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.
The National Assembly has modified the National Drug Law Enforcement Agency (NDLEA) Act to prescribe life imprisonment for individuals found guilty of storing, transporting, or concealing illicit drugs and substances.
The amendment was adopted on Thursday during plenary, presided over by Deputy Senate President Barau Jibrin, following broad support from the senators.
The amendment reflects a harmonised position of the Senate and the House of Representatives on Section 11 of the NDLEA Act.
The House had earlier passed an amendment prescribing life imprisonment for drug traffickers, while the Senate had proposed the death penalty.
To reconcile the differences, a conference committee of both chambers was convened. Senator Tahir Monguno, Chairman of the Senate Committee on Judiciary, Human Rights, and Legal Matters, presented the harmonised version to the Senate.
He urged lawmakers to adopt the House’s position of life imprisonment, arguing that enforcing the death penalty could lead to the execution of over 900 accused persons currently awaiting trial for drug-related offenses.
The Deputy Senate President who presided over the plenary had put the resolution to a voice vote, and the majority of senators supported the amendment.
The approved version stipulates life imprisonment for offenders.
The amended section now reads:
“Anybody who is unlawfully involved in the storage, custody, movement, carriage, or concealment of dangerous drugs or controlled substances and who, while so involved, is armed with any offensive weapon or is disguised in any way, shall be guilty of an offence under this Act and liable on conviction to be sentenced to life imprisonment.”
This amendment aims to strengthen the fight against drug trafficking while addressing concerns over human rights and the judicial implications of the death penalty.
The move is part of efforts to curb the growing menace of drug trafficking and its adverse effects on Nigerian society. According to Senator Monguno, the life imprisonment penalty strikes a balance between deterrence and humane judicial practice.
With the amendment, the NDLEA now has a robust legal framework to prosecute offenders and combat drug-related crimes effectively.
President Bola Ahmed Tinubu has formally requested the National Assembly’s approval for a $2.209 billion (₦1.767 trillion) external borrowing plan to finance part of the ₦9.17 trillion fiscal deficit in the 2024 budget. The loan, included in the 2024 Appropriation Act, is critical to the government’s broader strategy for economic recovery and growth.
In a letter to Senate President Godswill Akpabio, President Tinubu noted that the borrowing aligns with the provisions of Sections 21(1) and 27(1) of the Debt Management Office (DMO) Establishment Act, 2003. He also indicated that the Federal Executive Council (FEC) had approved the plan.
The President explained that the funds would be sourced through Eurobonds or similar external financial instruments. A detailed summary of the loan’s terms and conditions accompanied the letter to guide legislative scrutiny.
“This borrowing is necessary to address the budget deficit and fulfill our fiscal strategy for 2024. Swift approval will enable us to move forward with mobilizing these funds,” the President stated, emphasizing the urgency of the request.
Senate President Akpabio referred the matter to the Committee on Local and Foreign Deb
By Isah Bala
Access to quality education is a cornerstone of societal progress, and Senator Natasha Akpoti-Uduaghan is embodying this vision by bringing transformative educational tools to Kogi Central. In a groundbreaking initiative, the senator recently provided 5,000 digital learning devices to public primary and secondary schools in her district, aiming to bridge the digital divide and set a new educational standard.
The devices, unveiled at Abdul Aziz Attah Memorial College (AAAMCO), are preloaded with the Nigerian curriculum from UBEC and internationally acclaimed educational resources, including Khan Academy and Discovery Kids. Through this initiative, students will experience interactive learning, enabling them to explore subjects in depth, enhance digital literacy, and engage with complex topics in a hands-on way.
This project is just the beginning of Senator Natasha’s ambitious plan to make “smart schools” the norm in Kogi Central. She envisions a future where every child in her district has equal access to digital learning, stating, “My dream is to equip all public primary and secondary schools in Kogi Central with digital learning devices before the end of my tenure in 2027.”
Beyond device distribution, the senator’s initiative includes UBEC-led teacher training to ensure educators are equipped to integrate these tools into their classrooms effectively.
With this dual approach of student and teacher empowerment, Senator Natasha is laying a foundation that will support digital literacy and skill development for years to come.
Senator Natasha’s commitment to educational advancement represents a significant step forward for Kogi Central, ensuring that young students have access to the tools they need to succeed in an increasingly digital world. This initiative marks her dedication to the constituency that entrusted her with this mandate.
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