Institute of Chartered Accountants of Nigeria (ICAN) has listed robust Corporate Governance Code as a necessary condition for fighting corruption in Nigeria.
Razak Jaiyeola, president of ICAN, observes that the consequences of remaining passive on issues of corruption and other financial misdemeanour can be grave not only for the present generation but also for succeeding ones.
Jaiyeola says concerned stakeholders must continually raise public awareness on the need to articulate the gravity of corruption and the depth of its consequences on growth and development.
Speaking at a press conference in Lagos to present the Institute’s recommendations on how to consolidate on the present stride in the fight against corruption in Lagos, Jaiyeola called on the Federal Government to establish special courts that would deal with cases of corruption in a speedy manner.
According to Jaiyeola, “Delay in adjudicating on corruption cases could serve as an impetus for perpetrators to continue in the act. The country needs a judicial system that would be strong to serve as deterrent against corrupt tendencies.”
He said ICAN Accountability Index (AI) developed together with the International Federation of Accountants (IFAC), continues to be well-received as a veritable tool for restoring the Nigerian polity to the path of integrity, transparency and accountability.
Among the recommendations put forth by the ICAN president is that a law be enacted mandating all political office holders or aspirants to declare their assets before and after tenure of office, adding that the Bureau of Public Enterprises should be independent and equipped with necessary facilities to discharge their mandate adequately.
He further called on the government to collaborate with respective professional bodies in addressing the menace of corruption. “Corruption cuts across different fields, disciplines and sectors and government’s efforts at fighting it would yield better results if all professional bodies enforce the ethics of their professions on all their members and infractions are properly dealt with”.
“The Acts establishing the different agencies saddled with the task of fighting corruption should be revisited and further strengthened to grant them total autonomy from any seating government. This would forestall political interferences in the activities of the agencies,” he said.
The Institute is poised to support Nigeria’s government anti-corruption crusade, he said, adding that all stakeholders in the economy must join hands and aspire to eliminate corruption and embrace accountability, transparency, and good governance in our various professions.
The accounting profession is a sensitive one in the economy that ICAN frowns at any attempt by its members or any other individuals to lower the ethics and standards of the profession.
According to a study by the International Federation of Accountants (IFAC), it has been proven that professionalised accountancy populations are better positioned to fight corruption.
While ICAN acknowledge the various giant strides that this administration has made on anti-corruption, these achievements can further be deepened to create a society where corruption would be an exception rather than the norm, he said.
