KEYNOTE ADDRESS

VALEDICTORY ADDRESS

by

Chief(Mrs.) E.O. Adegite, MBA, FCA

45th President

The Institute of Chartered Accountants of Nigeria

at the

SPECIAL COUNCIL MEETING

Held at

ICAN COUNCIL CHAMBER

on

Tuesday, June 1, 2010

The Vice President

Deputy Vice Presidents

Members of Council

My revered Past Presidents

Registrar/Chief Executive

Distinguished Professional Colleagues

Members of the Press

Ladies and Gentlemen

1. PREAMBLE

I am very delighted to welcome you all to this Special Meeting of the governing Council of our noble Institute during which the 46th President whom we unanimously elected yesterday will be sworn in and invested with the insignia of office. I note with joy and satisfaction that the Presidential Year 2009/2010 which is just coming to a glorious end, was not only results-oriented but also very fulfilling for me as the 45th President of this great Institute. Permit me, therefore, distinguished guests, ladies and gentlemen to give brief highlights of my modest achievements during the year.

STEWARDSHIP

2. Re-branding of the Institute

As I promised during my investiture, the Council, under my leadership revisited the Vision and Mission Statements of the Institute as part of its re-branding initiatives. Accordingly, the following statements, which are now given adequate prominence in all Institute’s publications and website, were approved:

·  Vision Statement: 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.

3.  Institute’s Image

During the year and in line with established tradition, the Institute maintained very cordial relationship with members of the fourth estate of the realm such that its activities were adequately and accurately reported both in the print and electronic media. In addition, Institute’s website was redesigned to enhance its interactive nature, resource content and aesthetics.

4.  Renovation of the Victoria Island Secretariat

In order to cut a corporate image befitting of an Institute with a global vision, the Council approved the comprehensive renovation of the Institute’s Victoria Island Secretariat. Accordingly, the Council Chamber, the Reception area, the first floor and Membership Affairs offices were given facelift. The ambience of this Chamber speaks volume of the new vision of the Institute.

5.  Establishment of E-library

Also, in line with my promise that the Institute will technically support members, the Council established an e-library which will enhance the access of stakeholders to technical information from any library in the world. This is self-service facility.

6.  Institute’s Strategic Plan 2010-2015

In order to ensure policy consistency and rapid institutional development such that the leadership position of the Institute on the African continent is sustained, the Council produced a Strategic Plan for the period 2010-2015 which will form the basis of the Institute’s Rolling Plan and various activities.

7. Investiture as the ABWA President.

At the Council meeting of the Association of Accountancy Bodies in West Africa (ABWA) held between June 11 -12, 2009 in Dakar, Senegal, the Institute of Chartered Accountants of Nigeria was unanimously elected as the President of the sub-regional organization for the next two years (June, 2009- May, 2011). Accordingly, I was invested with the insignia of Office as the ABWA President.

8. 20th Anniversary Of ECSAFA

One of the first assignments I had to carry out as the ABWA President was to represent the sub-regional body at the 20th Anniversary Conference of the Eastern, Central and Southern African Federation of Accountants (ECSAFA) held in Johannesburg, South Africa between September 19-24, 2009. During the conference, I made a presentation on, “challenges of attracting foreign direct investments (FDI) to Africa”. The paper was well received.

9. 9TH ABWA Congress

Also, during the year, ABWA organized a very success international conference between Nov 12-13, 2009 in Dakar, Senegal while the sub-regional body’s 9th Congress was held in Freetown, Sierra Leone on “The Accountant and Global Economic Recovery – Challenges of Attracting Foreign Investment.”

10. Forensic Accounting Certification Programme

As part of its efforts to enhance the skills of members, the Council commenced a 7-module Forensic Accounting Certification programme in February 2009. A total of thirty-three (33) members had undertaken the entire seven modules out of which twenty-nine (29) appeared for the viva (oral examination) organised by the Faculty to affirm the knowledge acquired by them during the training. The Council approved that the 16 candidates who were successful at the viva be conferred with the Certified Forensic Accountant (CFA) qualification at an induction ceremony. The colourful inaugural induction ceremony was held on March 22, 2010 at the Coral Continental Hal, Eko Hotel and Suites, Victoria Island.

11. Nomination As Resource Person At The IFAC World Congress

In appreciation of the immense roles it has been playing in the activities of IFAC and for the first time in the history of the Institute, I was nominated to serve as a resource person at the forthcoming 18th IFAC World Congress of Accountants scheduled to hold in Malaysia in November 2010. The topic assigned to me is, “Strengthening the Accountancy Profession in Emerging markets”.

12. IFAC’s Prestigious Robert Sempier Award

During the period under review, IFAC had requested for nominations for its Prestigious Robert Sempier Award, which is recognition of outstanding contributions to the Accountancy Profession of an individual over a period of many years. The Award would be presented at the 18th World Congress in Kaula Lumpur, Malaysia in November 2010. Having considered the criteria for the award, Council approved that Mr. Akintola Williams, CFR, CBE, B.Com, FCA (PP) should be nominated for the award. ICAN has sought the support of ABWA and ECSAFA members for this nomination.

13. Seminar on “Nigeria’s Transition from SAS to IFRS”

During the year, the Audit, Investigations and Forensic Accounting Faculty organised a public service seminar titled, “Nigeria’s transition from SAS to IFRS” in order to sensitise members on the implications and challenges of the nations convergence with IFRS.

14. Forum of Firms

Arising from the visits to leading accounting firms, the Council created a Forum of Firms designed to provide a permanent platform for effective interaction between the leadership of the Institute and members in practice. Indeed, the Forum was inaugurated on January 25, 2010 at the Golden Gate Restaurant, Ikoyi.

15. Practice Monitoring Initiative

As part of the Institute’s efforts to raise the quality of financial reporting in Nigeria, the Council commenced the practice monitoring initiative. Through this IFAC-driven initiative, the standard and quality of members’ practices will be enhanced. A total of 10 and 15 firms were visited in the first and second phases of the exercise, respectively.

16. ACAs without First degrees

In order to create opportunities for members desirous of obtaining first degree, the Institute, during the period under review, opened a channel of communication with some tertiary institutions and subsequently signed MOUs with Benson Idahosa University, the National Open University of Nigeria (NOUN), Babcock University, etc.

17. Appointment of ICAN Professor of Accounting

During the year, the University of Benin blazed the trail by appointing Professor Prince Famous Izedonmi, FCA as the first ICAN Professor of Accounting to occupy the chair endowed in that university by ICAN. This appointment will expectedly have positive impact on the image of the Institute as well as help to expand the frontier of knowledge in Accounting.

18. Promotion of Accounting Education

The Institute’s inaugural Roundtable for Accountants in Education was held on March 8, 2010 at the Lagos Airport Hotel, Ikeja with 156 accounting teachers in attendance. The Roundtable reviewed the current status, quality of accounting education and financial reporting in Nigeria with a view to charting a roadmap to make it more responsive to the dynamics of the business environment. Also, as part of its on-going efforts to support accredited tertiary institutions, the Institute invested in a lot of training materials, study packs and up-to-date books. During the year, the Council donated 120 laptops to 32 tertiary institutions nation-wide. These initiatives were greatly commended by the beneficiary institutions.

19. District Societies

In order to improve the reach of the Institute to all parts of the country, Council approved the creation of two new District Societies in Lafia ( Nasarawa State ) and Ikorodu ( Lagos State ). With their inauguration, ICAN now has 45 District Societies. In all, 23 District Societies were visited (the highest number yet ) by the Presidential delegation. I am glad to report the visits helped to assuage the disillusionment of some of the Districts and members who had not been visited since their inauguration or for a very long time.

20. Annual Dinner and Awards

The Annual Dinner and Merits award was a huge success with a high attendance by many dignitaries including two State Governors and the Canadian High Commissioner and his wife. A total of 14 award recipients were honoured.

21. ICAN PROPERTY

The approval for the re-construction of the Ebute Metta project was obtained in June, 2009 from the Lagos State government and construction work had since commenced. We hope that the building will be completed and ready for occupation within the scheduled time frame of 40 weeks which will lapse in October, 2010.

In addition to obtaining the title documents of the ICAN Centre, Amuwo Odofin, significant improvement and enhancement works were carried out on the property. The Council also approved the replacement of the leaking roof. With this, we would be able to generate sufficient income to commence the development of the back house, since the foundation works had already been done. The Abuja Liaison Office has been relocated to the first floor to improve and enhance the aesthetic nature of the office and provide members, staff, students and visitors to the office a welcome and comfortable environment.

22. Secretariat

In the area of Capacity Building 78 staff and 6 management staff attended professional development and training programmes within and outside the country to improve its efficiency and effectiveness .

23. CONCLUSION AND APPRECIATION

Without doubts, the impressive achievements recorded during the year were due, largely, to the excellent degree of cooperation I received from members of the Presidency, Council, Management and Staff of the Institute. We worked as a most cohesive team and I particularly thank those of you who had served on several Adhoc Committees with very tight timelines for going the extra miles to achieve wonderful results. Indeed, with the team spirit, we were able to further advance the cause of the Institute and the Accountancy Profession. I must particularly thank my Vice President and indeed, all members of the Presidency for the very close working relationship and the cooperation that we sustained throughout this presidential year. I appeal to all members of Council to extend even better cooperation and support to my successor and his ECC so that our Institute will continue to soar to higher heights. While I give the Almighty God the glory for giving me the grace to have had a successful and eventful tenure, I am eternally grateful to all of you for your unflinching support, loyalty, cooperation and encouragement that saw me through this very important phase of my life.

I wish to extend my appreciation also to the Registrar/Chief Executive and members of Staff of the Secretariat for their cooperation and support in implementing Council’s policies. More importantly, I want to sincerely thank our revered past presidents for their foresight in setting up this great Institute on such high standards and enduring tradition which had made our Institute the envy of other professional bodies. I personally benefited from their individual and collective wise counsel, encouragement and support for which I am eternally grateful.

I wish to express my profound appreciation to members of my immediate family for their unflinching support and understanding particularly throughout this presidential year.

Finally, I thank all my professional colleagues particularly members of SWAN for their support, enthusiasm and encouragement throughout this presidential year. And now I want to thank all you good people, friends of the Institute who are here today to witness the seamless change of leadership that is the tradition of our great Institute. I must not forget to thank the gentlemen of the press for their support to our great Institute and for giving our activities satisfactory press coverage. I particularly feel greatly honoured to have been given the opportunity to carry the Institute’s mantle of leadership for the 2009/2010 Presidential Year. I assure you that I will continue to uphold the high standard and cherished values of our noble Institute in and out of office, no matter the odds. Thank you all most sincerely.

Long live the Institute of Chartered Accountants of Nigeria

Long live the Federal Republic of Nigeria

Chief (Mrs.) E. O. Adegite, MBA, FCA.

45th ICAN President

Lagos, June 1, 2010.

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