Legislature
Bill to amend 59 Year-Old ICAN Act scales second reading
A bill meant to amend the 59 Year-old Institute of Chattered Accountants of Nigeria (ICAN) Act CAP 15, 1965 on Tuesday scaled the second reading at the senate.
When passed, the act will empower the Institute to set standards and regulate the practice of Accountancy in Nigeria.
The proposed legislation, among others, is seeking to increase fines payable by a member upon a conviction on indictment from N1,000 to N500, 000.00 (N.5m)
The Chairman, Senate Committee on Appropriation, Senator Solomon Adeola, who sponsored the bill, decried the lack of review of the Act that has been hampering the activities of accountants over the years.
He explained that the current ICAN Act, came into effect on September 1, 1965, some 59 years ago.
The lawmaker explained that in line with the dynamics of the environment, the downturn in the economy and changing needs of chartered accountants over the years, it has become expedient and instructive to amend certain provisions of this Act.
He also reiterated the need to insert new provisions to bring the Act up to current realities and ensure that ICAN remains adaptive, forward-thinking, and attuned to the needs of our nation.
Adeola said, “A total of 26 amendments/ insertions are contained in the proposed amendment of the Act affecting sections and subsections of the Act as well as the Schedules of the Act as set forth below with rationale to guide this debate and allow its passage for second reading.
“There is a need to situate accounting practice to encompass developments since 1965 and to bring the practice to what obtains in other jurisdictions, hence the need to amend Section 1,14, 19 and inserting a new section 15.
“All the sections deal with issues of accounting practice and all areas that a chartered accountant is entitled to practice under the Act.
“Corporate governance of modern professional accountancy organisations has evolved, hence the need to amend parts of Sections 2, 3 and 6 and inserting new Sections 24 to 26.
“For instance, Section 3 of the Act is proposed for amendment because the Council of ICAN started off with a twenty-member structure in 1965 when membership was just 250.
“The number was increased to twenty-five subsequently in accordance with the provisions of the Act. With membership strength of over 53,000 today, the need to increase the membership of the Council to 36 has become compelling.
“Additionally, the amendment aims to strengthen ICAN’s collaboration with other professional bodies and regulatory authorities, both at home and abroad.”
Adeola added that such collaborations would foster synergy, knowledge exchange, and harmonization of standards, guaranteeing that Nigerian chartered accountants remain at par with global best practices and their global counterparts.
He argued that there was a need to enhance the capacity of the institute to carry out its mandate in the area of regulation and compliance.
The Senator said, “This has necessitated the need to amend sections 7, 8,11,12, 16, 18, 20 and 21.
“A glaring example for amendment is Section 18(5). In the 59 years old Act, a proven infraction on summary conviction of any of the offenses attracts a paltry N100 fine while a conviction on indictment attracts only a fine of N1,000.
An observation of a copy of the bill indicated that the the senator proposed that the N1,000 be increased to N500,000.00.
Adeola said, “You will agree with me that these sanctions for offenses that could lead to loss of millions or billions of naira, is not a deterrent to malpractices.”
“These amendments collectively aim to strengthen the legislative framework, expand the Institute’s structure, and enhance regulatory powers and professional integrity within the accountancy profession as in other jurisdictions of the world and global best practice.”
Senators who contributed to the debate agreed that the amendments to the 59 Year-old ICAN Act would improve the operations of the accountants in the country.
Legislature
CNG Safety Under Scrutiny: NASS Questions Readiness as Explosions Raise Alarms
The National Assembly has called for a comprehensive reassessment of Nigeria’s Compressed Natural Gas (CNG) initiative following alarming reports of vehicle explosions attributed to uncertified conversions. Lawmakers are urging the Federal Government to prioritize rigorous adaptability tests to ensure the safety and suitability of the technology in Nigeria’s unique environment.
During the 2025 budget defense session of the Joint Committee on Petroleum (Downstream), Petroleum (Upstream), and Gas, Senator Natasha Akpoti (PDP, Kogi Central) questioned the adequacy of research conducted before rolling out the CNG program.
“Nigeria’s bumpy roads and hot climate differ significantly from the smooth and cooler environments where this technology originated. Were these factors considered before introducing CNG?” Akpoti asked.
Her concerns come amid incidents of explosions in CNG-converted vehicles. The Minister of State for Gas, Hon. Ekperikpe Ekpo, attributed these accidents to uncertified conversions carried out by roadside technicians, emphasizing that certified centers adhere to strict safety standards.
Ekpo also assured lawmakers that the technology had been evaluated by a Presidential Committee on CNG and affirmed its long-term viability. “CNG has come to stay,” he stated.
The session also highlighted budgetary concerns, particularly the Ministry of Petroleum’s 2025 capital allocation of N903 million. Lawmakers criticized the sum as inadequate to address Nigeria’s pressing energy challenges.
“For a ministry driving Nigeria’s energy transition, this allocation raises concerns about commitment to infrastructure and innovation,” remarked Hon. Kafilat Ogbara.
As Nigeria seeks to diversify its energy mix, the National Assembly has stressed the need for enhanced safety measures, proper implementation, and increased funding to fully realize the potential of CNG while ensuring public safety and trust.
Legislature
Umahi expresses Frustration over Fixing Nigerian Roads
***Seeks Support for Loans as Budgetary Provisions Fall Short
The Minister of Works, Senator David Umahi, has voiced his deep frustration over the state of Nigeria’s road infrastructure, highlighting inadequate yearly budgetary allocations as a major barrier to progress.
Speaking during the 2025 budget defense session before the Senate Committee on Works in Abuja on Friday, Umahi described the financial constraints as overwhelming. “I’ve succeeded in most of my life’s engagements, but I feel frustrated fixing Nigerian roads with these meagre allocations,” he lamented.
Umahi disclosed that President Bola Tinubu inherited 2,064 road projects valued at N13 trillion, but rising costs have pushed the estimated expenditure to N18 trillion. He noted that the N827 billion allocated for road infrastructure in the 2025 budget is grossly insufficient to address the challenges.
“Roads are critical to economic growth and poverty reduction. They create jobs and drive economic activities. However, fixing these roads cannot be achieved with yearly budget provisions alone,” he explained.
The minister urged Nigerians to support the government’s borrowing initiatives, assuring that the funds would directly impact citizens’ lives by boosting economic activities and reducing hunger.
Senators on the committee, led by Senator Mpigi Barinaga, praised Umahi for his efficient management of scarce resources and supported his call for alternative funding mechanisms. They acknowledged the scale of the work required and admitted that the proposed budget falls far short of what is needed to resolve Nigeria’s road infrastructure crisis.
The session concluded with a shared resolve to explore additional funding options to tackle the nation’s road challenges effectively.
Legislature
In another rowdy session, Lawmakers Demand Accountability Amidst Budget Defense Chaos
***Minister Lokpobiri Assures of Reforms, Apologizes for Lapses
The 2025 budget defense session for the petroleum sector took a contentious turn on Friday as the Senate and House of Representatives Joint Committee on Petroleum (Upstream, Midstream, Downstream, and Gas) erupted into disorder. Tensions flared over delays in budget documentation, with lawmakers decrying the Ministry of Petroleum Resources’ perceived lack of preparedness and respect for legislative protocols.
The meeting, chaired by Senator Jarigbe Agom Jarigbe, was already fraught with logistical challenges. The cramped committee room, bursting with lawmakers and ministry officials, became the backdrop for a fiery exchange that highlighted the strained relationship between the legislative and executive branches. Calls to relocate the session to a more accommodating venue went unheeded, adding to the frustration.
Before the session could proceed, Hon. Kelechi Nwogu raised a procedural objection, pointing out the absence of vital budget documents. “We cannot engage in a meaningful discussion without the necessary materials. This undermines the integrity of the process,” Nwogu asserted.
The Minister of State for Petroleum Resources, Senator Heineken Lokpobiri, faced sharp criticism for the disorganization. Hon. Ado Doguwa, Co-Chairman of the Joint Committee, accused the Ministry of fostering an adversarial relationship with the legislature. “Minister, we see you only once a year, and even then, the lack of collaboration is glaring. This is unacceptable,” Doguwa said, his frustration evident.
Lokpobiri, in an attempt to salvage the situation, apologized for the lapses. “Distinguished Senators and Honourable Members, I deeply regret this oversight. It was not intentional. The budget documents are being distributed as we speak,” he said. He assured lawmakers that the Ministry remained committed to supporting legislative oversight and improving future engagements.
However, Lokpobiri’s lighthearted remark that the documents were being delivered in “Ghana Must Go” bags—containing no money—elicited mixed reactions. While some lawmakers chuckled, others viewed it as a diversion from the seriousness of the issue.
Doguwa, accepting the apology, stressed the need for strict adherence to legislative guidelines. “While we appreciate the apology, the late submission of documents is a breach of procedure. This cannot continue. We demand accountability and timely cooperation moving forward,” he said.
The session ultimately ended in stalemate, with lawmakers insisting on postponing the meeting until all necessary documents had been reviewed. The debacle underscores the persistent challenges of executive-legislative coordination in Nigeria’s budgetary process, particularly in critical sectors like petroleum.
As the Joint Committee prepares to reconvene, stakeholders will be watching closely to see if the Ministry of Petroleum Resources can rebuild trust and ensure a smoother process in the future.
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