpansionof the frontiersof

knowledge, I performed the ground breaking ceremony for the construction of a multipurpose ICAN Lecture theatre at the Ahmadu Bello University, Zaria, Kaduna State. The Vice-Chancellor, Professor Ibrahim Garuba on behalf of members of his College of Deans and the University community thanked the Council of the Institute for the kind gesture and promised that when the building is completed it will be designated for its purpose.

Ground Breaking Ceremony of ICAN Lecture Theatre at Olabisi Onabanjo University, Ago-Iwoye, Ogun StateIn furtherance to the Institute’s strategy on its public interest

mandate and to encourage the production of highly skilled Accounting graduates, the governing Council approved the construction of lecture theatres in selected institutions across the country among which was Olabisi Onabanjo University, Ago-Iwoye, Ogun State. On Thursday, December 22, 2016, I

was at the university for the foundation stone laying ceremony. I noted that the ceremony marked a milestone in the relationship between both institutions which started in 1986 when ICAN accredited the university’s B.Sc Accounting programme.

Federal Universty, Birnin-Kebbi Lecture TheatreI performed the formal commissioning of the newly

constructed ICAN Lecture Theatre on Monday, March 05, 2017 at the permanent site of the Federal University, Birnin-Kebbi, Kebbi State.

In attendance at the ceremony were the Kebbi State Honourable Commissioner for Budget and Planning, Alhaji A. Yauri, Representative of the Vice-Chancellor, Professor AbdullahiBashir,Dean,FacultyofArts,Social&ManagementSciences.

Official Commissioning of the ICAN Lecture Theatre at the Michael Okpara University of Agriculture, Umudike, Abia StateIn continuation of our mandate to encourage the continuous

impact of accounting knowledge across the country, I performed theofficialcommissioningoftheThreehundredandFifty(350)seater capacity ICAN Lecture Theatre at the Federal University, Umudike, Abia State.

In attendance at the commissioning ceremony were the Deputy Vice-Chancellor (Academics), Professor Madubusi Ofo and other members of the academic community.

4th ICAN-FAME Secondary Schools’ Quiz Competition Organised by Ijebu-Ode & District Society of ICANIwasthespecialguestofhonouratthegrandfinaleandaward

ceremony of the Future Accountants Managers Entrepreneurs Secondary Schools Quiz Competition (ICAN-FAME) held on Tuesday, January 17, 2017 at the Adeola Odutola College (Private), Ijebu-Ode, Ogun State.

During the ceremony, the following six (6) schools werethe finalists; Christ the King Catholic College, Louisville GirlsHighSchool,Mayflower Senior School,Our Lady ofApostlesSecondary School, Remo School and Sacred Heart Catholic College.

Thegoodwillmessage,bythewifeoftheExecutiveGovernorof Ogun State, Mrs. Olufunso Amosun was read at the occasion by her representative, Mrs. Ajibola Ipaye, wife of the Honourable Commissioner for Health.

Also at the event, the following past presidents received awards: Alhaji (Otunba) Abdul Lateef Owoyemi, FCA, Mr. Doyin Owolabi, FCA and Otunba Samuel Olufemi Deru, FCA.

SECRETARIAT MATTERSMrs. Claudia Binitie, M.Sc, Director of Membership Directorate

retired from the services of the Institute after many years of valuable service to the Institute. On behalf of the governing Council, I thanked Mrs. Claudia Binitie for the tremendous contributions she made to the growth of the Institute and wished her success in her future endeavours.

Mrs. Foluke Olawuyi, a Deputy Director, has been redeployed to take charge of Membership directorate.




23

Meeting with Staff of the InstituteAt the commencement of the presidential year, I held

a meeting with members of staff of the Institute as a way of ensuring a seamless working relationship with the workforce.

Staff Welfare and Capacity BuildingThere was a peaceful atmosphere, free of any form of

industrial action at the Secretariat. Staff were sent on trainings where desirable during the year under review.

INTERNATIONAL ACTIVITIESICAN-UK District Society Annual DinnerThe 2016 ICAN-UK Annual Dinner and Dance tagged “In

Support of ICAN UK and District Society’s Benevolent Fund” was held on Saturday, November 26, 2016 at Crowne Plaza Docklands, Royal Victoria Dock, Western Gateway, London.

I used the forum to thank members of the District who attended the 46th Annual Accountants’ Conference held in Abuja in October 2016. I also thanked all members of the District for their resolve at ensuring that its internal squabbles did not extinguish the fraternalburningdesiresofmembers toremainloyal to the ideals of the Institute in the United Kingdom.

I acknowledged efforts of the District’s Committee of Past Chairmen and the Caretaker Committee (CTC) under the leadership of Mrs. Camilla Shittu, FCA that nurtured a successful andpeacefulelectionintheUK&DistrictSociety.

1ST ICAN-Canada International Conference & Induction CeremonyI led a delegation to attend the maiden edition of the ICAN-

Canada International conference held at the Sheraton Cavalier Hotel, Calgary, Canada from June 29 to July 2, 2016.

The welcome and keynote addresses were delivered by the Chairman,Canada&DistrictSocietyandtherepresentativeof

theNigeriaHighCommission toCanada&Mayor of Calgaryrespectively. The opening remarks and Six (6) Papers werepresented by my humble self and other resources persons including the Registrar/Chief Executive of the Institute, MrRotimi Omotoso, FCA.

The conference also featured conferment of fellowship status on three (3) members as well as a Dinner/Dance session.

Pan Africa Federation of Accountants Meeting in Kenya I was in Kenya with a delegation from August 24–26, 2016

for the Pan African Federation of Accountants (PAFA) Board meeting.

IFAC Council Meeting Held in BrazilI, in company of the Vice-President, Mallam Isma’ila Zakari,

FCA,Mr.RotimiOmotoso,FCA,theRegistrar/ChiefExecutiveand Mr. Dayo Ajigbotosho, Assistant Director (General Services) attended the International Federation of Accountants (IFAC) Council’s Meeting held in Brazil from November 13 to 19, 2016.

Pan African Federation of Accountants (PAFA) Board Meeting in MadagascarI led a four-man delegation to Madagascar for the Pan

African Federation of Accountants (PAFA) Board’s Meeting held between Sunday, October 23 and Sunday, October 30, 2016.

3rd ICAN-USA International Accountants Conference The 3rd ICAN-USA International Accountants Conference

with the theme “Global Trends In Public Accounting” took place at The Crowne Plaza Atlanta Airport Hotel, Atlanta, United States of America from Wednesday, August 31, 2016 to Saturday, September 3, 2016.

Aside the keynote address I delivered, other resource persons delivered four (4) papers at the event which included MrRotimiOmotoso,MBA,FCA, theRegistrar/ChiefExecutiveof the Institute.

Fellowship status of the Institute was conferred on some


ICAN President with the participants at the ICAN Canada District’s Conference



24

deservingmembersoftheDistrictwhoqualified.

ICAN Disciplinary TribunalDuringtheyearunderreview,theTribunalhadfive(5)sittings

on November 2, 2016, December 1, January 18, February, 21 and April 19, 2017. One (1) judgment and three (3) rulings were delivered. The Tribunal handled a total of nine (9) cases in the course of the Presidential year. One (1) case was concluded, eight (8) cases are pending, though two (2) of the pending cases are almost completed.

OTHER NOTABLE EVENTSCourtesy Visit to the Obi of AwkaAs part of the programmes formy visit toAwka &District

Society, I paid a courtesy call on the Obi of Awka and Immediate Past Chancellor, Usman Dan Fodio University, Sokoto, His Royal Highness Ozo, (Dr.) Gibson Nwosu, OON, Eze Uzu II on Tuesday, January 31, 2017.

In my statement, I spoke on the roles of the Institute as well as the powers conferred on our members, backed by the law that empowers our operational modalities. I also touched on ouraffiliationswithregional,continentalandworldaccountancybodies.

In his response, Ozo (Dr.) Obi acknowledged the roles Chartered Accountants play in the nation’s economy as well as the contributions of the Institute to nation building. The Obi also took the ICAN delegation through the history of Awka and its style of cabinet governance and the meaning behind the title Eze Uzu.

Courtesy Visit to the Soun of OgbomosoWhile in Ogbomoso on District tour, I, with members of my

entourage paid a courtesy visit to the traditional ruler of the town,

His Royal Majesty, Oba Oladuni Oyewumi Ajagungbade III, the Soun of Ogbomoso who welcome the ICAN team to the ancient palace.

In my address, I thanked the royal father for the reception accorded us and appealed to him to encourage his subjects and their children to embrace Accounting education.

Courtesy Visit to the Alake of EgbalandIn continuation of my visit to Abeokuta

&DistrictSociety,Ipaidacourtesyvisittothe Alake of Egbaland, His Royal Majesty, Oba Aremu Adedotun in his Ake palace, Abeokuta. I expressed gratitude to theparamount ruler for receiving one of his own subjects. As a son of Egbaland, I felt honoured to showcase the Institute and its milestone since its charter in 1965.

Courtesy Visit to Obong E.C.D. Abia, FCA, the Paramount Ruler of Eket AspartofmyofficialvisittoUyo&District

Society, I and my team paid a courtesy visit to Obong E.C.D. Abia, FCA, the traditional ruler of Eket in his palace on Tuesday, April 11, 2017.

In my remarks at the Obong’s palace, I said that the courtesy visit to him was a show of solidarity to the people of Eket that their choice of the monarch was not a misplaced priority considering his professional antecedent as a fellow of our great Institute.

I mentioned that Obong Abia, FCA is one of the leading lights of the profession. I congratulated him on his ascension to the throne of his fore fathers and wished him success and good luck.

In his response, Obong Abia, FCA equally thanked the ICAN Team. He acknowledged the grace of the Lord on him as well as providence smiling on him having been chosen as a professional chartered accountant to the throne.

He called on the leadership of the Institute and other members to avail the federal government their professional services in order to assist the government get out of the current economic challenges facing the nation. He decried the effect of corruption on the nation’s socio economic activities but called on members to live up to their professional calling.

Courtesy Call on the Ndidem of the Quas & Paramount Ruler of Calabar Municipality DuringmyvisittoCalabar&DistrictSociety,Ipaidacourtesy

call on a First Class traditional ruler in Cross River State in his palace on Wednesday, April 13, 2017. At the Ndidem’s palace, I spoke on the reason for the courtesy call and on the relevance of chartered accountants in the nation’s economic landscape.

Courtesy Visit to His Imperial Majesty Oba Lamidi Olayiwola Adeyemi, Alafin OyoThe programme for the visit to Ogbomoso/Oyo District

Society of the Institute commenced with a courtesy visit to His ImperialMajesty,ObaLamidiOlayiwolaAdeyemi,AlafinOyoinhis palace in the ancient Oyo town where I and my entourage


Deacon Titus Soetan; former IFAC President, Ms Olivia Kirtley; Representative of Finance Minister, Mrs Kemi Adeosun and IGRC Chairman, HRM, Adaku Chidume-Okoro during

honour for ICAN's Political Ambassadors in Abuja




were received in the traditional Oyo way of entertainment.In my welcome remark, I thanked the Royal father for the

warm reception accorded us and spoke on the Institute’s reason for the courtesy visit as well as its corporate social responsibilities to the nation.

In his response Oba Adeyemi thanked me and my entourage forthevisitasheaffirmedhishighregardfortheInstituteandits members. He attested to the professional and disciplined training that members went through before qualifying as chartered accountants.

The royal father seized the opportunity of the visit by the ICAN delegation to call on the various government at all tiers on the need for them to enact a law whereby the Institute will be consultedonissuesconcerningtheeconomyandfinance.Inthesamevein,ourmembersshouldbegivenfirstconsiderationforpositionsconcerningfinance.

Courtesy Visit to the Traditional Ruler of AbakalikiAs part of the programmes outlined for the 11th Eastern Zonal

Conference, I, in company of some Council members and top members of the zonal conference paid a courtesy visit to the traditional ruler of Izhia, Abakaliki, His Royal Highness Eze Chibueze Agbo (Agaba Idu II of Izhia), Abakaliki, Ebonyi State.

CONDOLENCES AND TRIBUTESCondolence Visit to Balogun Olabisi Omidiora, FCA (PP)On Friday, June 13, 2016, I paid a condolence visit to Balogun

Johnson Olabisi O. Omidiora, FCA (PP) on behalf of the Council and entire membership of the Institute to commiserate with him on the death of his dear wife, Princess Eyinade Omidiora.

On Saturday, August 06, 2016, I, in company of some Council members represented the Institute at the funeral rites of late Princess Eyinade Omidiora in Ile-Ife, Osun State.

Condolence Visit to the Family of Late (Otunba Ayora) Bola Kuforiji-Olubi, OON, BSc., FCA (PP)On Monday, December 05, 2016, I, in company of the Vice

President, Alhaji Isma’ila Zakari, FCA, mni, the 1st Deputy Vice President, Alhaji Rasak Jaiyeola, FCA, the Registrar/Chief Executive, Mr. Rotimi Omotoso, MBA, FCA, and someSecretariat staff paid a condolence visit to the family of Late Otunba Ayora Bola Kuforiji-Olubi, FCA (PP) at her Apapa residence.

I conveyed Council’s condolence to the family members and assured them of the Institute’s participation in the burial ceremony of Late Otunba Ayora Bola Kuforiji-Olubi, FCA.

A special valedictory Council session was held in honour of Late Otunba Ayora D.B.A. Kuforiji-Olubi, MON, FCA (PP) on Tuesday, December 20, 2016 at the Institute’s Council Chamber, Victoria island, Lagos. In attendance at the session were Council members, some past presidents of the Institute and family members of the deceased.

Farewell Church Service for Late HH (Otunba, Ayora) D.B.A. Kuforiji-Olubi, MON, FCA (PP)On Friday, December 23, 2016, I attended the farewell Church

Service for late Otunba Ayora Dorcas Bolajoko A. Kuforiji-Olubi,

MON,FCA (PP) at the All Saints Anglican Church, Yaba, Lagos.Also present at the farewell service were some Past

Presidents and members of the Society of Women Accountants of Nigeria (SWAN).

Commemoration Session for Late Mrs Uchenna Ifesinachi Erobu, FCA, the then 2nd Deputy Vice-PresidentA commemoration Council session was held in honour of

Late Mrs. Uchenna Ifesinachi Erobu on Monday, March 20, 2017 at the Institute’s Council Chamber, Victoria Island, Lagos.

In attendance at the session were Council members, some Past Presidents of the Institute and family members of the deceased.

On March 29, 2017, I led a delegation of Council members and ICAN top-management team to the burial service of Late Mrs. Erobu at her country home, Littlewood Estate, Obosi, Anambra State.

The Visit to Efon-Alaye, Ekiti StateI, in company of Alhaji Rasak Jaiyeola, FCA, 1st Deputy Vice

President was in Efon-Alaye, Ekiti State, at the instance of Mr. Ed. Olowookere, FCA of the World Bank who performed the funeral rites of his late father on Saturday, July 16, 2016.

BIRTHDAY WISHES AND OTHER VISITS

80TH Birthday Anniversary of Etubom (Dr.) Anthony Asuquo Ani, OFR, FCAI attended the thanksgiving mass service at the Holy Cross

Cathedral, Lagos for the 80th birthday celebration of Etubom (Dr.) Anthony Asuquo Ani, FCA, OFR, a Past President of the Institute.

Professionals’ Harvest Thanksgiving ServiceAt the instance of the Hoare’s Memorial Methodist Cathedral,

Yaba, I honoured an invitation to the Professional’s Thanksgiving Servicetagged“HarvestofPeace”heldatitsChurchauditoriumon Sunday, October 02, 2016.

Conclusion Finally, let me end this stewardship report by expressing,

once again, my gratitude to all of you for your support, words of wisdom and unwavering disposition to the cause of the Institute. I feel greatly honoured to have been given the opportunity to carry the Institute’s mantle of leadership for the 2016/2017 presidential year. I assure you all that I will continue to defend the ideals of the Institute no matter the odds.

Thank you and God bless.

Deacon Titus A. Soetan, FCA52nd ICAN President



26REPORTS of Committees of CouncilTO MEMBERS OF THE INSTITUTE

MEMBERSHIP AFFAIRS

OBITUARIES FOR 2015/2016 PRESIDENTIAL YEAR

S/N Names Membership Number

1. ONYENWERE, Godwin Ndubuisi, ACA MB08200

2. ONAGA, Raymond Tagbo, ACA MB028196

3. CHUKWU, Joseph Amadi, ACA MB023921

4. SANGOSANYA, Emmanuel Abiodun, FCA

MB001764

5. MARK-AGEMA, Shaapera Doosuur, ACA MB028378

6. EFAGENE, Julius Eseverere, ACA MB031811

7. YAMUSA, Ogijo Flavius, FCA MB007523

8. ANJOUS, Babatunde, FCA MB000139

9. ANORUE, Uchenna Benjamin, ACA MB021382

10. OKPONOBI, Yakubu Abubakar, FCA MB008077

11. ANIMASHAUN, Ibok, FCA MB003889

12. OGUNDIPE, Sunday Emmanuel, ACA MB015102

13. GBADAMOSI, Kamoru Odutola, ACA MB011623

14. ALOFOJE, Ehime Evelyn, FCA MB012905

15. AJAYI, Elijah Olorunsogo, FCA MB002056

16. ADEYEMI, Tinuola Beatrice, ACA MB021121

17. OBUA, Josephine Efuru, FCA MB007051

18. MANCHO, Fidelis Tizeh, FCA MB012467

19. AGARA, Julius Ikpo Ume, ACA MB009122

20. OFFOR, Dominic Nwaka, FCA MB000825

21. OKOLIE, James Ugochukwu, FCA MB012707

22. Royal Majesty Oba OSUNBADE Adegboyega, FCA

MB000472

23. USMAN, John Mba, ACA MB021063

24. ALE, Oluwaseun Adebayo, ACA MB022527

25. NJAH, Amos Bassey, ACA MB016332

26. OKOYE, Kelvin Kennedy Ikechukwu, ACA MB020764

27. FALOYE, Nelson Abiodun, FCA MB009082

28. ATUZIE, Achulike Christopher, FCA MB007154

29. BENEDICT, Augustine Ayodeji, FCA MB003404

30. ADEBOYE, Moronfolu Adejumoke, FCA MB000668

31. AKINTOLA, Duyilemi Victor, FCA MB022493

32. KORIEOCHA, Damian Ikechi ACA MB014510

33. EROBU, Uchenna Ifesinachi FCA MB002278

LICENCE TO PRACTICE & ATTACHMENTDuring the period under review, 282 Licences to Practice and

57 Attachment forms were approved by Council.

ASSOCIATE MEMBERS OF THE INSTITUTEDuring the presidential year under review, two induction

ceremonies were held in May and November respectively. A total of 649 and 472 new members were admitted into the Associate membership fold of the Institute respectively.

The total membership strength of the Institute as at December 2016 was 40,789 made up of 40,768 Chartered Accountants and 21 Registered Accountants.

The numbers in each class of membership are as follows:

Category of Membership

Fellows Associate Total

a) Members with Practicing Licence

4,232 2,301 6,533

b) Members without Practicing Licence

5,748 28,487 34,235

Total 9,980 30,788 40,768

Registered Accountants under Section 8 (2) of the ICAN Act

21

Total Membership as at 31st December 2016

40,789

MORE INFORMATION ON MEMBERSHIP RECORDS

Total membership of the Institute as at 31st December, 2016

40,789

a) Recorded Death as at 31st December 2016

(570)

b) Members on pending list due to unresolved issues with the Institute

(64)

c) Therefore total membership number as at 31st December 2016(Fellows, Associate Members and Registered Accountants)

40,155




ICAN MEMBERS’ BENEVOLENT & EDUCATIONAL TRUST FUND

ACTIVITIES OF THE FUND’S MANAGEMENT BOARD AS AT DECEMBER 2016

ICANMembersBenevolent&EducationalTrustFundwasestablishedbytheCounciloftheInstituteofCharteredAccountantsofNigeria (ICAN) in 2003 with the following objectives: To promote and invest in Research and Educational development. Togivefinancialassistancetoneedymembers. To support families and dependants of those needy members who have passed on.

CONDITIONS FOR ELIGIBILITY

The Management Committee evolved the eligibility conditions listed below for an Applicant to qualify for the grant. The Applicant:- MustbeafinancialmemberoftheInstitute; Musthavepaidhis/herannualsubscriptiontoatleasttheprecedingyearbeforehis/herincapacitation; The mishap occasioning the request must not be from crime or negligence like arson, murder, manslaughter, use of hard

drugs,etc; Theremustbeproofthatthemembercannotaffordhis/herimmediateneeds;and The Applicant has to route his/her request through his District Society.

CURRENT BENEFITS

TheminimumamountofbenefittoapplicantmembersshallbeasumofFiftyThousandNaira(N50,000);whilethemaximumshallbe a sum of Five Hundred Thousand Naira (N500,000).

Procedure for Disbursement of Fund to Applicantsa) Anapplicationreceivedfromaprospectivebeneficiarymuststateestimateofhis/herneeds.Suchanapplicationmustbe

endorsedbytheChairmanoftheDistrictSocietyoftheApplicant;b) For an application to be validly considered by the Management Board, the application will be considered and treated at any

meetingwhereatleast(2)twomembersoftheBoardarepresent;c) TheSecretaryshallberesponsibleforprocessingandissuanceofchequefortheamountapproved;d) Allchequesshallbecrossedandmadepayableonlytotheaccountofthepayeeormadepayabletothebeneficiarythrough

his/herDistrictSocietyunlessotherwisedecidedbytheBoard;and

MEMBERS’ RECORDS AND DOCUMENTATION ON CHANGE OF NAMES, FIRMS & EXEMPTION FROM SUBSCRIPTION

Description Nos.

a) Marital ground 80

b) Other grounds such as (religion, tradition, personal, etc) 39

c) Firms 26

d) ExemptionfromSubscription 26

Members can update their records on the Institute’s Website: www.icanig.orgHowever,financialmembers(thoseup-to-datewiththeirmembershipdues)asatDecember31,2016was14,506.



28

e) All failed/rejected applicants will be informed of the reason for failure/rejection.

ACTIVITIES OF THE FUND’S MANAGEMENT BOARD IN YEAR 2016

The major activities of the Management Board are Fund Raising and Management of the Fund’s Investments. Funds so generated are invested and it is the income from the investments that are disbursed to members in need and families that are distraught. Since inception, the fund has assisted members and families of dead members.

1. Meetings of the Management Board of ICAN Members’ Benevolent & Educational Trust FundTheICANMembersBenevolent&EducationalTrustFundManagementBoardmet8timesinyear2016.

2. Other Objectives of the FundIn pursuant of the fund’s third objective, i.e. “To Promote and Invest in Research and Educational Development”, the

ManagementBoardof theICANMembers’Benevolent&EducationalTrustFundapprovedthesumofN400,000 to sponsor the prizesawardedattheSecondInternationalAcademicConferenceorganisedbytheTechnical&EducationDirectorateoftheInstitute.

3. Sources of IncomeThe main sources of funding are:i) Annual subvention from the Institute – by way of 3% of the Gross Income from the Annual Accountant’s Conference. ii) Income from investment of the Seed Funds.iii) Donations from Members and other interested individuals.

In a bid to facilitate No. (iii) above, the Minutes Secretary has been attending ICAN public functions to showcase the Benevolent Fundanditsobjectivesinordertogeneratemorefunds.Lettersofappealforfinancialassistancetowardstheschemearewrittento individuals and organisations. Responses in this regard have not been encouraging.

4. Assistance Granted to Members in 2016Seven(7)applicationswerereceived,Six(6)weregrantedastabulatedbelow:

S/No Beneficiaries’ District/Location Purpose Amount Granted

1. Lagos Loss of job and husband N500,000.00

2. Ibadan&DistrictSociety Prostate cancer N500,000.00

3. Lagos Prostatecancer&Kidneyfailure N500,000.00

4. Enugu&DistrictSociety Accident with very bad injuries on his left hand and elbow

N500,000.00

5. PortHarcourt&DistrictSociety Ailment N500,000.00

6. AmuwoOdofin&DistrictSociety Loss of job and injury sustained on his left leg as a result of an accident.

N250,000.00

7. Abeokuta&DistrictSociety He was placed on Dialysis at the Federal Medical Centre Idi-Aba, Abeokuta, Ogun State. His request was granted. However, he passed on, on October 04, 2016 just before the cheque was released to him.

N2,750,000.00

WeherebywishtoinformmemberstoendeavourtocontinuetoassistincreatingawarenessaboutthepurposeandbenefitsofICANMembers’Benevolent&EducationalTrustFundamongthemembersoftheirrespectivedistrictsocieties.Thisisimportantso as to aid the Fund’s Management Board in its repeated appeal to members for donations. It will also facilitate the desire to touch more lives and make its assistance more effective.

Weseize thisopportunity to inform indigentmembers inneedoffinancialassistancenot tohesitate toapproach theFund’sManagement Board through the Chairmen of their respective District Societies for the purposes narrated above.

REPORTS of Committees of CouncilTO MEMBERS OF THE INSTITUTE




ANNUAL ACCOUNTANTS’ CONFERENCE

The 46th Annual Accountants’ Conference was held at the International Conference Centre, Abuja and Abuja Sheraton Hotel from Monday, October 10 to Friday, October 14, 2016. The theme of the Conference was “Accountability. Now Nigeria”. The Conference recorded a total attendance of 3,620 delegates. The Conference was declared open by President and Commander-in-Chief of the Federal Republic of Nigeria, HisExcellency,MuhammaduBuhari,GCFR,who was represented by the Vice President, Federal Republic of Nigeria, Prof. Yemi Osinbajo, SAN, GCON.

In attendance were dignitaries and resource persons from across the globe

which included the IFAC President, Ms Olivia Kirtley who delivered the Lead Paper on “Accountability and Good Governance”. Other dignitaries include: Mrs Kemi Adeosun,FCCA,ACA,HonorableMinisterofFinance;theGovernorofOgunState,HisExcellency(Senator)Ibikunle Amosun, FCA; His Excellency Alhaji (Dr)Ibrahim Dankwambo, FCA, the Governor of Gombe State;HisExcellency,MrPeterObi,formerGovernor,Anambra State; Mr JohnMatheson, Immediate PastPresident of Chartered Institute of Public Finance and Accountancy,UnitedKingdom;andMrSajeveDeora,of Integrated Capital Services Ltd, India. Other eminent personalities in attendance were Royal fathers and a host of others.

Atotalof27Exhibitorsparticipatedintheexhibitionorganised at the International Conference Centre, Abuja. These included private organisations and state governments which sponsored and made donations

A cross section of digitaries during the 46th Annual Accountants’ Conference in Abuja

Mrs. Olutoyin Olakunri (PP) (left), Alh. Razak Jaiyeola, Deacon Titus Soetan, Mrs Soetan, Mr. Ayodeji Oni (PP), and Mrs Comfort Eyitayo cutting the Conference cake

Vice President, Prof. Yemi Osinbajo cutting the tape to declare the 46th Conference open




towards the Conference. The high point of the gala nite was a raffle draw where

members won a star prize of a car in addition to the following consolation prizes: Air conditioner, free flight tickets, LEDtelevision, pressing iron, electric kettle, microwave and a weekend for couples in a designated hotel.

Essay Competition for Students in ICAN Accredited InstitutionsAs part of the Institute’s Corporate Social Responsibility, the

second edition of ICAN essay competition on the topic “The Role of Chartered Accountants in Maintaining the Financial Health

of Nigeria.” was organised for students in all ICAN Accredited Institutions across the country. At the end of the competition, cash prizes, laptops, plaques and ICAN Professional Examination Scholarship (with a value covering tuition, studypacksandexaminationfees)werepresentedtothebestthreestudents at a colourful ceremony held during the conference gala night. The winners of the first and second prizes wereMiss Busola Ashade (Obafemi Awolowo University, Ile-Ife) and

Mr Chibueze Ndukwu (University of Calabar), while Mr Adekunle Famosa (Obafemi Awolowo University, Ile-Ife) emerged the winner of the third prize.

At a well attended closing ceremony, the conference was declared closed by the Chairman of the Institute’s Body of Past Presidents, Revered Past President Ayodeji Michael Oni, BSc, FCA.

ICAN President, Deacon Titus Soetan with members of Ibadan and District Society during District Societies parade at the Conference

ICAN President with winners at the various sporting events

ICAN President Deacon Titus Soetan; IFAC former President, Olivia Kirtley; Finance Minister, Kemi Adeosun; and former

Anambra State Governor Peter Obi

Essay Competition Winners – Mr Adekunle Famosa (Obafemi Awolowo University) (left); Mr Chibueze Ndukwu (University of Calabar); and

Miss Busola Ashade (Obafemi Awolowo University)

Winner of the star prize of the raffle draw collecting car keys from Deacon Soetan

Mrs Ibironke Osiyemi (PP) (left), Late Mrs Uche Erobu, Ms Olivia Kirtley, ICAN President Deacon Titus Soetan, Alhaji Razak Jaiyeola,

Alhaji Ismaila Zakari and Mr Rotimi Omotoso




ASSOCIATION OF ACCOUNTING

TECHNICIANS WEST AFRICA (AATWA)

AATWA INDUCTION CEREMONYTwo induction ceremonies were held in June and December,

2016 respectively. A total of 518 and 797 ATSWA graduates were admitted into the Association`s membership fold. Therefore, the total membership strength of the Association as at December 2016 was 21,367.

AATWA ANNUAL CONFERENCEThe AATWA 21st Annual Conference was held on Friday,

December7,2016attheICANCentre,AmuwoOdofin,Lagos.A paper on “AAT. Accountability. Now. Nigeria” was delivered by Mr. Olawale Salaam Balogun, AAT, ACA. A total of 1,203 members attended the Conference.

AATWA ANNUAL GENERAL MEETINGThe 21st Annual General Meeting of the Association was held

on Wednesday, December 7, 2016 at the ICAN Centre, Plot 12, KofoKasumuStreet,AmuwoOdofin,Lagos.Themeetingwasheld before the commencement of the Annual Conference. Over 1,200 members were in attendance.

Five (5) members of the Executive Committee retired inaccordance with rule 12 of the Constitution and Bye Laws of the Association.All the five vacancies createdwere filled through

ACCOUNTING TECHNICIANS SCHEME WEST AFRICA (ATSWA)

TheATSWAExaminationstookplaceinMarchandSeptember2016 under the aegis of the Association of Accountancy Bodies in West Africa (ABWA). The four-member Institutes that participated in theATSWAexaminationsduring the twodiets in 2016wereNigeria, Ghana, Liberia and Sierra-Leone while Cameroon participatedforthefirsttimeinSeptember2016diet.

TheMarch 2016 diet of the examinations took place in thefollowing twenty-eight (28) centres: Abakaliki, Abeokuta, Abuja, Ado-Ekiti, Akure, Awka, Benin City, Calabar, Enugu, Ibadan, Ikorodu, Ilesha, Ilisan, Ilorin, Jos, Kaduna, Kano, Lagos, Lokoja, Makurdi, Ogbomosho, Okija, Oko, Onitsha, Ota, Port Harcourt, Umuahia and Uyo.

The breakdown of candidate’s enrolment for March and Septemberexaminationsareasfollows:

Level March 2016 September 2016

Part I 1,794 1,966

Part II 1,429 1,231

Part III 717 1,092

Total 3,940 4,289

Merit, Subject and Special prizes were awarded to candidates withoutstandingperformanceintheMarch2016dietexaminationsas stated below:

an election process in line with rule 10 of the Association`s Constitution and Bye Laws. Details of the results are contained in the minutes of the 2016 Annual General Meeting of the Association.

Name Examination Number Registration Number Position Part

Lawal Olufemi Moses ATS/20161/10541/A AT/106950 1st Part I

Mabamije Temiloluwa Oluwabunmi ATS/20161/11141/A AT/108196 2nd Part I

Raji Suliat Temidayo ATS/20161/11285/A AT/108040 3rd Part I

Fasan Overcomer Oluwasegun ATS/20161/20463/A AT/107267 1st Part II

Akanji Emmanuel Ashekono ATS/20161/20433/A AT/106897 2nd Part II

Bello Samuel Oluwaseyi ATS/20161/20924/A AT/106657 3rd Part II

Sunday Olayinka Olarewaju ATS/20161/30280/A AT/104524 1st Part III

Oyedele Gbenga Samson ATS/20161/30575/A AT/101174 2nd Part III

Olafemi Oluwatomi ATS/20161/30178/A AT/102820 3rd Part III

MARCH 2016 DIET(a) MERIT PRIZES




(b) SUBJECT PRIZES

LEVEL SUBJECT PRIZE WINNER

Part

I

Basic Accounting Processes &Systems

Chief (Dr) R.U. Uche’s Prize ATS/20161/10541/A AT/106950Lawal Oluwafemi Moses

Economics Mrs. I.M. Osiyemi’s Prize ATS/20161/10541/A AT/106950Lawal Oluwafemi Moses

Business Law Otunba Abdul Lateef Owoyemi’s Prize ATS/20161/10541/A AT/106950Lawal Oluwafemi Moses

Communication Skills Chief C.F.G. Akinwolemiwa’s Prize Nil

Part

II

Principles and Practice of Financial Accounting

Major-Gen. S.A. Owuama’s Prize ATS/20161/20463/A AT/107267Fasan Overcomer Oluwasegun

Public Sector Accounting Late F.B. Cardoso’s Prize Nil

Quantitative Analysis Ayo Oni’s Prize ATS/20161/20018/A AT/106160 Ajayi Funmilayo Adewunmi

Information Technology Late Otunba Ayora (Dr.) Bola Kuforiji-Olubi’s Prize

ATS/20161/20433/A AT/106897Akanji Emmanuel Ashekono

Part

III

Principles of Auditing Alhaji I.O. Sulaimon’s Prize ATS/20161/30280/A AT/104524Sunday Olayinka Olarewaju

Cost Accounting U.S. Nwankwo’s Prize ATS/20161/30178/A AT/102820Olafemi Oluwatomi

PreparingTaxComputation&Returns

D.B.O. Ogutuga’s Prize ATS/20161/30392/A AT/104645Adewusi Oluwatobiloba Motunrayo

Management Chief F.K. Bajomo’s Prize ATS/20161/30392/A AT/104645Adewusi Oluwatobiloba Motunrayo

► ItshouldbenotedthatnocandidatesatisfiedtherequirementsforChiefC.F.G.Akinwolemiwa’sPrizeinCommunicationSkills and Late F.B. Cardoso’s Prize in Public Sector Accounting.

(c) SPECIAL PRIZES

► F.I. Ogunjuboun’s Prizeforthe“BestQualifyingFemaleCandidate”inMarch2016dietexamination:

Level Name Examination Number Registration Number

Part III Olubi Victoria Oluwayemisi ATS/20161/30315/A AT/105614

► Silver Scholarshipforthe“BestQualifyingCandidate”inMarch2016dietexaminations:

Level Name Examination Number Registration Number

Part III Sunday Olayinka Olarewaju ATS/20161/30280/A AT/104524




Name Examination Number Registration Number Position Part

Odiwe Esther Uweoma ATS/20162/11742/A AT/109701 1st Part I

Akpan Peter Justin ATS/20162/10317/A AT/110565 2nd Part I

Oluwasegun Morenike Mary ATS/20162/10533/A AT/109899 3rd Part I

Lawal Oluwafemi Moses ATS/20162/20447/A AT/106950 1st Part II

Ehigiegba Promise Tosin ATS/20152/20182/A AT/107525 2nd Part II

Akanbi Comfort Oluwatosin ATS/20162/20814/A AT/106761 3rd Part II

Obayemi Temitope Esther ATS/20162/30777/A AT/099090 1st Part III

Olajide Micheal Oluwatobi ATS/20162/30271/A AT/104602 2nd Part III

Oluwadare Oluwaseyi Kehinde ATS/20162/30842/A AT/106212 3rd Part III

SEPTEMBER 2016 DIET(a) MERIT PRIZES

(b) SUBJECT PRIZES

LEVEL SUBJECT PRIZE WINNER

Part

I

Basic Accounting Processes &Systems

Chief (Dr.) R.U. Uche’s Prize ATS/20162/10558/A AT/110317Adebayo Ayomide Daniel

Economics Mrs. I.M. Osiyemi’s Prize ATS/20162/10533/A AT/109899Olusegun Morenike Mary

Business Law Otunba Abdul Lateef Owoyemi’s Prize ATS/20162/10072/A AT/109724Salami Temitope Nofisat

Communication Skills Chief C.F.G. Akinwolemiwa’s Prize ATS/20162/10823/A AT/109961Jokotagba Oluwanifemi Oluwadara

Part

II

Principles and Practice of Financial Accounting

Major-Gen. S.A. Owuama’s Prize ATS/20162/20447/A AT/106950Lawal Oluwafemi Moses

Public Sector Accounting Late F.B. Cardoso’s Prize ATS/20162/20814/A AT/106761Akanbi Comfort Oluwatosin

Quantitative Analysis Ayo Oni’s Prize ATS/20162/21018/A AT/108040Raji Suliat Temidayo

Information Technology Late Otunba Ayora (Dr.) Bola Kuforiji-Olubi’s Prize

ATS/20162/20447/A AT/106950Lawal Olufemi Moses

Part

III

Principles of Auditing Alhaji I.O. Sulaimon’s Prize ATS/20162/30777/A AT/099090Obafemi Temitope Esther

Cost Accounting U.S. Nwankwo’s Prize ATS/20162/30777/A AT/099090Obafemi Temitope Esther

PreparingTaxComputation&Returns

D.B.O. Ogutuga’s Prize ATS/20162/30271/A AT/104602Olajide Micheal Oluwatobi

Management Chief F.K. Bajomo’s Prize ATS/20162/30299/A AT/106897Akanji Emmanuel Ashekono

TheSeptember 2016 diet of the examinations took place in the following thirty-one (31) centres:Aba,Abakaliki,Abeokuta,Abuja, Ado-Ekiti, Akure, Awka, Benin City, Calabar, Enugu, Ibadan, Ikorodu, Ilesha, Ilisan, Ilorin, Jos, Kaduna, Kano, Lagos, Lokoja, Makurdi, Ogbomosho, Okija, Oko, Onitsha, Ota, Owerri, Port Harcourt, Umuahia, Uyo and Warri.

Merit, Subject and Special prizes were awarded to candidates with outstanding performance in the September 2016 diet examinationsasstatedbelow:




(c) SPECIAL PRIZES

► F.I.Ogunjuboun’sprizeforthe“BestQualifyingFemaleCandidate”inSeptember2016dietExaminations:

NAME Examination Number Registration Number

Obafemi Temitope Esther ATS/20162/30777/A AT/099090

► PrincessA.A.Adeniran’sPrizeforthe“BestQualifyingFemaleCandidate”fortheyear:



► Alhaja (Mrs.) Shakirat Adepeju Babatunde’s Prize for the “BestQualifyingMaleCandidate”fortheyear:


Sunday Olayinka Olarewaju ATS/20161/30280/A AT/104524

► Silver Scholarship for the “Best Qualifying Candidate”inSeptember2016dietexaminations:



Pastor Ituah Ighodalo, FCA with President Soetan at the AAT induction held in December 2016

President Soetan with the best qualifying candidate in the March AATWA Exams. Ms Temitope Obayemi

ICAN President, Deacon Titus Soetan with AAT members during their Conference held in December 2016




MEMBERS’ EDUCATION AND

TRAINING COMMITTEEInternational Education Standard 7 of IFAC prescribes

continuing professional development for professional accountants to develop and maintain their professional competence so as to provide high-quality services to clients, employers, and other stakeholders. It is in furtherance of this global initiative that the Institute adopted the scheme to support its members.

The programme is a major source of information and education for updating, improving and enhancing the knowledge and professional skills of members. MCPE is a lifelong process of learning and continuing personal development. It is the means by which members enhance their knowledge, skills and competencies to complement current and future career progression.

ObjectivesThe Mandatory Continuing Professional Education

programme has the following objectives:To maintain adequate level of up-to-date technical

knowledgeamongmembersoftheInstitute;To demonstrate the Institute’s responsiveness to the

needs of its stakeholders and encourage members of the accounting profession to have adequate technical knowledge and skills in the drive towards maintaining professional excellenceatalltimes;To assist members of the profession to adapt to new

techniques,changingresponsibilitiesandeconomicconditions;nationallyandinternationally;To maintain the competence and relevance of the

Chartered Accountant in today’s global economic, political and social environment.

REVIEW OF 2016 ACTIVITIESThe sluggish economic growth that characterised the Nigerian

economyin therecentpastclimaxed in2016astheeconomyeventually slid into a recession. The Nigerian economy has been adversely affected by a fall in the global price of crude oil. Continued militant attacks on oil installations also dampened the recovery process. The non-oil sector was adversely impacted bytheinadequatesupplyofforeignexchange,thedepreciationof thenairaandforeignexchangevolatility.Thus,therewasaslowdown in economic activities across all the sectors of the economy. However, because of the commitment of our members to the continuing development programme, we still recorded a remarkablefitinourtrainingofferingintheyearunderreview.

In addition to the regular MCPE, which was held in several locationsacrossthegeo-politicalzonesofthecountry,five(5)CPE;four(4)EMCPE;four(4)TopicSpecificseminarsandoneoff-shore programme in Dubai were conducted, making a total ofninety-six(96)seminars.

Below are some of our In-House clientele:1. Chevron Nigeria Limited2. MTN Communications Limited3. Nigerian Bottling Company Plc4. PZ Cussons Nigeria Plc5. ShellNigeriaExploration&ProductionCompany Limited (SNEPCO)6. Zenith Bank Plc7. Nigerian Breweries Plc8. Nigerian Deposit Insurance Corporation (NDIC)9. Emerging Markets Telecommunications Service (Etisalat)10. PriceWaterhouseCoopers11. Airtel Nigeria12. Seven-up Bottling Company Plc13. General Electric14. Asset Management Corporation of Nigeria (AMCON)15. ADDAX Petroleum16. ALCON Nig17. IHS Africa18. Dangote Group19. KPMG Professional Services20. Sterling Bank Plc21. UNIMAID22. OfficeoftheAuditor-GeneralfortheFederation

PROGRAMME ATTENDANCE

S/N DETAILS 2012 2013 2014 2015 2016

1 MCPE 4,480 4,870 4,665 5,206 4, 760

2 EMCPE 181 143 106 41 122

3 CPE 65 148 39 184 115

4 ECPE 65 72 39 44 17

5 IN-HOUSE 1,567 1,468 1,658 1,581 1,882

6 TOPIC SPECIFIC 1,121 440 356 195 248

TOTAL 7,479 7,141 6,863 7,251 7,144

MCPE TRAINING ATTENDANCE FOR 5 CONSECUTIVE YEARS




23. Federal Inland Revenue Service (FIRS)24. Lafarge Cement PLC.

OFFSHORE TRAINING PROGRAMME IN DUBAIThe annual Executive Continuous Professional Education

Programme (ECPE) was held at the Le Meridien Hotel in Dubai from August 1–5, 2016. The theme of the training was “Economic Diversification: Roles of the Professionals”. Delegates from practice, private and public sectors participated in the programme.

MCPE COMPLIANCE AND SANCTIONSA member of the Institute is required to obtain a minimum of

30 credit hours (which could be obtained solely from structured seminars or a combination of structured and unstructured seminars) in a year. The structured programmes are Mandatory Continuing Professional Education (MCPE), Continuing Professional Education (CPE)andExecutiveMandatoryContinuingProfessionalEducation(EMCPE), the Annual Accountants’ Conference, World Congress of Accountants, African Congress of Accountants, Zonal Accountants’ Conferences and Accountancy Bodies in West Africa (ABWA) Congress.

The unstructured programmes include seminars, workshops, meetings, etc. organised by either the Institute or other organisations, ICAN Annual Dinner, ICAN Annual General Meeting, ICAN symposia, Council and Committee meetings, Examinationexercises(Invigilation,marking,extractionandpoolsetting), Retreats, Publications in the Institute’s journal, District Societies meetings, facilitation at MCPE seminars and other events of the Institute.

The Council of the Institute has noted that some members are deficientintheacquisitionoftheminimumcredithoursrequiredbythe IFAC. The defaulting members are hereby implored to make upforthedeficientcredithourswithintheyearbyattendingMCPEseminars.

Please note that the Council of the Institute had approved sanctionssinceMarch2003formembersdeficientintherequiredMCPE credit hours.

Asapproved,deficientmemberswouldbedeniedthefollowingprivileges: Sponsorshipofstudentsforregistration,exemptions, examinationsandregistrationforinductioninto membership; Sponsorship of graduate members for the Institute’s membership; ElevationtoFellowship; Obtaining and Renewal of Practicing License/Compliance Certificate; MembershipofCommittees; VotingatCouncilelections; ContestingCouncilElections;and OccupyinganyexecutivepositioninaDistrictSociety.Additional sanctions, which might affect the membership

status of defaulting members, have also been approved for implementation.

The Council of the Institute implores all members to attend any two seminars from the various sectors each year to earn the necessary thirty (30) credit hours in the process of updating their knowledge.

PROFESSIONAL PRACTICE

MONITORING COMMITTEE

The Professional Practice Monitoring Committee (PPMC) carried out its responsibilities as contained in its terms of reference. Below is the summary of the Committee’s activities during the period:

1. UPDATE ON THE DASHBOARD REPORT (DBR)The Dashboard Report (DBR) submitted to IFAC in 2015

has been hosted on the IFAC website. Dashboard Report contains general information on the Member or Associate and an overview of the legal and regulatory framework for the accounting profession in the jurisdiction.

The summary of DBR could be stated as follows: The status of adoption of International Standards and

best practices at the jurisdiction level, in this case Nigeria;

The IFAC Member’s or Associate’s status of adoption of International Standards and best practices that apply to Professional Accountancy Organisations (PAOs);and

ThelevelofaMemberorAssociate’sfulfillmentofIFACmembership requirements.

2. UPDATE ON PROFESSIONAL PRACTICE MONITORING EXERCISE The Practice Monitoring exercise is currently being

reviewed by the Committee with a view to making it more robust, viable and sustainable. A lot of work had been carried out and very soon a new and re-packaged practice monitoring exercisewillberolledout.

3. UPDATE ON THE ADOPTION OF AUDITING STANDARDS RELEASED BY IFAC SUCH AS ISAS AND ISQC 1

The Committee wishes to reiterate that during the last Presidential year, Council approved the Committee’s recommendation that the Institute should adopt rather than adapt the Auditing Standards released by IFAC. Although the standards adapted by the Institute such as NSAs substantially complies with the International Standards on Auditing (ISAs), the Committee adduced the following reasons, among others, for their recommendation: Enhancedcredibility; Improvedinvestors’confidence; Simplificationofcomparisonbetweenentities; Transparency;and Cross border comparability, etc.

The development of implementation guidelines and explanatorynotesfortheadoptionofISAsasdirectedbytheCouncil is still in progress.




RESEARCH, TECHNICAL AND PUBLIC POLICY

In accordance with its responsibility of conducting research into Accounting, Taxation, Auditing, Finance, Economics andrelated disciplines to expand the frontier of knowledge in theprofession and deliver results based on the terms of reference, the committee’s activities during the year were in the following areas:

ACADEMIC CONFERENCEThe third edition of ICAN Academic Conference was organised

in collaboration with the University of Lagos, Akoka, Lagos from April 19 - 21, 2017. Scholars from across the country and abroad participated in the two-day event which was aimed at: projecting the image of the Institute as an educator on the one hand, and also providing a platform for scholars both in the accountancy professionaswellas relatedfields tobroaden theirknowledgeand enhance their research skills. The conference provided a publication outlet for well-researched manuscripts. Papers presented at the conference were published as Conference Proceedings and a selected few published as a Special Edition of the Research Journal (IJAF).

RESEARCH JOURNALSThe department maintains the production of ICAN Journal of

Accounting and Finance (IJAF). The eighth (8th) edition of the journal was successfully produced and copies were sold at the 2016 Annual Accountants’ Conference. Two copies of the journal were sent to each higher institution in Nigeria. The department has commenced the preparation for the 9th edition and efforts are beingmadeforthejournaltobeinternationallyindexed.

COMMISSIONED RESEARCHThe Institute established Commissioned Research to provide

grants to support research intoAccounting and related fields.During the year, a commissioned research titled: ‘Integrating Sustainability and Financial Reporting in Corporate Annual Reports in Nigeria’. The research is being conducted by Professor Kenneth Amaeshi (Edinburgh University, UK) and Dr. Innocent Okwuosa (Reading University, UK).

AWARD OF PhD RESEARCH GRANTS TO MEMBERS IN ACADEMIAIn order to increase the number of annual awards of Ph.D

grants, the Institute has reviewed the criteria for the award process. The Institute, through the Committee, considered and approved fourteen (14) applications for PhD research grants as against three (3) approved last year. Eight (8) of these applicants havereceivedfirstandsecondinstalmentsofthegrants.

ICAN SPONSORSHIP OF INAUGURAL PROFESSORIAL LECTUREWith a view to encourage Institute members in academia aspire

to the highest position in their academic career, the Council of the Institute approved the sum of N1million to an eligible applicant for inaugural professorial lecture presentation. During this Presidential year, award was made to a Professor in Accounting: Professor Enyi Patrick Enyi, FCA of Babcock University, Illishan Remo, Ogun State.

His inaugural lecture titled: “Accounting in the Digital Age: Creating Values with Paperless Decision Support Systems” was delivered on 8th September 2016.

COMMENTS ON EXPOSURE DRAFTS (EDs) AND PUBLIC HEARINGSComments on the following Exposure Drafts and Public

hearing were forwarded to the relevant bodies: Supporting Credibility and Trust in Emerging Forms of

External Reporting: Ten Key Challenges for AssuranceEngagements.

PublicSectorSpecificFinancialInstruments. AmendmentstoIPSAS25,EmployeeBenefits. National Code of Corporate Governance 2015 (Public

Sector). Proposed International Public Sector Accounting

Standards and Recommended Practice Guideline (The Applicability of IPSASs).

Foreign Exchange (Monitoring and MiscellaneousProvision) Act CAP F34, LFN, 2004 (Amendments) Bill, 2017 (SB.181).

Public Hearings Amendments to Financial Reporting Under the Cash Basis

Accounting. Legal Framework for Credit Bureau Service Bill, 2017 (SB.

205). National Payment System Bill, 2017 (SB. 205). 2017 Appropriation Bill (National Budget) February 14,

2017.

MUTUAL COOPERATION AGREEMENT WITH TERTIARY INSTITUTIONS (MCATI)In pursuant of the Institute’s desire of partnering with

tertiary institutions to deepen accountancy education in the country, it designed the Mutual Cooperation Agreement with Tertiary Institutions (MCATI). The programme will enable accredited tertiary institutions that signs up to the agreement toenjoyspecialandexpandedexemptionsfromallsubjectsinFoundationandSkills levelsof theprofessionalexaminations.The arrangement allows accounting graduates under the MCATI to proceed to the final level of the professional examinationwherethecandidatewillonlywritefive(5)subjectstoqualifyaschartered accountants.

To date, the following four (4) institutions have signed agreement with the Institute to enjoy this opportunity:

North-West University, Kano, Kano State.

Federal University, Birnin-Kebbi, Kebbi State.

Micheal Okpara University of Agriculture, Umudike, Abia State.

Abia State Polytechnic, Aba, Abia State.




INFORMATION TECHNOLOGY COMMITTEE

The activities of the Information Technology committee focused on the under listed:

1. DEPLOYMENT OF ENTERPRISE RESOURCE PLANNING (ERP) SOFTWAREThe ERP project based on Microsoft Dynamics Navision

and CRM, which was initiated in the last two presidential years is currently at the go-live stage and to achieve full integrated computerisation of the under listed sections of the Institute’s operations

a. Financial Services (G/L, A/C Receivables, Payables, Inventory, Budget, Non-Recurrent Asset, etc.).

b. Human Resources/Payroll (Payroll, Recruitment, Leave, Training,Performance,QueryandExitManagement).

c. StudentshipManagement (Registration,ExemptionandAccreditationexerciseforbothATSandProfessional).

d. Membership Management (Induction, Fellowship, Attachment, Licence, Firms Registration, Conferences, etc.).

e. Travel Management.f. Faculties Management.g. Procurement.h. Maintenance.i. Members’ Education and Training Management.j. IT Case Management.

2. MEMBERS PAYMENT

CHANNELSRe-Integration of the

payment system was carried out with the switching company to resolve issues with failed transactions and user friendliness. Additional payment channels were incorporated to have Quick teller, Web pay, PAYDIRECT, Internet Banking Transfer, POS and Mobile. Other secure channels are also being exploredforincorporation.

3. WEBSITEEnhancements to the

Institute’s website were made within the presidential year to include: Chat Facility, Employment Portal, Look and Feel, etc.

4. COLLABORATION SOLUTIONThe Committee is currently having as work in progress the

deployment of Teleconferencing/e-meeting solution across the threeofficelocationsinVictoriaIsland,Ebute-MettaandAbuja.The facility would have provision for mobility and remote sign-on.

5. ELECTRONIC LEARNING SOLUTIONThis solution is aimed at ensuring that virtually all members

of the Institute are provided with easy access to participate in the Mandatory Continuing Professional Education irrespective of their location.

Discussions, review of various solutions, visit to sites are currently ongoing towards ensuring that the right solution that matches the ICAN requirement is deployed.

6. MOBILE APPLICATIONSMobile applications have been developed on the ANDROID

Platform for The Nigerian Accountant and the Student Study pack. It is currently being tested before general deployment.

7. MEMBERSHIP CARDSThis initiative which started in the last two presidential years

wasaimedatprovidingallmemberswithameansofidentificationbytheInstituteandgrantmembersaccesstovariousbenefitsprovidedformembers’bytheInstitute.Thesebenefitsinclude:Discount with select Hotels across the country, Airlines, etc.

Cards are produced for new inductees and distributed during the induction ceremonies and also produced and distributed through the district society’s arrangement.

Total of 5,246 cards have been produced to date and distributed to members.

ICAN President, Deacon Titus Soetan with the Partners and Staff of SIAO during a coutesy visit by ICAN team




FACULTIESThere are seven Faculties created by Council of the Institute

toserveascentresofexcellence for thepurposeofprovidingcapacity building and technical support for Members in their different areas of specialisation. On a regular basis, the Faculties release newsletters by email to members in their different areas of professional interests. During the period under review, the Faculties undertook the following activities:

1. AUDIT, INVESTIGATIONS AND FORENSIC ACCOUNTING FACULTY

i) Forensic Certification Training ProgrammeThe Faculty conducted five streams of six-modular

certificationtrainingprogrammeforatotalof170members.Twomoot court sessions were held in Abuja on Tuesday November 1, 2016 and in Lagos on Wednesday, November 2, 2016. A total of61candidatesattendedthesessions.Thesessionexposedparticipants to simulated court scenarios and groomed them towards becoming expert witnesses. Qualifying examinationwas held on November 3, 2016. To date, the Faculty has produced478CertifiedForensicAccountants.

ii) Forum of Members The Faculty jointly held a forum of members titled “Introducing

the New Auditor’s Report” to create awareness for members on the newly introduced Auditor’s report by Financial Reporting Council. The event held on November 1, 2016 in Lagos was attended by more than 150 members. Participants examinedtwo papers namely “Introducing the New Auditor’s Report and Practical Issues on Withholding Tax.

2. CONSULTANCY AND INFORMATION TECHNOLOGY FACULTYTheFacultyextensively reviewed itsexistingcurriculumfor

thecertificationtrainingofmemberswhoaredesirousofgoinginto financial or information technology consultancy practiceaswellascapacitydevelopmentforexistingpractitioners.Thecurriculum was approved by Council during the year. To date the Facultyhasproduced18CertifiedFinancialandITConsultants(CFICs).

3. CORPORATE FINANCE MANAGEMENT FACULTY The Faculty continued its capacity building function

through release of newsletters Forum of Members on topics of professional relevance. Four sessions of the forum of members were held during the period under review on “Incorporation and Filling of Returns, Processes and Procedures” and on other topical economic issues during the year. The events were attended by more than 440 members.

4. FINANCIAL REPORTING FACULTYThe Faculty continued its certification training programme

for members and the general public on International Financial

Reporting Standards (IFRS), which it inherited from the Corporate Finance Management Faculty. During the year under review, it trained 287 members on IFRS in Lagos, Kaduna, Port Harcourt andAbuja. It also conducted examination in Lagosand Abuja for eligible candidates on December 15, 2016. To date, the Faculty has produced 264members with certificateof proficiency in International Financial Reporting Standards.(IFRS).

Forum of MembersThe Faculty held its forum of members on various topics for

members in Lagos and Abuja. The events were attended by more than 150 members.

5. INSOLVENCY AND CORPORATE RE-ENGINEERING FACULTY The Faculty continues its sensitisation programme, capacity

building and development. It conducted its 2-Part certificationtraining programme for the award of Certified InsolvencyPractitioner (CIP) during the year. A total of 11 members were trainedbringingthenumberofCertifiedInsolvencyPractitionerstotwenty-six(26).

6. PUBLIC FINANCE MANAGEMENT FACULTY The Faculty continues to sensitise members and key players

in the public sector on the implications of adoption of International Public Sector Accounting Standards (IPSASs). It is against this background that the Board of the Faculty held its Members Forum on May 19, 2019 with the Theme: Public Finance Reforms in Nigeria. Two major topics were discussed at the forumnamely;(i)Reforms in the Public Sector – Zero based Budgeting, E-Collection and (ii) IPSAS Implementation in Nigeria, The Journey So Far.

7. TAXATION AND FISCAL POLICY MANAGEMENT In line with its capacity building mandate, the Faculty

organisedseminarsontopicaltaxissuesinLagos,Abuja,PortHarcourt and Uyo during the year under review. The Faculty emphasised diversification of Nigeria revenue base in itsseminars for 2016 in line with federal government efforts. A total of 439 members attended the various programmes.




STUDENTS’ AFFAIRS COMMITTEE

Registration/Exemption A total of seven thousand and fourteen (7,014) students were

registered during the year under review. This brings the total number of registered students to two hundred and fourteen thousand, four hundred and seventy-one (214,471) as at December2016.Whilefivethousand,eighthundredandtwenty-two(5,822)weregrantedexemptionsfromvariouslevelsoftheProfessional Examination from January to December 2016.Three thousand, three hundred and fifty-six (3,356) studentswere registered for the Accounting Technicians Scheme West Africa (ATSWA) in the year under review bringing the total number of registered ATSWA students to one hundred and eleventhousand,twohundredandfifty-six(111,256)whilefourhundredandfiftystudents(450)weregrantedExemptionfromvarious levels of ATSWA.

AccreditationTwelve (12) Universities, four (4) Polytechnics which met the

required educational standard of the Institute were accorded full accreditation status during the year while ten (10) Tuition Centres were granted full recognition as approved training centresfortheInstitute’sExamination.TheInstitutionsare:

Universities1. Adekunle Ajasin University, Akungba, Akoko, Ondo State.2. Al-Hikmah University, Ilorin, Kwara State.3. Bells University, Ota, Ogun State.4. Caritas University, Enugu, Enugu State.5. Igbinedion University, Okada, Edo State.6. Madonna University, Okija, Anambra State.7. Nnamdi Azikwe University, Awka, Anambra State.8. Novena University, Ogunme, Delta State.9. Osun State University, Okuku, Osun State.10. Samuel Adegboyega University, Ogwa, Edo State.11. University of Nigeria, Nsukka, Enugu Campus, Enugu State.12. University of Uyo, Uyo, Akwa Ibom State.

Polytechnics 1. Federal Polytechnic, Bida, Niger State.2. Federal Polytechnic, Ilaro, Ogun State.3. Nigerian Army School of Finance and Administration, Apapa, Lagos State.4. Osun State College of Technology, Esa-Oke, Osun State.

Tuition Houses1. Accountancy Training Centre, Makurdi, Benue State.2. Edge Educational Services and Logistics, Awka, Anambra State.3. Edo-Wyse School of Professionals, Awka, Anambra State.4. Knights Business School, Oyingbo, Lagos State.5. Integrity Professional Academy Limited, Warri, Delta State.6. MSL: School of Accountancy and Management Studies, Kaduna, Kaduna State. 7. Password Professional Tutors Ltd., Akoka, Lagos State.

8. Starry Gold Academy, Oregun, Lagos State.9. Synergy Professionals, Surulere, Lagos State.10. Top Professional Solutions, Port Harcourt, Rivers State.

ICAN Scholarship SchemeThe Institute has put in place a strategy which will make

Accountancy Profession more attractive to the brightest youths from all Universities and Polytechnics. The scholarship programme is to elicit the interest of Nigerian youths as well as attract the best brains into the Accountancy Profession. A total of one hundred and fifty-eight (158) students benefittedfrom the Scholarship Scheme by sitting for various levels of the ProfessionalExaminationinMayandNovember2016,bringingthetotalnumberofbeneficiariestotwohundredandninety-seven(297). Three (3) students benefited under theATSWA (Silver)category.

Detailed information on the Scheme for all interested and qualifiedstudentscanbeobtainedfromtheInstitute’swebsite.

Catch Them Young ProgrammeThe Catch Them Young Programme is an initiative designed

to: Create awareness among students of secondary schools

about the career opportunities available to them through the Institute of Chartered Accountants of Nigeria’s platform.

TakeICANtothegrassrootswithaviewto“catchingthemyoung”.

Promote the sense of self-employment/entrepreneurship, future prospects and personal interest among the students.

Create a sense of commitment to excellence amongstudents and teachers of commercial subjects in secondary schools.

Enhance the quality of commercial education in our Secondary Schools.

Promote a platform for socio-academic interaction among the commercial Secondary School students.

The programme is to boost the candidature of the Accounting Technicians’ Scheme West Africa (ATSWA) and eventually, the ProfessionalExaminationsoftheInstitute.

The Institute had run the programme in twenty-four (24) statesinthecountryincludingthesix(6)EducationalDistrictsinLagos State since inception in 2014.

High School Residency The High School Residency is an invitational programme for

all accounting and non-accounting students who may desire to pursue Accountancy as a profession. The programme is designed to encourage the best and brightest students to make a career in accountancy and also leverage its limitless possibilities,opportunitiesandbenefitsofearningtheCharteredAccountant’sACAqualification.

The programme will prepare students for the many opportunities that lie ahead in the corporate setting. It will assist students in building a core set of skills and strong ethical orientation.Asplanned,theprogrammewillholdinthesixgeo-politicalzonesofthecountry.Thefirsttwowereheldasfollows: Landmark University, Omu-Aran, Kwara State

— August 2016. Bayero University, Kano, Kano State

— November 2016.




The ICAN President unveiling the plaque during the commissioning of the ICAN lecture theatre donated to University of Agriculture, Umudike

STUDENTS’ SPECIAL PROJECT

CHARTERED ACCOUNTANTS PRODUCED AT THE DIFFERENT CENTRES TO DATEBythelastNovember2016DietExamination

the following number of Chartered Accountants had been produced: «ICAN/NNDC Study Centre, Kaduna

produced 16 Chartered Accountants bringing the total from inception to date to 238;«ICAN/NNDC Study Centre, Kano

produced 17 Chartered Accountants bringing the total from inception to date to 224;«ICAN/NNDC Study Centre, Ilorin

produced 29 Chartered Accountant bringing the total from inception to date to 200;«ICAN/NNDC Study Centre, Gombe

produced 4 Chartered Accountants. This being theirsecondattemptattheExamination;«ICAN/BYSG Study Centre, Bayelsa

produced 10 Chartered Accountants bringing the total from inception to date to 86;«ICAN/ CRSG Study Centre, Calabar produced 24

Chartered Accountants bringing the total from inception to date to 122.

This was made possible due to the cooperation of stakeholders, dedication of the staff at the centres and the commitment of the members of the respective District Societies whosacrificedtheirtimetolectureatthecentres.

CURRENT PARTNERS ON THE PROJECT«New Nigeria Development Company Ltd. through

which four (4) centres were established as follows:— NNDC/ICAN Study Centre, Kaduna;— NNDC/ICAN Study Centre, Kano; — NNDC/ICAN Study Centre, Ilorin; and— NNDC/ICAN Study Centre, Gombe. «The Bayelsa State Government through which BYSG/

ICAN Study Centre, Yenagoa was established. The centre is currently administered by the Yenagoa and District Society.

«The Cross River State Government through which CRSG/ICAN Study Centre, Calabar was established. The centre wasofficiallyhandedovertotheCrossRiverStateGovernmentin February 2013.

OBJECTIVES The objectives of the Students’ Special Project are:— To identify areas and indigenous students of educationally

lessdevelopedpartsofthecountry;— Toexpand studentship in educationally less developed

partsofthecountry;

— To facilitate establishment of standard tuition centres in theseareas;

— To create awareness in these areas about the availability ofsuchascheme;

— To encourage States, Local Governments, Private- and Public Sector-Institutions to provide facilities for standard tuition centres, grant scholarships, bursary awards and other assistance to deserving indigenous students in educationallylessdevelopedareasofthecountry;and

— To encourage and assist indigenous students in educationally less developed parts of the country to take the Institute’sExaminationswith a view to rapidlyproducing a desirable number of Chartered Accountants there from.

In the last twelve years, the SSP Committee anchoring the project, which comprises members from different parts of the country, has worked assiduously towards attaining the foregoing objectives.

ICAN BUILDING PROJECTSLECTURE THEATRES The ICAN lecture theatre at Michael Okpara University of

Agriculture, Umudike was commissioned by the 52nd President on February 3, 2017 while that of the Federal University Birnin-Kebbi was also commissioned on March 6, 2017.

Two out of the four (4) lecture theatres approved for construction by Council for the 2017 Presidential year were awarded by the Institute’s MTB, namely:

► Olabisi Onabanjo University (OOU), Ago-Iwoye.► Ahmadu Bello University (ABU), Zaria.

The foundation laying ceremony of the ICAN lecture theatre at Olabisi Onabanjo University (OOU), Ago-Iwoye was performed




ICAN lecture theatre donated to Federal University, Birnin-Kebbi

ICAN President unveiling the cenotaph of the Lecture Theatre at Ahmadu Bello University, Zaria, while the

Vice Chancellor, Prof. Ibrahim Garuba admires

by the 52nd President on December 22, 2016 while that of the Ahmadu Bello University (ABU), Zaria, was performed on December 19, 2016. They were commissioned by the President in May.

OVERVIEW OF THE LECTURE THEATRES CONSTRUCTED BY THE INSTITUTE SO FAR

PROJECTS CONTRACTORS CONSULTANTS COMMENCEMENT COMPLETION

1. Obafemi Awolowo University (OAU), Ile-Ife

AB Design &Company

Eagle Projects Servicers Ltd.

November 2014 April 2015

2. University of Benin (UNIBEN), Benin

Tegha&AssociatesNig Ltd



3. University of Nigeria (UNN), Enugu

Calvarini Nigeria Ltd. Eagle Projects Servicers Ltd.


4. North West University (NWU), Kano

Arid Builders Nig Ltd. Design Plus November 2014 April 2015

5. Federal University (FU), Birnin-Kebbi

Al-Amin Engr. Services Ltd.

Design Plus May 2015 November 2017

6. The Polytechnic Ibadan ABDesign&Company


July 2, 2016 February 2016

7. Michael Okpara University of Agriculture (MOUOAU), Umudike


February 3, 2016 February 2017

8. Ahmadu Bello University (ABU), Zaria

Al-Amin Engr. Services Ltd.

Design Plus January 2017 April 2017

9. Olabisi Onabanjo University (OOU), Ago-Iwoye


January 2017 April 2017

The construction of the two projects was commenced by the Contractors immediately after the foundation ceremony and the twoprojectsareexpectedtobecompletedandcommissionedbefore the end of the 2017 Presidential year.




PROFESSIONAL EXAMINATIONSTheProfessionalExaminationstookplaceinMayandNovember2016with15,364and16,671candidates,respectivelyinforty-

four centres across Nigeria with one centre each in Cameroon and London. The Institute continued to enhance the Information Technology deployment to the examination processes.The effect was tremendous.The breakdown of the candidates for bothexaminationsisstatedbelow:-

Level of Examinations May 2016

Foundation 1,450

Skills 10,061

Professional 3,853

TOTAL 15,364

Level of Examinations November 2016

Foundation 1,450

Skills 10,359

Professional 4,862

TOTAL 16,671

MAY 2016 DIET(a) MERIT PRIZES

FOUNDATION

Name Examination No. Registration No. Award

Oladeji Michael Tosin 20161/101213/F/12345 209646 1st

Babatunde Oluwatobi Abiola 20161/100683/F/12345 208192 2nd

Oshin Omoteniola Khadijat 20161/100212/F/234 208611 3rd

SKILLS


Olorunfemi John Mighty 20161/204826/S/156 187984 1st

Aremu Hammed Abiodun 20161/200239/S/1456 204176 2nd

Aliu Oluwafemi Bolaji 20161/202281/S/1456 193989 3rd

PROFESSIONAL


Eluehike Great Onyeka 20161/302461/P/12345 200110 1st

Adamson Modinat Folaranmi 20161/303023/P/12345 205922 2nd

Ajetunmobi Ayokunle Adelanke 20161/302718/P/12345 178036 3rd




(b) SUBJECT PRIZES

Level Subject Prize Winner

FOUNDATION

Financial Accounting Late Sir John A. Balogun 20161/101182/F/234 207670Ogunleye Oluwatosin

Business Law I.O. Sulaimon Princess A.A. Adeniran

20161/100683/F/12345 208192Babatunde Oluwatobi Abiola

Economics&BusinessEnvironment/Business&Finance

M.B. Taiwo J.A. Owoseni

20161/101213/F/12345 209646Oladeji Michael Tosin

Quantitative Techniques in Business M. Ayo Oni 20161/101213/F/12345 209646

Oladeji Michael Tosin

Management Information Late Chief E.F. Oke Late Prof. M.A. Adeyemo

20161/100683/F/12345 208192Babatunde Oluwatobi Abiola

SKILLS

Taxation Late Z.O. Ososanya 20161/203438/S/2346 199827Uzuh Obianuju Anthonia

Auditing and Assurance N.L. Westgarth 20161/206053/S/123456 204099Ogagaoghene Samuel Eruvwu

Business Comm. and Research Methodology Sir Ike Nwokolo Nil

Performance Management G.J. Burk 20161/200600/S/1456 207584Adeyemi Bilikisu Adeola

Financial Reporting S.B. Baylis-Smith 20161/203962/S/1456 209781Ibe Onone-Obasi Owai

Management, Governance &Ethics PricewaterHouseCoopers 20161/204826/S/156 187984

Olorunfemi John Mighty

Public Sector Accounting &Finance Balogun J.O. Omidiora 20161/204826/S/156 187984

Olorunfemi John Mighty

PROFESSIONAL

Corporate Reporting Arthur Young, Osindero &Moret

20161/303023/P/12345 205922Adamson Modinat Olaranmi

AdvancedAudit&Assurance J.M.T.Morris&KPMG Nil

Strategic Financial Management Late Bola Kuforiji-Olubi Elder M.E. Daniels Nil

AdvancedTaxation AkintolaWilliams&Co.Olushola Adekanola

20161/302461/P/12345 200110Eluehike Great Onyeka

Case Study KPMG 20161/301829/P/135 161661Akinwale Kehinde Bolanle




NOVEMBER 2016 DIET(a) MERIT PRIZES

(c) SPECIAL PRIZES

► SWAN Prize for the best qualifying female candidate for the diet:

Level Name Examination No. Registration No.

PROFESSIONAL Adamson Modinat Folaranmi 20161/303023/P/12345 205922

► Akintola Williams Delloite and Touche Prize for the best qualifying candidate in a diet:


PROFESSIONAL Eluehike Great Onyeka 20161/302461/P/12345 200110

FOUNDATION


Opoola Jamiu Abiodun 20162/101272/F/234 208457 1st

Pase Oluwasegun Johnson 20162/100320/F/12345 211271 2nd

Fadiran Oluwadamilare Peter 20162/100004/F/234 209027 3rd

SKILLS


Oladeji Michael Tosin 20162/209333/S/123456 209646 1st

Lawal Olayemi Surajudeen 20162/204331/S/1456 196141 2nd

Alaya Saheed Isiaq 20162/206342/S/1456 213730 3rd

PROFESSIONAL


Ogunmuko Olaoluwa Oluwatosin 20162/302424/P/12345 204375 1st

Sanya Ayuba Zamani 20162/303523/P/12345 197320 2nd

Adeleye Oluwafunmike Peace 20162/303820/P/12345 189159 3rd




(b) SUBJECT PRIZES

Level Subject Prize Winner

FOUNDATION

Financial Accounting Late Sir John A. Balogun 20162/101272/F/234 208457Opoola Jamiu Abiodun

Business Law I.O. Sulaimon Princess A.A. Adeniran

20162/100394/F/234 213625Igwe Nnamdi Franklin

Economics&BusinessEnvironment/Business&Finance

M.B. Taiwo J.A. Owoseni

20162/100320/F/12345 211271Pase Oluwasegun Johnson

Quantitative Techniques in Business M. Ayo Oni 20162/100689/F/12345 207270

Adebowale Adeola David

Management Information Late Chief E.F. Oke Late Prof. M.A. Adeyemo

20162/101272/F/234 208457Opoola Jamiu Abiodun

SKILLS

Taxation Late Z.O. Ososanya Nil

Auditing and Assurance N.L. Westgarth 20162/203346/S/124 207600Alohan Osayamen Bright

Business Comm. and Research Methodology Sir Ike Nwokolo Nil

Performance Management G.J. Burk 20162/201513/S/123456 208611Oshin Omoteniola Khadijat

Financial Reporting S.B. Baylis-Smith 20162/209333/S/123456 209646Oladeji Michael Tosin

Management, Governance &Ethics PricewaterHouseCoopers 20162/209502/S/1456 209124

Oyediran Emmanuel Sunday

Public Sector Accounting &Finance Balogun J.O. Omidiora 20162/205829/S/1456 207115

Ola Abraham Olushola

PROFESSIONAL

Corporate Reporting Arthur Young, Osindero &Moret

20162/302259/P/12345 193989Aliu Oluwafemi Bolaji

AdvancedAudit&Assurance J.M.T.Morris&KPMG 20162/302424/P/12345 204375Ogunmuko Olaoluwa Oluwatosin

Strategic Financial Management Late Bola Kuforiji-Olubi Elder M.E. Daniels

20162/302424/P/12345 204375Ogunmuko Olaoluwa Oluwatosin

AdvancedTaxation AkintolaWilliams&Co.Olushola Adekanola

20162/304318/P/12345 203170Dimuna Tochukwu Macmillan

Case Study KPMG 20162/302123/P/12345 208615Oyinbojuni Oyedele Ayodeji




(c) SPECIAL PRIZES

► SWAN Prize for the best qualifying female candidate for the diet:


PROFESSIONAL Ogunmuko Olaoluwa Oluwatosin 20162/302424/P/12345 204375

► Akintola Williams Delloite and Touche Prize for the best qualifying candidate in a diet:



► Akintola Williams Prize for the best qualifying candidate in a year:






LEGAL SERVICES1. ACCOUNTANTS’ INVESTIGATING PANELBetween June 2016 and February 2017, the Investigating

Panel considered a total of forty-two (42) cases.

a) PENDING CASESThe Investigating Panel is currently considering forty-one

(41) cases of alleged Professional Misconduct.Thenatureofthecasesarebrieflyclassifiedasfollows:

Misappropriation of Funds — 13

Unethical Practice in Audit work — 5

Unethical Conduct as a staff — 8

Financial Dispute — 7

Manipulation of Accounts/Records — 2

Others — 6

Total = 41

b) CASES REFERRED FROM THE INVESTIGATING PANEL TO THE DISCIPLINARY TRIBUNALIn the period under review, one matter was referred to the

Accountants’ Disciplinary Tribunal.

2. DISCIPLINARY TRIBUNALThe Accountants’ Disciplinary Tribunal considered a total of

eleven (11) cases of alleged professional misconduct between June 2016 and February 2017.

The cases are as follows:

(a) PENDING CASESThere are ten (10) cases presently pending at various stages

of hearing, which have not been concluded.Thecasesareclassifiedasfollows:

Unethical Practice in audit work — 2

Defective Report — 1

Misappropriation of Funds — 5

Financial dispute — 2

Total = 10

(b) CONCLUDED CASESThe Tribunal concluded one (1) case wherein a Respondent

wasfoundliabletoallegationsmadeagainstanauditfirmsheclaimedtohaveretiredfrom.Shewasreprimanded,beingafirstoffender.

3. STUDENTS’ INVESTIGATING COMMITTEEBetween June 2016 and February 2017, the Students’

Investigating Committee considered a total of thirty-three (33) cases.

a) PENDING CASESThe Students’ Investigating Committee is currently

considering thirteen (13) cases. The nature of the cases is brieflyclassifiedasfollows:

Alleged unethical Conduct as an employee — 9

Alleged misappropriation of funds/Fraud — 2

Examinationmalpractices — 2

Total = 13

b) CONCLUDED CASESThe Students’ Investigating Committee has concluded twenty

(20)casesofexaminationmisconductandmalpractices.

4. AAT INVESTIGATING COMMITTEEThere is no pending case currently before the AAT

Investigating Committee.




PUBLICATIONS & IMAGE

THE INSTITUTE’S IMAGEPart of the mandate of the Publications and

Image Committee (PIC) of the Institute is to maintain a comprehensive plan for providing information to the public, members and the users of accounting services. The Committee during the year pursued this goal vigorously to ensure that the Institute’s Image continued to reflectitsworldclassnature.

During the year, the dissemination of information to both the Institute’s internal and external publicswas very effective and timely,as all the notable activities of the Institute were extensivelyandadequatelycoveredbothbytheprint and electronic media.

THE INSTITUTE’S PUBLICATIONSThe quarterly journals of the

Institute, The Nigerian Accountant for members and the ICAN Students’ Journal; as well as the Annual Report and Financial Statements were timely produced. The soft copy of each edition of the journals and the Annual Report and Financial Statements were also hoisted on the Institute’s website, while hard copies of the journals were sent to financialmembersandstudents.

Copies of the publications were used by the President as part of Public

ICAN President, Deacon Titus Soetan presenting award to Lagos State Governor, Mr. Akinwumi Ambode as Mrs Bolanle Ambode and ICAN Registrar, Mr. Rotimi Omotoso watch in admiration

Former President, Chief Olusegun Obasanjo being presented with his Award plaque by ICAN President, Deacon Titus Soetan while Governor Ambode watches in admiration

ICAN President, Deacon Titus Soetan decorating Professor Kabiru Dandago with

his award medal at the Dinner

Mr. Tunde Fowler receiving award from ICAN President, Deacon Titus Soetan, on behalf of Federal Inland Revenue ServiceMr Uyi Akpata receiving ICAN award on behalf of PWC

Relations items packaged for dignitaries during Presidential toursofICANDistrictSocietiesandotherofficialvisitstofurtherenlighten stakeholders and boost the image of the Institute.

ANNUAL DINNER AND MERIT AWARDSThe Annual Dinner and Awards was held at the Oriental

Hotel, Victoria Island on Friday, April 28, 2017. The Dinner brought together members of the accountancy profession and other invited guests both from private and public sectors of the economy to socialise. Awards were given to some outstanding individuals and corporate bodies for the impact they made on the Institute and the society in general.




INTER-GOVERNMENTAL RELATIONS

COMMITTEE (IGRC)The 25-Member Committee met six (6) times during the

Presidential Year and the following programmes were approved by the Council for the Committee:

1. CELEBRATION OF ICAN POLITICAL AMBASSADORSThe Committee celebrated ICAN Political Ambassadors on

October 10, 2017 at Sheraton Hotel and Towers, Abuja.During this event, the 52nd ICAN President, Deacon Titus Alao

Soetan, FCA inaugurated ICAN Forum of Political Ambassadors (IFOPA)andnominateditsinterimExecutiveMembers.IFOPAwas created to serve as the invisible liaison arm with the government on matters of interest to ICAN.

TheinterimExcomembersofIFOPAincludethefollowing:1. PPSenatorFelixKolawoleBajomo,FCA– Chairman2. HisExcellency,HassanIbrahimDankwambo,FCA – Deputy Chairman3. HisExcellency,Rt.Hon.SirUdeOkoChukwu,FCA – Secretary4. Hon. Linus Okorie, FCA – Financial Secretary5. Mr. Samuel T. Ukura, FCA – Treasurer6. Hon. Kehinde O. Odeneye, FCA – PRO7. Hon. Sunday Ayodele Oladimeji, FCA – Member8. Hon. Mutiu Shadimu, FCA – Member

Also at the event, 17 members of the Institute who were involved in shaping the future of Nigeria were honoured. These members include Governors, Deputy Governor, Ministers, and Head of Service of the Federation and members of the National Assembly.

List of Honourees1. Mr. Akinwunmi Ambode,FCA—ExecutiveGovernor

of Lagos State.2. Senator. Ibikunle Amosun,FCA—ExecutiveGovernor

of Ogun State.3. Chief Willie Maduabuchi Obiano, FCA— Executive

Governor of Anambra State.4. Dr. Udom Gabriel Emmanuel, FCA — Executive

Governor of Akwa Ibom State.5. Alh. (Dr.) Ibrahim Hassan Dankwambo, FCA —

ExecutiveGovernorofGombeState.6. Rt. Hon. Sir Ude Oko Chukwu, FCA — Deputy Governor

of Abia State.7. Senator Solomon Olamilekan Adeola, FCA — Lagos

West Senatorial District.8. Senator Omotayo Alasoadura, FCA — Ondo Central

Senatorial District.9. Senator Joshua Dariye, FCA — Plateau Central

Senatorial District. 10. Hon. Mutiu Shadimu, FCA — Oshodi/Isolo Federal

Constituency.11. Hon. Kehinde Olusegun Odeneye, FCA — Ijebu-Ode/

Odogbolu/Ijebu North Federal Constituency.

The recipients in the different award categories are:

MEMBERS CATEGORYa) Professor Kabiru Isa Dandago, FCAb) Professor Ishola Rufus Akintoye, FCAc) Rev. Dr. Peter Esechie Obadan, FCAd) Mr. Akinwumi Ambode, FCA

NON-MEMBERS CATEGORYa) Chief Olusegun Obasanjo

CORPORATE BODY CATEGORYa) Bank of Industryb) Federal Inland Revenue Service (FIRS)c) PriceWaterhouseCoopers (PWC)

2017 ELECTION INTO COUNCILIn line with International best practice, the 2017 Election to

Council was conducted strictly via the internet (e-voting) on the Institute’swebsite.Memberswererequiredtouploadtheirprofileson the ICAN website, giving their e-mail addresses and GSM numbers. A dedicated pin code was later sent to each member granting access to the voting portal.

Ten vacancies were declared in Council – four (4) of the existingvacanciesareformembers-in-practiceandsix(6)areformembers-not-in-practice.

Nominations were received from members and the EMC cleared the following people for election in the two categories:

MEMBERS-IN-PRACTICE CATEGORYa) Atu Omimi-Ejoor Osaretin Kingsley (Dr.)b) Babatunde Dayo Elliot (Mr.)c) Bammeke Sunday Abayomi (Mr.)d) Egbo Jude Sunny (Mr.)e) Haruna Nma Yahaya (Mallam)f) Ogundipe Olutola (Mr.)g) Okonkwo Ngozi Monica (Lady)h) Olayinka Tajudeen Olawale (Mr.)i) Onoja Emmanuel Eneche (Mr.)

MEMBERS-NOT-IN-PRACTICE CATEGORYa) Abiola Oluwatobi Ayodele (Mr.)b) Anyalenkeya Benedict Uzoma (Mr.)c) EkhoragbonOmeheGaddafiPeter(Mr.)d) Lasisi Saheed (Alhaji, Prince)e) Oderinde Joshua Okeowo (Mr.)f) Ozoh Hilda Ofure (Mrs.)g) Seghosime Queensley Sofuratu (Mrs.)h) Phillips Olutayo Ayodeji (Mr.)i) Okwuosa Innocent Iweka (Dr.)j) Olanrewaju Oluseyi Oladimeji (Mr.)k) OsujiEtofolamFelix(Dr.)

Members voted via the ICAN website and the results were downloaded and collated by the Scrutineers appointed by Council. The results of the Election will be announced at this AGM.




12. Hon. Pally Iriase, FCA — Owan West/East Federal Constituency.

13. Hon. Linus Okorie, FCA — Ohaozara/Oniocha Federal Constituency.

14. Hon. Sunday Ayodele Oladimeji, FCA — Ekiti Central Federal Constituency.

15. Mrs. Folakemi Adeosun, FCCA, ACA — Minister of Finance.

16. Dr. Okechukwu Enelamah, FCA — Minister of Industry, Trade and Investment.

17. Mrs. Winifred Oyo-Ita, FCA — Head of Service of the Federation.

IFOPA has since taken off as a vibrant off-shoot of IGRC, made up of Politicians and Political officeholders(bothcurrent&former).TheForumis planning her Maiden General Convention by May this year, targeting over two hundred ICAN members that fall within their jurisdiction of influence.

2. MoU ON MANPOWER, TRAINING, EDUCATION & DEVELOPMENT WITH SELECTED INSTITUTIONSThe Committee got Council’s approval in

principle to relate with selected key public/private Institutions as part of ICAN Corporate Social Responsibility (CSR). Areas ofconcernalreadyidentifiedbytheCommitteeare:education,training and manpower development.

Some of the Institutions to which IGRC has started relating with on the above are as follows:

1. Nigeria Economic Summit Group (NESG).2. CentreforManagement&Development(CMD).3. Industrial Training Fund (ITF).4. Administrative Staff College of Nigeria (ASCON).5. Any other relevant Institution.

The committee is coming up with robust memoranda of understanding and will have interactive sessions with these Institutions during which the following shall be discussed: The objectives of the mutual relationship. The objectives of both Institutions, as per the enabling

Acts establishing them. TheextantinternalsystemandprocessoftheInstitutions

and the possibility for review. The education requirements/status of the Institutions and

how ICAN will be of assistance. The training and manpower needs of the organisation

and the likely role ICAN is to play. Determine whether training and manpower development

needsoftheInstitutionsareoptimalwithinthecontextoftheir corporate objectives.

Where the Institution are engaged in training and manpower development (Capacity building) for third parties it is done pro bono or for fee.

3. ICAN CUBICLE AT NATIONAL ASSEMBLY COMPLEXThe Committee also got Council’s approval in principle for a

cubicle at the National Assembly and directed the Committee topresentfulldetailsandcostprofileforconsiderationandthe

employmentofa liaisonofficer.Thisapproval isbasedon thefollowing: Other professional bodies like NBA, ANAN, COREN,

NIPR (Nigerian Institute of Public Relations), etc, have cubicles at the National Assembly.

Now more than ever before, ICAN needs to be highly visible and responsive to her environment.

This will enable ICAN Staff at the cubicle to collect from the Clerks of the Assembly, summary deliberations on a daily basis and issues slated for subsequent deliberations. This will help alert ICAN of any obnoxious Bills to herinterest before it gets out of hand.

ICAN’s presence at NASS will help buttress linkages with those that matter at NASS.

It will be an avenue to know about and harness job opportunities for ICAN members in practice, on Technical issues.

It will enable liaison with the Senate President and Speaker, to the advantage of ICAN.

ICAN will use the opportunity of her presence at NASS to enlighten Legislatures on what it can do / services it can offer on matters of the house.

Through having a working knowledge of the house, ICAN can advise/sponsor Bills, especially at times like this when the Economy is witnessing a downturn in the area of revenue generation.

ICAN can also use her presence at NASS to liaise with theSenateCommitteeonAppropriation&Finance.

The Committee has submitted a letter to The Senate President at the National Assembly requesting for a cubicle and this is receiving attention and follow-up is being made to secure the officespace.Althoughtheliaisingofficerisyettobeemployed,part of the proposed officer’s schedule has been assigned tothe Senior Manager, Abuja ICAN liaison officer pending theemploymentoftheNationalAssemblyliaisonofficer.

Deacon Titus Soetan, FCA (right); Governor Willie Obiano, FCA, of Anambra State; his Deputy, Dr. Nkem Okeke; and ICAN Vice President, Alh. Ismaila Zakari, FCA



52Annual Report & FINANCIAL STATEMENTSFOR YEAR ENDED 31 DECEMBER 2016

53 Honorary Treasurer’s Report

54 Independent Auditors’ Report

56Statement of Total Comprehensive Income

57 Statement of Financial Position

58 Statement of Changes in Members’ Funds

60 Statement of Cash Flows

61 Notes to the Financial Statements

Other National Disclosures:

88 Statement of Value Added

89 Five-year Financial Summary



53HONORARY TREASURER’s ReportTO MEMBERS OF THE INSTITUTE

Distinguished members, I am pleased to welcome you to the 52nd Annual General Meeting of the Institute of Chartered Accountants of Nigeria and to present the year 2016 Financial Statements which were considered and recommended by the Council at its meeting of April 27, 2017 for your consideration and approval.

Below are the highlights of the 2016 Financial Statements:

YEAR 2016N’000

YEAR 2015N’000

INCREASE/DECREASE

N’000

INCREASE/ DECREASE

%

TOTAL ASSETS 3,811,051 3,692,400 118,651 3.21%

TOTAL LIABILITIES 320,004 251,787 68,217 (27.09%)

TOTAL FUNDS AND RESERVES 3,491,047 3,440,613 50,434 1.46%

ACCUMULATED FUNDS 1,382,879 1,021,910 360,969 35.32%

TOTAL INCOME 2,171,722 2,050,514 121,207 5.91%

TOTAL EXPENDITURE 2,112,049 1,950,389 161,660 (8.28%)

TOTAL SURPLUS FOR THE YEAR 50,434 65,351 (14,920) (22.83%)

COMMENTS ON THE OPERATING RESULTS AND MAJOR BALANCE SHEET ITEMS

TheInstituterecordedasurplusofN50.434millionowingtointernalefficiencyinitiativesanddiligentcostmanagementwhichhelped to mitigate the impact of increased price levels and the weakened Naira.

Income from members’ fees and subscriptions from both students and members rose by 6% to N944 million, N50 million higher thanyear2015andareflectionofthecontinuedsteadygrowthinmembersandstudents’registration.ThenetcontributionfromSelf financing activitieswasN1.052 billion as against N774million inYear 2015.This reflects a 20% increase in professionalexaminationscandidatureandgrowthincontributionbyN129million(2016:N503million;2015:N374million).Over80%oftheotherselffinancingactivitiesincreasedbothinnumberofparticipantsandcontributionstotheoverallresultfortheyear.

Duringtheyear,therewasstrictadherencetobudgetprovisions.Extrabudgetaryrequestswerenotentertainedwhileauthorityand responsibility were matched by insisting on Committee Chairmen authorising, direct and ascertainable cost to their various committees.

Total Assets at 31 December 2016 were N3.811 billion, an increase of N119 million on the 2015 position (2015: N3.692 billion). ThisreflectsamountexpendedontheongoingcomputerisationoftheInstitute’sactivities.TheupgradeoftheInformationTechnologyinfrastructure and the deployment of Microsoft Navision ERP were given topmost attention in order to improve the overall processes and service delivery of the Institute. Hopefully, we would go-live on the new software in the 3rd quarter of year 2017.

AspartofCouncil’sdesire thatmembersgetvalue for theirfinancialcommitment to the Institute,aproposal to increase thesumassuredontheGroupPersonalAssurancePolicyforfinancialmembersfromthepresentN1.5millionisbeforeCouncilforitsconsideration and approval in line with economic realities. Council also ensures that families of all deceased members are promptly settled.

Finally, we give glory to God Almighty for the success recorded in the year while appreciating members for their support and the opportunity given me to be of service to our esteemed Institute as the Honorary Treasurer.

Olutayo Phillips MBA, FCAHonorary Treasurer

May 12th, 2017



54INDEPENDENT AUDITORS’ ReportTO THE MEMBERS OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Our opinion Inouropinion,theInstituteofCharteredAccountantsofNigeria’sfinancialstatementsgiveatrueandfairviewofthefinancial

position of the Institute as at 31 December 2016,andof itsfinancialperformanceanditscashflowsfor theyearthenendedinaccordance with the International Financial Reporting Standards and the requirements of the Institute of Chartered Accountants of Nigeria Act.

What we have audited TheInstituteofCharteredAccountantsofNigeria’sfinancialstatementscomprise: Thestatementoffinancialpositionasat31December2016; Thestatementoftotalcomprehensiveincomefortheyearthenended; Thestatementofchangesinmembers’fundsfortheyearended; Thestatementofcashflowsfortheyearthenended;and Thenotestothefinancialstatements,whichincludeasummaryofsignificantaccountingpolicies.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards

arefurtherdescribedintheAuditor’sresponsibilitiesfortheauditofthefinancialstatementssectionofourreport.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforouropinion.

Independence We are independent of the Institute in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics

forProfessionalAccountants(IESBACode).WehavefulfilledourotherethicalresponsibilitiesinaccordancewiththeIESBACode.

Other information TheCouncilisresponsiblefortheotherinformation.TheotherinformationcomprisestheNoticeofMeeting,detailsofOfficers

and Council, details of Past Presidents, President’s Statement, Report of Committees of Council, Statement of Value Added and Five-YearFinancialSummary(butdoesnotincludethefinancialstatementsandourauditor’sreportthereon).

Ouropinionon thefinancial statementsdoesnotcover theother informationandwedonotexpressany formofassuranceconclusion thereon.

Inconnectionwithourauditofthefinancialstatements,ourresponsibilityistoreadtheotherinformationidentifiedaboveand,indoingso,considerwhethertheotherinformationismateriallyinconsistentwiththefinancialstatementsorourknowledgeobtainedin the audit, or otherwise appears to be materially misstated. If, based on the work we have performed on the other information that we obtained prior to the date of this auditor’s report, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Council and those charged with governance for the financial statements TheCouncilisresponsibleforthepreparationofthefinancialstatementsthatgiveatrueandfairviewinaccordancewiththe

International Financial Reporting Standards and the Institute of Chartered Accountants of Nigeria Act, and for such internal control astheCouncildeterminesisnecessarytoenablethepreparationoffinancialstatementsthatarefreefrommaterialmisstatement,whether due to fraud or error.

In preparing the financial statements, the Council is responsible for assessing the Institute’s ability to continue as a going



55INDEPENDENT AUDITORS’ ReportTO THE MEMBERS OF THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA

concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless there is a legislation that either intends to repeal the enabling Act of the Institute or has no realistic alternative but to do so.

ThosechargedwithgovernanceareresponsibleforoverseeingtheInstitute’sfinancialreportingprocess.

Auditor’s responsibilities for the audit of the statements Ourobjectivesare toobtain reasonableassuranceaboutwhether thefinancialstatementsasawholeare free frommaterial

misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are consideredmaterial if, individually or in theaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofuserstakenonthebasisofthesefinancialstatements.

AspartofanauditinaccordancewithISAs,weexerciseprofessionaljudgmentandmaintainprofessionalscepticismthroughoutthe audit. We also:

Identifyandassesstherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriatetoprovideabasis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in thecircumstances,butnotforthepurposeofexpressinganopinionontheeffectivenessoftheInstitute’sinternalcontrol.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Council.

Conclude on the appropriateness of the Council’s use of the going concern basis of accounting and, based on the audit evidenceobtained,whetheramaterialuncertaintyexists related toeventsorconditions thatmaycastsignificantdoubtontheInstitute’sabilitytocontinueasagoingconcern.Ifweconcludethatamaterialuncertaintyexists,wearerequiredtodrawattention inourauditor’s report to therelateddisclosures in thefinancialstatementsor, ifsuchdisclosuresareinadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Institute to cease to continue as a going concern.

Evaluatetheoverallpresentation,structureandcontentofthefinancialstatements,includingthedisclosures,andwhetherthefinancialstatementsrepresenttheunderlyingtransactionsandeventsinamannerthatachievesfairpresentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit andsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatweidentifyduringouraudit.

For: PricewaterhouseCoopers For: UHY MaajiChartered Accountants Chartered AccountantsLagos, Nigeria. Lagos, Nigeria.5 May 2017 5 May 2017 Engagement Partner: Edafe Erhie, FCA Engagement Partner: Gabriel Idahosa, FCAFRC/2013/ICAN/00000001143 FRC/2014/ICAN/00000009524



56

31 December 31 December Notes 2016 2015 N’000 N’000

INCOME Fees and subscriptions 4 943,506 893,504 Operating activities 5(a) 2,620,244 2,218,453 3,563,750 3,111,957

Operationalexpenditure 5(b) (1,568,365) (1,444,255) Surplus of income over expenditure 1,995,385 1,667,702 Investment income 6(a) 99,847 98,499 Gain on fair valuation of investment property 15b – 180,000 Other income 6(b) 76,490 104,313 Total income 2,171,722 2,050,514

EXPENDITURE Internationalaffiliationcost 7 178,233 123,433Depreciation and amortisation 8 171,933 163,653 Generalandadministrativeexpenses 9 691,085 667,481Personnel cost 10 864,293 800,279 Otherexpenditure 11(a) 192,324 188,556Impairment charges 11(b) 14,181 6,985 Total expenditure 2,112,049 1,950,387

Surplus for the year 59,673 100,127

OTHER COMPREHENSIVE INCOME Loss in fair value of available-for-sale investments 16 (9,239) (34,773) Total comprehensive income for the year 50,434 65,354

The notes on pages 61 to 87 are an integral part of these financial statements.

Statement of Total COMPREHENSIVE INCOMEFOR THE YEAR ENDED 31 DECEMBER 2016



57

31 December 31 December Notes 2016 2015 N’000 N’000ASSETS Non-current assets Property, plant and equipment 13 985,943 863,804 Intangible assets 14 37,114 49,484 Investment property 15a 1,638,000 1,638,000 Available-for-sale investments 16 71,877 64,450 Loans and receivables 17(b) 21,957 11,435 Total non-current assets 2,754,891 2,627,173 Current assets Loans and receivables 17(b) 24,744 27,996 Inventories 18 81,095 94,828 Subscription and other receivables 19 94,072 110,155 Prepayment 20 35,093 63,952 Deferredexpense 21 5,240 5,894Cash and cash equivalents 22 815,916 762,402 Total current assets 1,056,160 1,065,227 Total assets 3,811,051 3,692,400 FUNDS AND RESERVE Accumulated fund 26(a) 1,382,879 1,021,910 Other charitable and trust funds 26(b) 2,118,961 2,420,257 Available-for-sale reserve (10,793) (1,554) Total funds and reserve 3,491,047 3,440,613 Non-current liabilities Deferred income 25 32,504 6,386 Total non-current liabilities 32,504 6,386 Current liabilities Accounts payable 24 287,500 245,401 Total current liabilities 287,500 245,401 Total liabilities 320,004 251,787

Total reserves and liabilities 3,811,051 3,692,400

The notes on pages 61 to 87 are an integral part of these financial statements.

ThefinancialstatementswereapprovedandauthorisedforissuebyCouncilon……….….…………..andsignedonitsbehalfby: …………………………………………………………………………………………………………… President Honorary Treasurer FRC/2013/ICAN/00000000091 FRC/2014/ICAN/00000007011 ……………………………………………… Registrar/Chief Executive FRC/2013/ICAN/00000004466

Statement of FINANCIAL POSITIONFOR THE YEAR ENDED 31 DECEMBER 2016

May 04, 2017



58

<-------------------------------------------------------------------------------------------------------------------------- Other Charitable and Trust Funds ----------------------------------------------------------------------------------------------------> Available-for-Sale Accumulated Development Prizes Benevolent Library Professorial Accountancy Study Text Student Total Investments Fund Fund Fund Fund Fund Chair Research Revolving Development & Fund Fund Support Fund

N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000

Balance at 1 January 2015 33,219 1,030,048 1,563,316 7,405 82,448 386,195 119,403 145,469 – – 3,367,503 Surplus for the year – 100,127 – – – – – – – – 100,127 Transfer to fund – (108,265) – 10,000 30,746 – – – 52,045 29,680 14,206

MOVEMENT IN FUNDS Payment during the year from fund – – – (985) – (5,465) – – – – (6,450) Available-for-sale investments (34,773) – – – – – – – – – (34,773) Total comprehensive income (34,773) (8,138) – 9,015 30,746 (5,465) – – 52,045 29,680 73,110 Balance at 31 December 2015 (1,554) 1,021,910 1,563,316 16,420 113,194 380,730 119,403 145,469 52,045 29,680 3,440,613

Surplus for the year – 59,673 – – – – – – – – 59,673 Reclassificationinfundsbalance – 438,133 – – – (318,730) (119,403) – – – –Transfer to funds – (136,837) – (1,649) 37,451 (11,855) – – 114,769 (1,879) – Available-for-sale investments (9,239) – – – – – – – – – (9,239) Total comprehensive income (9,239) 360,969 – (1,649) 37,451 (330,585) (119,403) – 114,769 (1,879) 50,434 Balance at 31 December 2016 (10,793) 1,382,879 1,563,316 14,771 150,645 50,145 – 145,469 166,814 27,801 3,491,047

The analysis of reserves is presented in note 26

Statement of CHANGES IN MEMBERS’ FUNDSFOR THE YEAR ENDED 31 DECEMBER 2016



59

<-------------------------------------------------------------------------------------------------------------------------- Other Charitable and Trust Funds ----------------------------------------------------------------------------------------------------> Available-for-Sale Accumulated Development Prizes Benevolent Library Professorial Accountancy Study Text Student Total Investments Fund Fund Fund Fund Fund Chair Research Revolving Development & Fund Fund Support Fund

N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000

Balance at 1 January 2015 33,219 1,030,048 1,563,316 7,405 82,448 386,195 119,403 145,469 – – 3,367,503 Surplus for the year – 100,127 – – – – – – – – 100,127 Transfer to fund – (108,265) – 10,000 30,746 – – – 52,045 29,680 14,206

MOVEMENT IN FUNDS Payment during the year from fund – – – (985) – (5,465) – – – – (6,450) Available-for-sale investments (34,773) – – – – – – – – – (34,773) Total comprehensive income (34,773) (8,138) – 9,015 30,746 (5,465) – – 52,045 29,680 73,110 Balance at 31 December 2015 (1,554) 1,021,910 1,563,316 16,420 113,194 380,730 119,403 145,469 52,045 29,680 3,440,613

Surplus for the year – 59,673 – – – – – – – – 59,673 Reclassificationinfundsbalance – 438,133 – – – (318,730) (119,403) – – – –Transfer to funds – (136,837) – (1,649) 37,451 (11,855) – – 114,769 (1,879) – Available-for-sale investments (9,239) – – – – – – – – – (9,239) Total comprehensive income (9,239) 360,969 – (1,649) 37,451 (330,585) (119,403) – 114,769 (1,879) 50,434 Balance at 31 December 2016 (10,793) 1,382,879 1,563,316 14,771 150,645 50,145 – 145,469 166,814 27,801 3,491,047

The analysis of reserves is presented in note 26

Statement of CHANGES IN MEMBERS’ FUNDSFOR THE YEAR ENDED 31 DECEMBER 2016



60Statement of CASH FLOWSFOR THE YEAR ENDED 31 DECEMBER 2016


CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from/(utilised in) operating and fund activities 29(a) 150,648 (3,100) Cash generated from funding activities 29(b) 136,837 116,021 Net cash generated from operating activities 287,485 112,921 CASH FLOWS FROM INVESTING ACTIVITIES Acquisition of property, plant and equipment 13 (281,703) (208,850) Acquisition of intangible asset 14 – (61,849) Proceed from disposal of property, plant and equipment 6(b) 4,902 385 Acquisition of available-for-sale investments 16 (16,666) (13,678) Interest received 6(a) 59,495 60,843 Net cash used in investing activities (233,972) (223,149)

Cash flows from financing activities – –

Net cash generated from financing activities – – Net increase/(decrease) in cash and cash equivalents 53,514 (110,228) Cash and cash equivalents at the beginning of the year 762,402 872,630 Cash and cash equivalents at the end of the year 815,916 762,402



61Notes to the FINANCIAL STATEMENTSFOR THE YEAR ENDED 31 DECEMBER 2016

1. GENERAL INFORMATION The Institute of Chartered Accountants of Nigeria (ICAN) is a body established by Act of Parliament No.15 of 1965 to: i) Determine what standards of knowledge and skill are to be attained by persons seeking to become member of the accountancyprofessionandtoraisethosestandardsfromtimetotimeascircumstancesmaypermit; ii) Secure in accordance with the provisions of the Act, the establishment and maintenence of the registers of fellows, associates and registered Accountants entitled to practice as Accountants and Auditors and to publish from time a list ofthosepersons; iii) Perform, through the Council of the Institute, all other functions conferred on it by the Act. The Institute is an accountancy body in Nigeria recognised by the International Federation of Accountants (IFAC) as the foremost professional accountancy body in the West African sub-region, the Institute, in 1982, initiated and contributed significantlytotheformationoftheAssociationofAccountancyBodiesinWestAfrica(ABWA).TheInstituteisalsoapioneer member of Pan-African Federation of Accountants (PAFA) and indeed produced its pioneer president. HEAD OFFICE Plot 16, Idowu Taylor Street, Victoria Island, Lagos, Nigeria. P.O.Box1580,Lagos. e-mail: [email protected] website: www.icanig.org VISION To be a leading global professional body. MISSION STATEMENT To produce world class Chartered Accountants, regulate and continually enhance their ethical standards and technical competence in the public interest. MOTTO Accuracy and Integrity

FINANCIAL REPORTING REGISTRATION NO: FRC/2013/0000000017 JOINT AUDITORS: PricewaterhouseCoopers (PwC) Chartered Accountants Landmark Towers, 5B Water Corporation Road, Victoria Island, Lagos. UHY Maaji & Co Chartered Accountants 22 Town Planning Way, Ilupeju, Lagos.




2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Introduction to summary of significant accounting policies

Theprincipalaccountingpoliciesappliedinthepreparationofthesefinancialstatementsaresetoutbelow.Thesepolicieshave been consistently applied to all the years presented, unless otherwise stated.

2.2 Basis of preparation

The financial statements of the Institute of Chartered Accountants of Nigeria have been prepared in accordance withInternational Financial Reporting Standards (IFRS) as issued by the InternationalAccounting Standards Board (“IASB”).Additional information required by National regulations is included where appropriate.

Thefinancialstatementscomprisethestatementofprofitorlossandothercomprehensiveincome,thestatementoffinancialposition,thestatementofchangesinmembers’funds,thestatementofcashflowsandthenotestothefinancialstatements. Thefinancialstatementshavebeenpreparedinaccordancewiththegoingconcernprincipleunderthehistoricalcostconcept.Allvaluesareroundedtothenearestthousand,exceptwhenotherwiseindicated.Thefinancialstatementsarepresentedinthousands of Naira. ThepreparationoffinancialstatementsinconformitywithIFRSrequirestheuseofcertaincriticalaccountingestimates.ItalsorequiresmanagementtoexerciseitsjudgmentintheprocessofapplyingtheInstitute’saccountingpolicies.Changesinassumptionsmayhaveasignificantimpactonthefinancialstatementsintheperiodtheassumptionschanged.Managementbelieves that the underlying assumptions are appropriate and that the Institute’s financial statements, therefore, presentthe financial position and results fairly.Theareas involvinga higher degreeof judgement or complexity, or areaswhereassumptionsandestimatesaresignificanttothefinancialstatementsaredisclosedinNote3.

2.2.1 Going concern

The Institute has consistently been generating funds through its members’ subscriptions and students’ exams fee. TheManagementbelievethatthereisnointentionorthreatfromanysourcetocurtailsignificantlyitsmembershipandstudentsenrollmentintheforeseeablefuture.Thus,thesefinancialstatementsarepreparedongoingconcernbasis.

2.2.2 Changes in accounting policies and disclosures (i) New Standards, amendments, interpretations adopted by the Institute TherewerenonewstandardsadoptedbytheInstituteforthefirsttimeforthefinancialyearbeginningonor after 1 January 2016. (ii) Standards, amendments and interpretations effective on or after 1 January 2016 A number of new standards and amendments to standards and interpretations are effective for annual periods beginningafter1January2016,andhavenotbeenappliedinpreparingthesefinancialstatements.Noneofthese isexpectedtohaveasignificanteffectonthefinancialstatementsoftheInstitute,exceptthefollowingsetoutbelow:

► Amendments to IAS1, “PresentationofFinancialStatements” gives clarificationonmateriality andaggregation,presentationofsubtotals,thestructureoffinancialstatementsandthedisclosureofaccountingpolicies.TheamendmentsformapartoftheIASB’sDisclosureInitiative,whichexploreshowfinancialstatementdisclosurescanbeimproved.Theamendments are effective from 1 January 2016. ► IFRS9,‘FinancialInstruments’,addressestheclassification,measurementandrecognitionoffinancialassetsandfinancialliabilities.ThecompleteversionofIFRS9wasissuedinJuly2014.ItreplacestheguidanceinIAS39thatrelatesto theclassificationandmeasurementoffinancial instruments. IFRS9 retainsbutsimplifies themixedmeasurementmodelandestablishesthreeprimarymeasurementcategoriesforfinancialassets:amortisedcost,fairvaluethroughOCIandfairvaluethroughP&L.Thestandardiseffectiveforaccountingperiodsbeginningonorafter1January2018.Earlyadoption is permitted. The Institute is assessing IFRS 9’s full impact. ► TherearenootherIFRSsorIFRICinterpretationsthatarenotyeteffectivethatwouldbeexpectedtohaveamaterialimpact on the Institute in the current or future reporting period and on foreseeable future transactions.




2.2.3 Critical accounting estimates and judgements

The preparation of the financial statements requires the Institute tomake certain accounting estimates and judgementsthathavean impacton thepoliciesand theamountsreported in thefinancialstatements.Estimatesand judgementsarecontinuallyevaluatedandbasedonhistoricalexperiencesandotherfactorsincludingexpectationsoffutureeventsthatarebelievedtobereasonableatthetimesuchestimatesandjudgementsaremade,althoughactualexperiencemayvaryfromthese estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Note 17 Loans and receivables

Note 19 Subscription and other receivables

Note 24 Trade and other payables

3. SIGNIFICANT ACCOUNTING POLICIES 3.1 Income recognition

Members’ and students’ fees and subscriptions are accounted for as income in the period to which they relate. Income fromqualificationsandexaminations relate toexaminationandexemption income from theprofessionalqualificationandare accounted for in the period to which they relate. Income generated from publications relates to advertising services. Conferences and courses income is accounted for as the services are performed. Income from regulation and discipline relates toannuallicencefees,monitoringvisitfeesandfinesrecoverableandallareaccountedforasincomeintheperiodtowhichthey relate. Other revenues are recorded as earned or as the services are performed.

3.2 Dividend income Dividend income from investment is recognised when the Institute’s right to receive payment is established. 3.3 Investment income

Investment income is recognised in the statement of comprehensive income as it accrues by using the effective interest rate method.Feesandcommissionthatareintegralpartoftheeffectiveyieldofthefinancialassetorliabilitiesarerecognisedasadjustmenttotheeffectiveinterestrateofthefinancialinstrument.

3.4 Rental income

RentalincomerelatestoincomefromtheuseofAmuwoOdofinbuildingforsocialactivitiesandrentcollectedfromAkintolaWilliamsHouse,Abuja.Bothpropertyareclassifiedasinvestmentproperty.Rentalincomeisrecognisedonaccrualbasis.

3.5a Donations to the Institute

The Institute receives donations from its members and other stakeholders, which are generally non-reciprocal transfers, involve transfers from entities other than the owners and these contributions are voluntary. These donations whether cash or asset (e.g. Property, Plant and Equipment) shall be recognised as income in the period it is received or receivable when and onlywhenallthefollowingconditionshavebeensatisfied:

(a)ThereisirrevocablecommitmentfromthedonortotheInstitute; (b)ItisprobablethattheeconomicbenefitsarisingfromthedonationwillflowtotheInstitute;and (c) The amount of the donation can be measured reliably.




SIGNIFICANT ACCOUNTING POLICIES (cont’d)

3.5b Donations by the Institute to institutions & others

The Institute from time to time as a way to increase it’s awareness among Nigerian students which in turn would increase students’enrolmentofit’sexaminationandaspartofitscorporatesocialresponsibility(CRS)donatesbywayofnon-reciprocaltransfers in form of cash and/or assets (e.g. property, plant and equipment). In either way donation by cash or asset shall be accountedintheInstitute’sfinancialstatementasfollows:

(a)Donationbywayofcashtransfersshallbeexpensedduringtheyear. (b) Donations by way of assets — On completion, this will be capitalised to the property, plant and equipment accounts

and subjected to a depreciation rate of 25% (four years) before being fully handed over to the recipients.

3.6 Inventories

Inventories are stated at the lower of cost and net realisable value after making adequate provision for obsolescence and damaged items. Cost comprises suppliers’ invoice, prices and other costs incured to bring the stocks to its present location andcondition.Costisdeterminedusingthefirst-in,first-out(FIFO)method.

3.7 Investment properties

Investment property are property held to earn rentals and/or for capital appreciation (including property under construction for such purposes). Investment property are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment property are measured at fair value and it is the Institute’s policy is to perform this every three years as this will result in a more appropriate subsequent measurement at fair value. Gains or losses arising from changes in the fair value of investment property are included in statement of comprehensive income in the period in which they arise. An investment property is derecognised upon disposal or when the investment property is permanently withdrawn from use andnofutureeconomicbenefitsareexpectedfromthedisposal.Anygainorlossarisingonderecognitionoftheproperty(calculatedasthedifferencebetweenthenetdisposalproceedsandthecarryingamountoftheasset)isincludedinprofitorloss in the period in which the property is derecognised.

3.8 Available-for-sale investments

Availableforsalefinancialassetsarenon-derivativefinancialassetsthatdesignatedinthiscategoryornotclassifiedinanyother category. Available-for-salefinancialassetsareintendedtobeheldforanindefiniteperiodoftime,whichmaybesoldinresponsetoneeds for liquidity or changes in interest rates or equity prices. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period. Available-for-salefinancialassetsareinitiallyrecognisedatfairvalue,whichisthecashconsiderationincludinganytransactioncost, and measured subsequently at fair value with gains or losses being recognise in the statement of comprehensive income andcalculatedinaseparatereserveinequity,Available-for-salereserveuntilthefinancialassetisderecognised.

3.9 Property, plant and equipment

All categories of property plant and equipment are stated initially at historical cost less depreciation. Historical cost includes expenditurethatisdirectlyattributabletotheacquisitionoftheassets.Subsequentcostsareincludedintheasset’scarryingamountorrecognisedasaseparateasset,asappropriate,onlywhenitisprobablethatfutureeconomicbenefitsassociatedwiththeitemwillflowtotheInstituteandthecostoftheitemcanbemeasuredreliably.Thecarryingamountofthereplacedpartisderecognised.Allotherrepairsandmaintenancearechargedtotheincomestatementduringthefinancialperiodinwhich they are incurred.





3.10 Depreciation

Depreciation of assets commences when assets are available for use. Depreciation is provided on all property, plant and equipment, other than leasehold land which is not depreciated, at rates calculated to write-off the cost or valuation, of each assetonastraight-linebasisoveritsexpectedusefullife,asfollows:

Freehold property — Not depreciated Buildings — 2% Lecture theatres — 25% Motor vehicles — 33% Officefurnitureandfittings — 25% Computer hardware equipment — 25% Plant and machinery — 25% Library books — 25% 3.11 Impairment of financial assets

Ateachbalancesheetdate,theInstitutereviewsthecarryingamountsofitsfinancialassetstodeterminewhetherthereisanyindicationthatthoseassetshavesufferedanimpairmentloss.Ifanysuchindicationexists,therecoverableamountoftheassetisestimatedinordertodeterminetheextentoftheimpairmentloss(ifany).Whereitisnotpossibletoestimatethe recoverable amount of an individual asset. The Institute estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is charged to the statement of comprehensive income immediately unless the asset is carried at its revalued amount. Any impairment loss of a revalued asset is treated as a revaluation decrease to the extentofapreviouslyrecognisedrevaluationsurplusforthesameasset. Inrespectofavailable-for-salefinancialassets,atthebalancesheetdatetheInstituteassesseswhetherthereisobjectiveevidencethatthefinancialassetsareimpaired.Inthecaseofequityinvestmentsclassifiedasavailable-for-sale,asignificantor prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidenceexistsforavailable-for-saleassets,thecumulativeloss–measuredastheacquisitioncostandthecurrentfairvalue,lessanyimpairmentlossonthatfinancialassetpreviouslyrecognisedinthestatementofcomprehensiveincomeisremovedfrom fair value reserves and recognised in the separate statement of comprehensive income. Impairment losses recognised in the separate consolidated statement of comprehensive income on equity investments are not reversed through the separate statement of comprehensive income. If, in a subsequent period, the fair value of a debt instrumentclassifiedasavailable-for-saleincreasesandtheincreasecanbeobjectivelyrelatedtoaneventoccurringafterthe impairment loss was recognised in the statement of comprehensive income, the impairment loss is reversed through the separate statement of comprehensive income.

Financial assets are grouped on the basis of similar credit risk characteristics that are indicative of the debtors’ ability to pay all amounts due according to the contractual terms and the collective impairment provision is estimated for any such group wherecreditriskcharacteristicsofthegroupoffinancialassetshasdeteriorated.Factorssuchasanydeteriorationincountryrisk, technological obsolescenceaswell as identifiedstructuralweaknessesordeterioration in cashflowsare taken intoconsideration and the amount of the provision is based on the historical loss pattern within each group.

3.12 Intangible assets and impairment

Expenditureonresearchactivitiesisrecognisedasanexpenseintheperiodinwhichit isincurred.Aseparatelyacquiredintangible assets arising from ICAN’s development projects is recognised only if all the following conditions are met:

i. Itistechnicallyfeasibletocompletetheproductsothatitwillbeavailableforuse; ii. Theintentionistocompletetheproductforinternaluseortosellit; iii. Itisprobablethattheassetcreatedwillgeneratefutureeconomicbenefits;and iv. The development cost of the asset can be measured reliably. Wherenoseparatelyacquiredintangibleassetcanberecognised,developmentexpenditureisrecognisedasanexpenseinthe period in which it is incurred. Directly attributable costs that are capitalised include development project consultant costs andanappropriateportionofrelevantoverheads.Developmentexpenditurespreviouslyrecognisedasanexpensearenotrecognised as an asset in a subsequent period. Separately acquired intangible assets are amortised over their estimated usefullives,whichareusuallynomorethanfiveyears.Amortisationbeginswhentheintangibleassetisavailableforuse.





Impairment of non-financial assets Intangible assets which are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carryingamountexceedsitsrecoverableamount.Therecoverableamountisthehigherofanasset’sfairvaluelesscoststosell and value in use.

3.13 Foreign currency translation

Forthepurposeofthesefinancialstatements,theresultsandfinancialpositionoftheInstituteareexpressedinNaira,whichisthefunctionalcurrencyoftheInstitute,andthepresentationcurrencyforthefinancialstatements. Inpreparingthefinancialstatements,transactionsincurrenciesotherthantheInstitue’sfunctionalcurrency(foreigncurrencies)are recognisedat the ratesofexchangeprevailingon thedatesof the transactions.At theendofeach reportingperiod,monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.

3.14 Defined contribution plan

TheInstituteoperatesadefinedcontributionbasedretirementbenefitschemeforitsstaff,inaccordancewiththePensionReformAct of 2014 with employee contributing 10% and employer contributing 10% each of the employee’s relevant emoluments. Paymentstodefinedcontributionretirementbenefitplansarerecognisedasanexpensewhenemployeeshaverenderedtheservice entitling them to the contributions.

3.15 Provisions

Provisions are recognised when the Institute has a present obligation (legal or constructive) as a result of a past event, it is probable that the Institute will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a provision ismeasuredusing thecashflowsestimate tosettlepresentobligation, its carryingamount is thepresent valueof thosecashflows(whentheeffectofthetimevalueofmoneyismaterial). Whensomeorallof theeconomicbenefitsrequiredtosettleaprovisionareexpectedtoberecoveredfromathirdparty,a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

3.16 Financial instruments

Financialassetsareclassified into the followingspecifiedcategories:Financialassetsat ‘fairvalue throughprofitor loss’(FVTPL),‘held-to-maturity’investments,‘available-for-sale’(AFS)financialassetsand‘loanandreceivables’.Theclassificationdependsonthenatureandpurposeofthefinancialassetsandisdeterminedatthetimeofintialrecognition.Allregularwaypurchasesorsalesoffinancialassetsarerecognisedorderecognisedonatradedatebasis.Regularwaypurchasesorsalesarepurchasesorsalesoffinancialassetsthatrequiredeliveryofassetswithinthetimeframeestablishedbyregulationorconvention in the market place.

Effective interest method The effective interest method is a method of calculating the amortized cost of a debt instument and of allocating interest incomeovertherelevantperiod.Theeffectiveinterestrateistheratethatexactlydiscountsestimatedfuturecashreceipts(includingallfeespaidorreceivedthatformanintegralpartoftheeffectiverateandtransaction)throughtheexpectedlifeofthe debt instrument, or where appropriate, a shorter period, to the net carrying amount on initial recognition.

Incomeisrecognisedonaneffectiveinterestratebasisfordebtinstrumentsotherthanthosefinancialassetsclassifiedasfairvaluethroughprofitorloss(FVTPL).




SIGNIFICANT ACCOUNTING POLICIES (cont’d) 3.17 Financial assets at fair value through profit or loss (FVTPL)

Financialassetsareclassifiedasfairvaluethroughprofitorloss(FVTPL)whenthefinancialassetiseitherheldfortradingorit is designated as (FVTPL).

Afinancialassetisclassifiedasheldfortradingif: ► Ithasbeenacquiredprincipallyforthepurposeofsellingitinthenearterm;or

► OninitialrecognitionitispartofaportfolioofidentifiedfinancialinstrumentsthattheInstitutemanagestogetherand hasarecentactualpatternofshort-termprofit-taking;or

► It is a derivative that is not designated and effective as a hedging instrument. Afinancialassetotherthanafinancialassetheldfortradingmaybedesignatedasfairvaluethroughprofitorloss(FVTPL)initial recognition if:

► Suchdesignationeliminatesorsignificantlyreducesameasurementorrecognitioninconsistencythatwould otherwisearise;or

► ThefinancialassetformpartofthetheInstitute’sfinancialassetsorfinancialliabilitiesorboth,whichismanaged and its performance is evaluated on a fair value basis, in accordance with the Institute’s documented risk managementorinvestmentstrategy,andinformationaboutthegroupingisprovidedinternallyonthatbasis;or

► It forms part of a contract containing one or more embeded derivatives, and IAS 39 Financial Instruments: Recognition and Measurementpermittheentirecombinedcontract(assetorliability)tobedesignatedasfairvaluethroughprofit or loss (FVTPL). Financial assets at fair value throughprofit or loss (FVTPL)are statedat fair value,with anygainsor lossesarisingonremeasurement recognised in the statement of comprehensive income. The net gain or loss recognised in the statement of comprehensiveincomeincorporatesanydividendorinterestearnedonthefinancialassetandisincludedinthe‘othergainsand losses’ line item in the Institute’s (statement of comprehensive income/income statement).

3.18 Loans and receivables

Loansandreceivablesarenon-derivativefinancialassetswithfixedordeterminablepaymentsthatarenotquoted inanactivemarket.Loansandreceivablesinclude‘staffloans’andother‘advancetodistrictsocieties’inthestatementoffinancialposition which are measured at amortised cost using the effective interest method, less any impairment and other employee benefitembeddedintheloans.

Interestincomeisrecognisedbyapplyingtheeffectiveinterestrate,exceptforshort-termreceivableswhentherecognitionof interest would be immaterial.

3.19 Subscription and other receivables

Subscription and other receivables are stated at amortised cost based on the original invoice amount less an allowance for any irrecoverable amounts. Full provision is made for subscriptions receivable. Provision for other receivables is made when there is objective evidence that the Institute will not be able to collect certain debts. Bad debts are written off when identified.Termsonreceivablesbalancesrangefrom30to90days.

3.20 Cash and cash equivalents

Cash and cash equivalents comprise cash on hand, demand and short-term deposits with banks and similar institutions, whicharereadilyconvertibletoknownamountsofcashandaresubjecttoinsignificantriskofchangesintheirfairvalueandusedbytheInstituteinthemanagementofitsshort-termcommitments.Short-termisdefinedasbeingthreemonthsorless.Thisdefinitionisalsousedforthecashflowstatement.




SIGNIFICANT ACCOUNTING POLICIES (cont’d) 3.21 Available-for-sale financial assets (AFS financial assets)

AFSfinancialassetsarenon-derivativesthatareeitherdesignatedasAFSorarenotclassifiedas(a) loans and receivables, (b) held-to-maturity investments or (c)financialassetsatfairvaluethroughprofitorloss. ListedredeemablenotesheldbytheInsitutethataretradedinanactivemarketareclassifiedasAFSandarestatedatfairvalueattheendofeachreportingperiod.ChangesinthecarryingamountofAFSmonetaryfinancialassetsrelatingto changes in interest income calculated using the effective interest method and dividends on AFS equity investment are recognised in the statement of comprehensive income. Otherchangesinthecarryingamountsofavailable-for-salefinancialassetsarerecognisedinothercomprehensiveincomeand accumulated under the heading of investment revaluation reserve. When the investment is disposed off or is determined tobeimpaired,thecumulativegainorlosspreviouslyaccumulatedintheinvestmentsrevaluationisreclassifiedtostatementof comprehensive income.

Dividends on AFS equity instruments are recognised in the statement of comprehensive income when the Institute’s right to receive the dividend is established.

ThefairvalueofAFSmonetaryfinancialassetsdenominatedinaforeigncurrencyisdeterminedinthatforeigncurrencyand translated at the spot rate prevailing at the end of the reporting period. The foreign currency gains and losses that are recognised in the statement of comprehensive income are determined based on the amortised cost of the monetary asset. Otherforeignexchangegainsandlossesinothercomprehensiveincome.

3.22 Derecognition of financial assets

The Institutederecognisesafinancialassetwhenthecontractual rights to thecashflowsfromtheassetexpire,orwhenit transfers the financial asset and substantially all the risks and rewardsof ownership of theasset to another entity. Ifthe Institute neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Institute recognises its retained interest in the asset and an associated liabilty for amounts it may have to pay.

IftheInstituteretainssubstantiallyalltheriskandrewardsofownershipofatransferredfinancialasset,theInstitutecontinuestorecognisethefinancialassetandalsorecogniseacollaterisedborrowingfortheproceedsreceived. Onderecognitionofafinancialassetinitsentirety,thedifferencebetweentheassets’scarryingamountandthesumoftheconsideration received and recievable and the cummulative gains or loss that had been recognised in other comprehensive income and accumulated in the equity is recognised in the statement of comprehensive income. Onderecognitionofafinancialassetotherthaninitsentirety(e.g.whentheInstituteretainsanoptiontorepurchasepartofatransferredasset),theInstituteallocatesthepreviouscarryingamountofthefinancialassetbetweenthepartitcontinuesto recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair value of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in the statement of comprehensive income. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair value of those parts.

3.23 Derecognition of financial liabilities

TheInstitutederecognisesfinancialliabilitieswhen,andonlywhen,theInstitute’sobligationsaredischarged,cancelledortheyexpire.Thedifferencebetweenthecarryingamountofthefinancialliabilityderecognisedandtheconsiderationpaidandpayable is recognised in statement of comprehensive income.




SIGNIFICANT ACCOUNTING POLICIES (cont’d) 3.24 Trade payables

Trade payables classified as financial liabilities are initiallymeasured at fair value, and are subsequentlymeasured atamortised cost, using the effective interest rate method. Other payables that are within the scope of IAS 39 are subsequently measured at amortised cost. Others are measured in respect to their applicable standards.

3.25 Financial risk management

ThemainfinancialrisksarisingfromtheInstitute’sactivitiesarecreditrisk, liquidityrisk, investmentriskandmarketrisk.These are monitored by management on a regular basis.

3.25.1 Credit risk management

Credit risk arises principally from cash and cash equivalents, depositswith banks and financial institutions, equity heldasavailable-for-sale investments, trade receivablesandotherfinancial instruments.The Institute regularlymonitorsandreviewsitsexposurewithkeybankingandinvestmentmanager,suppliersandfordeposits,onlyindependentlyratedbanksand financial institutions with aminimum rating of ‘A’ are used. The Institute’s trade receivables relate substantially tomembers’ and students’ fees and subscriptions. Thecreditriskisthatonepartytoafinancial instrumentfailstodischargeitsobligationinrespectoftheinstrument.TheInstitutehasnosignificantconcentrationofcreditrisk,withexposurespreadoveralargenumberofstudentsandmembersthroughoutthecountry.TheInstitutebelievesthatthemaximumexposureequatestothecarryingvalueoftradeandotherreceivables.Managementreviewsthetradereceivablesbalanceonaregularbasisandundertakesanexercisetoremovestudents and members from the receivables ledger register for non-payment of annual fees and subscriptions through impairment process. The level of removals is shown in Note 19.

3.25.2 Liquidity risk

LiquidityriskarisesfromInstitute’smanagementofworkingcapital. It is therisk that theInstitutewillencounterdifficultyinmeetingitsfinancialobligationsastheyfalldue.TheInstitutemanagesitsliquidityriskbyensuringthatithasadequatefund.The Institute receives themajorityof its incomeassubscriptions in thefirstquarterof theyear,orasexaminationfees,exemptionfees,relatingtotwoexaminationsessionseachyear.Cashnotrequiredforshort-termoperatingpurposesisinvestedtomaximisereturnwithanacceptablelevelofrisk.Inadditiontoitsownbankers,theInstituteusesspecialistinvestmentadviserstoinvestcashsurpluseswithmajorbanksofsuitablecreditstandingtospreadtherisk,amaximumof20%obligorlimitismaintainedperbank.Cashsurplusesareinvestedininterestbearingfixedandcallfinancialinstrumentand Federal Government Treasury Bills. At the balance sheet date the Institute held N3 million (2015: N621 million) in term deposits, N657 million (2015: Nil) in Treasury Bills and N156 million (2015: N141 million) in call accounts. Liquidity is managed to ensure investments are liquidated in a timely manner to meet operating requirements.

3.25.3 Market risk

MarketriskarisesfromInstitute’suseofinterestbearing,tradableandfinancialinstruments.Itistheriskthatthefairvalueoffuturecashflowsofafinancialinstrumentwillfluctuatebecauseofchangesintheinterestrates(interestraterisk),foreignexchangerates(currencyrisk)orothermarketfactors(otherpricerisk). Interestrateriskrelatestotheriskoflossduetofluctuationsinbothcashflowsandthefairvalueoffinancialassetsandliabilitiesduetochangeinmarketinterestrates.TheInstituteinvestssurpluscashintheshort-termandindoingsoexposesitselftothefluctuationininterestratesthatareinherentinsuchamarket.





Currency risk relates to the risk that the fairvalueof futurecashflowsoffinancial instrumentswill fluctuatebecauseofchangesinforeignexchangerisk.TheInstituteoperatesnationallyandinternationallyinaffiliationwithforeignprofessionalbodies such as IFAC, ABWA and PAFA. It also has foreign District Societies: (USA, Cameroun, UK and Canada) and isexposed to foreigncurrencyexchange riskarising from the transferof foreigncurrency to thesebodies.The Institutemitigates the risk with regards to income because all fees and subscriptions charged by it are in Naira. At the balance sheet date, 100% of the Institute’s cash and cash equivalents were held in various Nigeria banks (2015: 100%).

Other price risk relates to the risk of changes in market prices of the available-for-sale investments. The Institute invests surpluscashinamanagedfundoperatedbyfundmanagersandindoingsoexposesitselftothefluctuationsinpricethatareinherent in such a market. The Institute’s Finance and General Purposes Committee has given Fund Managers discretionary management of the funds.

3.25.4 Investment risk

Budgets are prepared on a prudent basis and income from investments is not relied on for ICAN’s ongoing activities. Investments are reviewed on a regular basis.

3.26 Capital

The Institute considers its capital to be its accumulated and charitable and trust funds and fair value reserve. Council’s financialobjectiveistogenerateatargetedoperatingposition,tobuildandmaintainreservesatasustainablelevel,takinginto account the various competitive risks. The Institute also aims to achieve additional long-term growth in reserves through theactivemanagementoftheinvestmentportfolio.Afive-yearfinancialplanhasbeendevelopedwhich,overtheperiodoftheplan,targetsanagreedlevelofaccumulatedfund.TheFinanceandGeneralPurposesCommitteereviewsthefinancialpositionof the Instituteateachcommitteemeeting.The Institute isnotsubject toanymaterialexternally imposedcapitalrequirements.




31 December 31 December 2016 2015 N’000 N’000

4. FEES AND SUBSCRIPTIONS

4.1 Members: Admission fees 11,310 5,470 Annual subscriptions 414,011 372,615 Practicing licence and renewal 36,585 18,865 Faculty registration and subscription 53,076 90,332 Re-admission fees 2,478 3,675 Development levy 7,681 3,041 Graduate membership subscription 334 2,530 525,475 496,528 4.2 Professional students: Subscriptions 69,037 55,631 Registrations 51,370 51,235 Exemptionfees 247,227 233,263 367,634 340,129

4.3 ATS students: Subscriptions 11,217 15,575 Registrations 21,800 22,669 Exemptionfees 17,380 18,603 50,397 56,847 Total fees and subscriptions 943,506 893,504




31 December 31 December 2016 2015 N’000 N’0005(a) OPERATING ACTIVITIES Qualifications and fellowship Professionalexaminations 1,274,516 1,022,228 ATSexaminations 165,840 171,560 Fellowship award conferment 75,758 37,429 New members’ induction 70,486 35,866 1,586,600 1,267,083 Regulation, education and discipline Faculties 103,895 32,631 MCPE 239,282 248,234 343,177 280,865

Conferences and courses Annual Accountants’ conference 557,824 551,342 Annual dinner and Institute merit award 15,045 21,064 UK-USA-CANADA conference 12,448 22,931 585,317 595,337 Publications and stamps Institute members’ seal and stamps 104,538 74,124 Students’studytext 612 1,044 105,150 75,168 Total operating activities 2,620,244 2,218,453

5(b) OPERATIONAL EXPENDITURE Qualifications and fellowship Professionalexaminations 771,640 648,633 ATSexaminations 166,312 157,769 Fellowship award conferment 11,207 11,586 New members’ induction 27,441 18,936 976,600 836,924 Regulation, education and discipline Faculties 75,012 30,743 MCPE 127,396 158,127 202,408 188,870




31 December 31 December 2016 2015 N’000 N’0005(b) OPERATIONAL EXPENDITURE (cont’d) Conferences and courses Annual Accountants’ conference 341,505 376,847 Annual dinner and Institute merit award 17,147 16,752 UK-USA-CANADA conference 23,724 20,894 382,376 414,493

Publications and stamps Institute members’ seal and stamps 6,981 3,968 6,981 3,968 Total operational expenditure 1,568,365 1,444,255

5(c) ANALYSIS OF OPERATIONAL ACTIVITIES Period ended December 31, 2016 GROSS GROSS NET INCOME/ INCOME EXPENDITURE EXPENDITURE N’000 N’000 N’000 Qualifications and fellowship Professionalexamination 1,274,516 771,640 502,876 ATSexaminations 165,840 166,312 (472) Fellowship award conferment 75,758 11,207 64,551 New members’ induction 70,486 27,441 43,045 1,586,600 976,600 610,000 Regulation, education and discipline Faculties 103,895 75,012 28,883 MCPE 239,282 127,396 111,886 343,177 202,408 140,769 Conferences and courses Annual Accountants’ conference 557,824 341,505 216,319 Annual dinner and Institute merit award 15,045 17,147 (2,102) UK-USA-CANADA conference 12,448 23,724 (11,276) 585,317 382,376 202,941 Publications and stamps Institute members’ seal and stamps 104,538 6,981 97,557 Students’studytext 612 – 612 105,150 6,981 98,169

Total net surplus from operational activities 2,620,244 1,568,365 1,051,879




5(d) ANALYSIS OF OPERATIONAL ACTIVITIES Year ended December 31, 2015 GROSS GROSS NET INCOME/ INCOME EXPENDITURE EXPENDITURE N’000 N’000 N’000 Qualifications and fellowship Professionalexaminations 1,022,228 648,633 373,595 ATSexaminations 171,560 157,769 13,791 Fellowship award conferment 37,429 11,586 25,843 New members’ induction 35,866 18,936 16,930 1,267,083 836,924 430,159

Regulation, education and discipline Faculties 32,631 30,743 1,888 MCPE 248,234 158,127 90,107 280,865 188,870 91,995

Conferences and courses Annual Accountants’ Conference 551,342 376,847 174,495 Annual dinner and Institute merit award 21,064 16,752 4,312 UK-USA-CANADA conference 22,931 20,894 2,037 595,337 414,493 180,844 Publications and stamps Institute members’ seal and stamps 74,124 3,968 70,156 Students’studytext 1,044 – 1,044 75,168 3,968 71,200

Total net surplus from operational activities 2,218,453 1,444,255 774,198

31 December 31 December 2016 2015 N’000 N’000 6(a) INVESTMENT INCOME

Bank deposit interest 59,495 60,844 Interest – Others – 2,675 Investment income 530 429 Rental income 39,822 34,551 99,847 98,499




31 December 31 December 2016 2015 N’000 N’0006(b) OTHER INCOME Income from sale of store items 2,282 3,107 Accreditation fees 6,471 3,973 Contractors’ registration fees 5,584 1,263 Gain/(Loss) on currency translation 16,476 (2,235) Insurance commission 1,772 2,214 Advertisement income 3,666 2,854 National Open University – 2,230 Insurance claims 5,311 4,602 Profitondisposalofproperty,plantandequipment 4,902 385 FederalTreasuryAcademyexaminations 760 1,480 Transcripts fees 6,181 4,129 E-Library 247 798 SSPC management fee 3,008 1,574 Donation towards ICAN-ABA District Society Building – 4,265 Donations towards Prize fund – 10,000 50th anniversary – 53,074 University of Lagos – Endowment fund 14,530 – ReissueofCertificate 432 285 Research Seminar 2,325 3,845 Commission on Advert 1,498 1,175 Hire of Vehicles 220 110 ExaminationResults 229 193 Change of Name 164 115 Group Internet 410 198 Replacement of ID Cards 22 28 Tribunal – Fines – 4,445 Photocopy Income – Library – 206 76,490 104,313 7. INTERNATIONAL AFFILIATION COSTS IFAC: Subscription 14,347 11,451 Travellingandothermeetingexpenses 65,452 34,008 79,799 45,459 ABWA: Subscription 18,672 16,129 Travellingandothermeetingexpenses 4,316 6,197 22,988 22,326 PAFA: Subscription 37,301 32,988 Travellingandothermeetingexpenses 38,145 22,658 75,446 55,646 Total International affiliation costs 178,233 123,431




2016 2015 N’000 N’000

8. DEPRECIATION AND AMORTISATION Depreciation on property, plant and equipment 159,563 151,283 Amortisation of intangible asset 12,370 12,370 171,933 163,653

9. GENERAL AND ADMINISTRATIVE EXPENSES General repairs and maintenance 86,864 80,270 Councilandcommitteemeetingexpenses 143,992 125,365 Annualgeneralmeetingexpenses 32,075 26,312 Insurance 25,343 32,570 Local and overseas tours and other activities 124,245 101,664 Co-ordination of district societies 31,396 23,070 Subscription and donations 16,167 19,164 Advertisements and publicity 5,140 6,826 Printing, photocopy and stationery 21,201 39,206 Telephone and postages 44,318 37,830 Vehicle running costs 52,304 41,184 Travellingexpenses 59,952 56,116 Libraryexpenses 3,797 – Refreshment at meetings 11,734 12,581 Computerexpenses 4,872 5,426 Debtrecoveryexpense – 5,883 Audit fees 10,000 10,000 Bank charges 9,585 7,509 50th anniversary – 23,245 Otherexpenses 8,100 13,260 691,085 667,481

10. PERSONNEL COST Basic salary 335,184 295,277 Definedcontributioncosts 56,691 52,665 Otherallowances&relatedcosts 472,418 452,337 864,293 800,279




2016 2015 N’000 N’000

11(a) OTHER EXPENDITURE Contribution to students special project (SSP) 15,639 10,782 Institute members’ welfare scheme 19,648 19,582 Professional charges 11,354 26,060 Accreditationandvisitationexpenses 9,101 7,904 Catch Them Young awareness programme 23,946 16,001 Scholarship scheme 12,221 5,170 Educationandtrainingexpenses 42,755 31,701 Practice monitoring activities 2,735 14,655 The Nigerian Accountant journal 23,099 11,234 Researchgrantsandexpenses 9,296 12,286 Subscription to professional bodies 3,972 7,354 Research journal 4,781 2,892 ICAN students’ journal 3,286 3,365 PAFA conference – Malaysia – 19,170 Syllabus review 3,661 400 Entrepreneur Scheme 5,181 – Prizes – Students 1,649 – 192,324 188,556 11(b) IMPAIRMENT CHARGES Impairment allowance for doubtful Ilorin District Society, Bayelsa SSP and FTA debt 14,181 – Impairment allowance for doubtful FTA debt – 6,985 14,181 6,985

12. ACTIVITIES RESULT

The activities result includes the following: a) Salaries and related costs The costs of employing staff during the year were as follows: Staff costs 335,184 295,277 Definedcontributioncosts 56,691 52,665 Other allowances 472,418 452,337 864,293 800,279 The average number of employees was 192 (2015: 198) b) Depreciation and amortisation Depreciation of property, plant and equipment 159,563 151,283 Amortisation of intangible asset 12,370 12,379 171,933 163,662 c) Auditors’ remuneration Fee payable to joint auditors 10,000 10,000




13. PROPERTY, PLANT AND EQUIPMENT Land Buildings Motor Plant Furniture Library Lecture Work-In- Total Vehicles and and Books Theatres Progress Machinery Equipment N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000 N’000Cost Balance at 1 January 2015 26,203 672,668 305,560 75,556 353,683 21,142 – 73,468 1,528,280 Additions – 66,768 21,315 – 9,332 1,064 57,087 53,284 208,850 Disposals – – (4,148) – – – – – (4,148) Reclassification – – – – – – 73,468 (73,468) – Balance at 31 December 2015 26,203 739,436 322,727 75,556 363,015 22,206 130,555 53,284 1,732,982 Balance at 1 January 2016 26,203 739,436 322,727 75,556 363,015 22,206 130,555 53,284 1,732,982 Additions – 1,096 41,423 – 71,240 1,566 56,898 125,976 298,199 Disposals – – (47,684) – – – – – (47,684) Write-offs – – – – (27,668) – – (16,496) (44,164) Reclassification – – – – – 25,572 19,874 (45,446) – Balance at 31 December 2016 26,203 740,532 316,466 75,556 406,587 49,344 207,327 117,318 1,939,333 Accumulated depreciation Balance at 1 January 2015 – 125,785 216,515 64,244 296,409 19,090 – – 722,043 Depreciation charge for the year – 14,789 57,557 9,515 35,655 1,129 32,639 – 151,284 Disposals – – (4,148) – – – – – (4,148) Balance at 31 December 2015 – 140,574 269,924 73,759 332,064 20,219 32,639 – 869,179 Balance at 1 January 2016 Depreciation charge for the year – 14,811 56,002 1,790 27,070 8,058 51,832 – 159,563 Disposals – – (47,684) – – – – – (47,684) Write-offs – – – – (27,668) – – – (27,668) Balance at 31 December 2016 – 155,385 278,242 75,549 331,466 28,277 84,471 – 953,390 Net carrying amount At 31 December 2015 26,203 598,862 52,803 1,797 30,951 1,987 97,916 53,284 863,803 Balance at 31 December 2016 26,203 585,147 38,224 7 75,121 21,067 122,856 117,318 985,943 Work in progress of N117.38m represents computer equipment acquired for the Navision, the new ERP that will be implemented by the Institute for accounting and other operations. Write-offofN44.16mincludes:(i)N27.67mwhichisthevalueoffullydepreciatedassetslostinthefireincidentduringanexaminationextractionexerciseduringtheyear.Additionalassetswerepurchasedintheyeartoreplacethelostitems;and(ii)N16.49incapitalwork-in-progress which relates to donation of partly constructed building to Yenagoa District Society.




31 December 31 December 2016 2015 N’000 N’00014. INTANGIBLE ASSETS Cost Balance at 1 January 2016 78,667 16,818 Addition in the year – 61,849 Balance at 31 December 2016 78,667 78,667 Accumulated amortisation and impairment Balance at 1 January 2016 29,183 16,813 Amortisation for the year 12,370 12,370 Balance at 31 December 2016 41,553 29,183 Net carrying amount: Balance at 31 December 2016 37,114 49,484 Intangibleassetsrelatetoseparatelyincurreddevelopmentcostsonstudentstudytext. 15(a) INVESTMENT PROPERTY Akintola Williams building, Abuja 831,000 831,000 Awuwo-Odofinbuilding,Lagos 807,000 807,000 1,638,000 1,638,000 15(b) GAIN ON FAIR VALUATION OF INVESTMENT PROPERTY Balance at 1 January 2015 1,638,000 1,458,000 Gain in the year – 180,000 Balance at 31 December 2016 1,638,000 1,638,000

Investment properties were not valued as at 31 December 2016 in accordance with the Institute’s policy to perform a fair valuationofthepropertieseverythreeyears.TheAbujapropertyisbeingmanagedbyJideTaiwo&Co.Incomegeneratedfrom both property in 2016 was N23.7m (2015: N15.7m).The Institute is only occupying about 10% of the property.

16. AVAILABLE-FOR-SALE INVESTMENTS Quoted investments: At 1 January 64,450 85,545 Additions 16,666 13,678 Loss charged to other comprehensive income (9,239) (34,773) At 31 December 71,877 64,450 Historical cost of tradable investments 105,116 88,450

Available-for-saleinvestmentsfundsarefairvaluedannuallyatthecloseofbusinessonthedateofthefinancialposition.Whereverpossible,fairvalueisdeterminedbyreferencetostockexchangequotedbidprices.Available-for-saleinvestmentsareclassifiedasnon-currentassetsunlesstheyareexpectedtoberealisedwithintwelvemonthsofthebalancesheetdate. Allavailable-for-saleinvestmentsaredenominatedinNaira.TheInstitutemonitorsitsexposuresbywayofregularreportsfromtheFundmanagerswhohavediscretionarymanagementoftheinvestmentportfolio.Noneofthesefinancialassetsareimpaired.




31 December 31 December 2016 2015 N’000 N’00017(a) LOANS AND RECEIVABLES Staff loans 40,408 34,323 Staff advances 4,453 3,268 Owerri district society 840 840 Minna district society 1,000 1,000 Ilorin district society 2,739 2,739 Impairment allowance for doubtful Ilorin district society (2,739) (2,739) 46,701 39,431 17(b) LOANS AND RECEIVABLES Non Current 21,957 11,435 Current 24,744 27,996 46,701 39,431 The non-current loan and receivables represents the long term portion of the car loans granted to staff. 18. INVENTORIES Stationery 18,112 15,150 Electrical parts 530 540 Diesel 3,605 1,708 Students’studytext 23,115 20,753 Others sellable items 9,520 5,480 Annual Accountants conference materials 5,302 4,637 50th Anniversary Book 20,911 22,560 Studentstudytextintransit – 24,000 81,095 94,828 19(a) OTHER RECEIVABLES Bayelsa ICAN Students’ Special Project (SSP) 12,218 8,171 NNDC/ICAN Students’ Special Project (SSP) 33,548 16,345 Cross River/ICAN Students’ Special Project (SSP) 9,703 9,703 Gombe State/ICAN Students’ Special Project (SSP) 28,697 9,919 MutualAllianceInvestment&SecuritiesLtd. 1,671 181 Deposit with Aero and Arik airlines 2,764 5,000 MCPE recievables 7,240 21,160 Deposit for land – Abuja – 35,000 Federal Treasury Academy 10,255 10,255 Heritage Capital 5 5 Cusworth Insurance Brokers – 4,359 Sheraton Lagos Hotel and Towers – 3,086 University of Lagos – Endowment fund 14,530 – ABWA 650 – Impairment allowance for doubtful receivables (27,209) (13,029) 94,072 110,155

Impairment allowance of N27.21 million includes full provision for Federal Treasury Academy, Cross River SSP and part provision of N8.17 million for Bayelsa SSP.





19(b) MOVEMENT IN IMPAIRMENT ALLOWANCE At 1 January 13,029) (6,044) Charge for the year (14,180) (6,985) At 31 December (27,209) (13,029)

20. PREPAYMENT Group life insurance – ICAN members 7,407 10,691 Group life insurance – ICAN staff 11,661 12,766 Motorvehicle,fireandburglaryinsurance 3,182 3,137 Printing of members’ stamp 5,334 8,033 ATS pool setting/harmonisation – 2016 7,509 – Computerisation project – GEM Consulting – 29,325 35,093 63,952

21. DEFERRED EXPENSE At 1 January 5,894 6,461 Additions – – Charge for the year (654) (567) At 31 December 5,240 5,894 Deferredchargesrepresentdeferredinterestexpenseoncarloanstostaffusingeffectiveinterestrateonbalance sheet date.

22. CASH AND CASH EQUIVALENTS Treasury bills 656,868 – Dedicated funds – Bank deposit 3,055 120,070 Other short term bank deposit – 501,133 Cash at bank and in hand 155,993 141,199 815,916 762,402 The effective interest rate on short term bank deposits was 16% (2015: 9.71%).




23. EMPLOYEES The average number of persons employed by the Institute during the period was as follows: 31 December 31 December 2016 2015 Number Number

Senior managers and directors 33 36 Managers and junior staff 159 162 192 198


Staff cost

Wages and salaries 807,602 747,614 Pension costs 56,691 52,665 864,293 800,279

Remuneration of key management personnel (KMP)

TheRegistrar/ChiefExecutiveisthekeymanagementpersonnel(KMP)oftheInstitute.HehasresponsibilityforimplementingCouncil’s policies and drives the Secretariat in promoting the ICAN brand. The KMP has no business relationship with the Institute. The remuneration of the key management personnel of the Institute is set out below in aggregate for each of the categoriesspecifiedinIAS24RelatedPartyDisclosures.

Registrar/Chief Executive: Short-termemployeebenefits 22,340 22,340 22,340 22,340




The number of employees of the Institute whose total earnings were more than N300,000 in the year was: 31 December 31 December 2016 2015 Number Number N300,000 To N900,000 1 11 N900,001 To N1,000,000 5 5 N1,000,001 To N1,100,000 – – N1,100,001 To N1,200,000 6 6 N1,200,001 To N1,400,000 8 8 N1,400,001 To N1,600,000 9 9 N1,600,001 To N2,000,000 21 21 N2,000,001 To N2,100,000 2 2 N2,100,001 To N2,200,000 3 3 N2,200,001 To N2,500,000 8 8 N2,500,001 To N2,600,000 7 7 N2,700,001 To N2,800,000 2 2 N2,800,001 To N2,900,000 – – N2,900,001 To N4,000,000 69 70 N4,000,001 To N4,600,000 19 19 N4,600,001 To N5,200,000 6 6 N5,200,001 To N6,100,000 1 1 N6,000,001 To N6,400,000 – – N6,400,001 To N7,300,000 1 1 N7,300,001 To N7,800,000 3 3 N7,800,001 To N8,100,000 5 5 N8.100,001 To N8,300,000 – – N8,300,001 To N9,400,000 2 3 N9,400,001 To N9,500,000 – – N9,500,001 To N10,100,000 1 1 N10,600,001 To N10,700,000 – – N10,900,001 To N11,600,000 1 4 N11,600,001 To N12,900,000 – – N12,900,001 and above 2 3 192 198 31 December 31 December 2016 2015 N’000 N’00024. ACCOUNTS PAYABLES Sundry payables 61,609 60,224 AAT account balance 43,137 39,201 Accruedexpenses 182,754 145,976 287,500 245,401 24(a) SUNDRY PAYABLES ICAN staff pension fund – 17,624 Withholdingtax(FIRS)/LIRS 44,615 31,347 National Housing Fund 16,994 8,570 Other creditors – 2,683 61,609 60,224





24(b) ACCRUED EXPENSES AAT outstanding bills 2,402 258 Examinationprocesses 89,291 51,269 Audit fees 10,000 10,000 Students’&NigerianAccountantjournal 6,630 1,104 Catch them young – 224 MCPEexpenses 9,554 5,283 Insurance claim 7,450 2,743 Accountant conference 1,697 15,049 PAFA subscription 11,508 15,045 Computer implementation fee – 7,500 Presidential travels 7,731 3,356 Committee claims – 959 ICAN co-operative thrift and credit society – 13,417 Lecture Theatres 9,504 – Staff Promotion arrears 12,493 – Sundry accrual 14,494 19,769 182,754 145,976 25. DEFERRED INCOME Subscription income 5,687 4,839 Interest income 25,496 – Rental income 1,321 1,547 32,504 6,386

Deferred income relates to: subscriptions in advance received from members, unearned interest income on Federal Government treasury bills and unearned rental income on investment properties. 26. FUNDS a) Accumulated fund 1,382,879 1,021,910

b) Other charitable and trust funds: Development fund 1,563,316 1,563,316 Accountancy research fund 145,469 145,469 Benevolent fund 150,645 113,194 Professorial fund – 119,403 Prizes fund 14,771 16,420 Studentdevelopment&supportfund 27,801 29,680 Studytextrevolvingfund 166,814 52,045 Library fund 50,145 380,730 2,118,961 2,420,257




27. THE ANALYSIS OF FUNDS AND OTHER RESERVES (a) Library Fund

The contribution to Library fund is to obtain all the resources needed for the use of the Institute’s members. This is in line withtheCouncilbeliefoftheneedtoprovideabefittinglibraryfacilitytohelpstudentsandmembersturninformationintoknowledge.Thisfundhelpsfillthegapbyprovidinghighqualitylibraryfacility,necessarymaterialsandequipment.3%oftheInstitute’s annual gross income is to be transferred to library development. No transfer was made in 2016 (2015: Nil). (b) Benevolent Fund The ICAN members’ Benevolent and Educational Trust Fund was established by Council of the Institute of Chartered Accountants of Nigeria to assist persons in need who are or have been ICAN members and/or their families and dependants. It is also aimed at promoting and supporting educational/research in accountancy, financialManagement, taxation andrelatedsubjects.TheFundismanagedbyafivemanBoardoftrustees.Themajoractivitiesofthemanagementboardarefund raising and management of investments. 3% of the Annual Accountants’ Conference gross income is credited to the Fund annually. The Fund generated are invested and it is the income from the investments that are disbursed to members in need and families that are distraught. Since inception, the Fund has been used to assist members and families of dead members.Thisincludememberswhohadrenal(kidney)failure,blindness,stroke,spinalcordinjuries,disaster(fire/flood/accident)victims,children’seducation,etc.TheminimumamountofbenefittoapplicantsisFiftythousandNaira(N50,000)only;whilethemaximumshallbeasumofFiveHundredThousandNairaN500,000)only. (c) Accountancy Research Fund TransferstothisFundisbasedonCouncil’sresolutions.TheFundismadeavailabletomeetexpenditureonresearchonspecialisedareasofaccountancy.TheFundisinvestedinfixeddepositandanyinterestaccruedtherefromiscreditedtotheFund. (d) Professorial Chair Endowment Fund TransferstothisFundisbasedonCouncil’sresolutions.TheFundismadeavailabletomeetexpenditureonprofessorialchair endowment in selected universities. The Fund is invested in fixed deposit and any interest accrued therefrom iscredited to the Fund. However, the Institute has abolished the Fund effective year 2016. (e) Developmental Fund TransferstothisFundisbasedonCouncil’sresolutions.TheFundismadeavailabletomeetexpenditureontheInstitute’sinfrastructuraldevelopment.TheFund is invested infixeddeposit andany interestaccrued therefrom is credited to theFund. (f) Prizes Fund Thisisfundedbydonorsofeachprize.TheFundismadeavailabletomeetexpenditureontheawardofprizestodeservingoutstandingstudentsintheInstitute’sexaminations.TheFundisinvestedinfixeddepositandanyinterestaccruedtherefromis credited to the Fund. (g) Study Text Revolving Fund Thisistobefundedbyaportionoftheamountrealisedfromthesaleofstudytexttostudents.TheFundisavailabletomeetexpenditureondevelopment,printinganddistributionofstudytexttostudent.TheFundisinvestedinfixeddepositandanyinterest accrued therefrom is credited to the Fund. (h) Students Development & Support Fund ThisistobefundedbysurplusrealisedfromthesaleofstudytextandistobeappliedtothedevelopmentandsupportofstudentswritingtheInstitute’sexamination. (i) Avaliable-for-sale Reserve Theavailable-for-saleinvestmentsfairvaluereserverepresentstheexcessofunrealisedgainsandlossesonavailable-for-sale investments over their historic costs. (j) Accumulated Fund Theaccumulatedfundrepresenttheexcessofincomeoverexpenditurewhichhavebeenaccumulatedovertheyears.




28. RELATED PARTY TRANSACTIONS Councilmembersasofficebearers Titus Alao SOETAN (President) Isma’ila Muhammadu ZAKARI (Vice President) Razak JAIYEOLA (1st Deputy Vice President) Uchenna Ifesinachi EROBU (2nd Deputy Vice President) – Deceased Samuel Olufemi DERU (Immediate Past President) Olutayo PHILLIPS (Honorary Treasurer)

Other Council members Oyemolu Olugbenga AKINSULIRE (Chief), Davidson Chizuoke Stephen ALARIBE (Chief), Deji AWOBOTU (Hon. Dr) Ibrahim Madugu Abdullahi BABAYO, Oluwole Solomon ADELEKE, Adaku Chilaka CHIDUME-OKORO (HRM), Titilayo Ariyike Nurat AKIBAYO (Alhaja) Comfort Olujumoke EYITAYO (Mrs.), Tijjani Musa ISA (Mallam), B. Nasiru MUHAMMAD (Hon.) Sylvester Chukwudi NWANNA, Ngozi Monica OKONKWO (Lady), Nnamdi Anthony OKWUADIGBO (Mazi), Innocent OKWUOSA, Onome Joy OLAOLU-ADEWUYI (Mrs) Tajudeen Olawale OLAYINKA, Sam Onyebuchi ONUKWUE, Etofolam Felix OSUJI (Dr.), mni, Hilda Ofure OZOH (Mrs.), Chibuzor Noel Anyanechi, Oyebowale Rafiu RAJI, Queensley Sofuratu SEGHOSIME (Alhaja),Samuel UKURA, Haruna Nma YAHAYA (Alhaji)

NomemberoftheCouncilreceivespaymentinrespectofservicestoICAN.InlinewithCounciltravelandexpensespolicy,CouncilmembersarereimbursedforanyexpenseswhichtheydirectlyincuronbehalfoftheInstituteaspartoftheirroleasaCouncil member. No loan is granted to related parties.


29. CASH FLOW STATEMENT a) Cash generated from activities: Surplus for the year 59,673 100,127 Adjustments for: Interest received 6a (59,495) (60,844) Movement in accumulated fund (136,837) (108,265) Depreciation on property, plant and equipment 13 159,563 151,283 Amortisation of intangible asset 14 12,370 12,370 Profitondisposalofproperty,plantandequipment 6b (4,902) (385) Gain on valuation of investment property 15b – (180,000) Changes in working capital (excluding the effects of exchange differences): Decrease in inventory 13,733 105,224 Increase in loans and receivables (4,531) (883) Decrease/(increase) in prepayments 28,859 (31,850) Decrease/(increase) in subscription and other receivables 13,344 (2,804) Decreaseindeferredexpense 654 567 Increase in trade and other payables 42,099 18,579 Increase/(decrease) in deferred income 26,118 (6,220) Cash generated from/(utilised in) operating activities 150,648 (3,100)





b) Cash from/(utilised in) funding activities: (Decrease)/increase in prizes fund (1,649) 9,015 Increase in benevolent fund 37,451 30,746 Decrease in library fund (11,855) (5,465) Increaseinstudytextrevolvingfund 114,769 52,045 Increase in student development and support fund (1,879) 29,680 136,837 116,021

30. CONTINGENT LIABILITIES AND COMMITMENTS

ContingentLiabilitiesexistinanumberoflegalsuitsinstitutedbydifferentpartiesagainsttheInstitute.TheseamountedtoN176.16million(2015:N150million).Noprovisionhasbeenmadein thesefinancialstatementsastheactionsarebeingdefended and the Council are of the opinion that no material liability will arise.

TheCapitalcommitmentsoftheInstitutenotincludedinthesefinancialstatementsamountedtoN24.63million(2015:N46.52million).

31. EVENTS AFTER STATEMENT OF FINANCIAL POSITION DATE

Therearenosignificantsubsequentevents,whichcouldhavehadamaterialeffecton thestateofaffairsof the Instituteasat31December2016thathavenotbeenadequatelyprovidedforordisclosedinthefinancialstatements.



88Statement of VALUE-ADDEDFOR THE YEAR ENDED 31 DECEMBER 2016

31 December 31 December 2016 2015 N’000 % N’000 % Operating income 3,563,750 3,111,957

Other income 176,337 382,812

3,740,087 3,494,769 Purchase of services – Local (2,653,427) (2,465,483) VALUE ADDED 1,086,660 100 1,029,286 100 DISTRIBUTION: EMPLOYEES Salariesandbenefits 864,293 79 800,279 78 THE FUTURE Assets replacement 171,933 16 163,653 16

Surplus/(deficit)intheyear 50,434 5 65,354 6 VALUE ADDED 1,086,660 100 1,029,286 100



89Five-Year FINANCIAL SUMMARYFOR THE YEAR ENDED 31 DECEMBER 2016

31 December 31 December 31 December 31 December 31 December 2016 2015 2014 2013 2012 N’000 N’000 N’000 N’000 N’000 IFRS ASSETS EMPLOYED Property, plant and equipment 985,943 863,804 806,237 671,533 715,743 Intangible assets 37,114 49,484 5 5 237 Investment property 1,638,000 1,638,000 1,458,000 1,370,000 1,201,000 Available-for-sales investments 71,877 64,450 85,545 83,592 73,725 Loans and receivables 21,957 11,435 9,770 6,726 9,257 Net current assets 768,660 819,826 1,020,552 1,851,843 1,600,897 3,523,551 3,446,999 3,380,109 3,983,699 3,600,859

FINANCED BY Non-current liabilities 32,504 6,386 12,606 611,537 574,709 Funds and reserve 3,491,047 3,440,613 3,367,503 3,372,162 3,026,150 3,523,551 3,446,999 3,380,109 3,983,699 3,600,859

IFRSCOMPREHENSIVE INCOME Income 3,563,750 3,111,957 3,252,171 3,022,132 3,216,049 Surplusofincomeoverexpenditure 1,995,385 1,667,702 1,554,711 1,803,979 1,923,345 Surplus/(deficit)fortheyear 59,673 100,127 (13,597) 303,066 661,678 OTHER COMPREHENSIVE INCOME: Items that will not be reclassified to profit or loss Re-measurements of post-employment benefitobligations – – – 51,103 (175,971) Change in fair value of available-for-sale investments (9,239) (34,773) 1,722 9,868 21,629 Total comprehensive income for the year 50,434 65,354 (11,875) 364,037 507,336



90Financial GRAPHSFOR THE YEAR ENDED 31 DECEMBER 2016

INCOME TRENDS (N’000) 2012 – 2016

RECURRENT EXPENDITURE PATTERN (N’000) 2012 – 2016



91NOTES

THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA(Established by Act of Parliament No.15 of 1965)

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