Backs CBN’s recapitalisation of banking sector
The Institute of Chartered Accountants of Nigeria (ICAN), yesterday, tasked training institutions to ensure that the target of training accountants, who are morally sound and transparent in managing public funds, are not compromised.
President of the institute, Dr lnnocent Okwuosa, gave the charge during the award of ICAN accreditation and recognition certificates to some tertiary institutions in Lagos.
He said that the accreditation was to ensure quality and upholding of standards in the accounting profession, noting that while different universities faced different challenges, the accreditation will help universities to meet the accreditation requirement by the National Universities Commission (NUC) and National Board for Technical Education (NBTE), respectively.
Okwuosa said that the partnership would enable lCAN to meet the international education standard for the accounting profession, adding that one of the crucial components of the training is ethics, which aims to reduce corruption and malpractices when undergraduate accountants start practising.
The ICAN President further lauded the Central Bank of Nigeria (CBN) on the fresh re-capitalisation of the banking sector, saying that it will promote healthy banking in the country.
“If banks are not able to meet recapitalisation targets, the banks will either downgrade or enter into mergers/acquisitions. The good side of it is that the CBN has given two years unlike in 2005 when the timeframe given was short. I believe the banks will be able to meet the target following the option and the classifications CBN has given,” he said.
He, however, expressed concerns about the controversial retained earnings of banks.
Meanwhile, Chairman, Students’ Affairs Committee, Chibuzor Anyanechi, represented by his deputy, Olugbenga Ogundeji, said the collaboration with key stakeholders signifies lCAN’s commitment to ensure that graduates meet the evolving demands of the market.
Also, Vice Chancellor of Trinity University, Sabo, Lagos, Prof Clement Kolawole, who spoke on behalf of others, expressed delight in the recognition and partnership towards the production of skilled accountants who will transparently manage public finance.
“It is an understatement to say that we do not value what ICAN does. Our programmes in the universities get a boost when ICAN accredits us. The challenge of corruption bothers everyone but through collaborative training, it will become a thing of the past,” he said.
