BY TAIWO OKUWOBI, LAGOS
The Institute of Chartered Accountants of Nigeria (ICAN) has sworn in Mrs. Comfort Olujumoke Eyitayo as the 57th President of the institute.
Eyitayo, who took the oath of office on Tuesday at the institute head office Victoria Island Lagos, promised to provide a focused and purposeful leadership for the institute.
While delivering her acceptance speech Eyitayo said: “This high office of the ICAN president is actually a call to service, a call to confront and overcome challenges facing the members, institute, the accountancy profession and the national economy through focused and purposeful leadership.
“Pursuant to this, let me assert that, today, humans and corporate entities are confronted with the challenge of survival and sustainability in a volatile, uncertain, complex and ambiguous (VUCA) world.
“In these unusual times, the challenge of efficient resource utilization and value creation in Nigeria is made more difficult not only by the climate change and COVID-19 pandemic but also, by disruptive technology and insecurity.
“As corporate entities collectively strive to survive and grow, nature’s endowments are plundered with adverse impact on the ecosystem and its ability to provide food, support life and assimilate waste.
“The spate of huge negative externalities has put the world on edge, prompting Lord Mervin King to declare that, “only chartered accountants can save the world!”
“Although saving the world is a collective responsibility, are we positioned and ready to take on this challenge? Are we ready to dissuade entities we manage from prospering at the expense of society? Can we persuade our entities to put people and planet before profit as envisaged by the UN Sustainable Development Goals? Who will bell the cat?”
Mrs. Eyitayo reiterated that as members of the foremost professional accountancy organization in the sub-region, the institution must take on the challenge of setting a new agenda for national rebirth which will include achieving sustainable development for their generation without impairing the capacity of future generations to enjoy nature’s abundant resources.
“As financial experts we will lend our voices to the call by patriotic Nigerians that the trend towards borrowing to finance consumption should be discouraged notwithstanding the fact that the debt to gross domestic product (GDP) ratio is within acceptable fiscal and economic limits.
“In any case, what does the gross domestic product mean to the common man when inflation is over 18% and he cannot afford three square meals? For the nation to survive economically, it cannot continue to spend over 70% of its revenue on debt servicing.
“As a body, we would take on the advocacy role and collaborate with government to review the planning, budgeting and financing mechanics. We would also liaise with standard setters and regulators to review the nation’s corporate reporting framework such that sustainability metrics are mandatorily applied,” she said.
Meanwhile, the immediate past president of the institute, Dame Onome Joy Adewuyi, said she was pleased to report that arrangements have reached advanced stage to secure the National University Commission’s(NUC) licence for the ICAN university.
“The Planning and Implementation Committee (PIC) on the proposed university are concluding all the necessary paper work to secure the NUC licence. The PIC is working together with our consultant who is a former staff of the NUC with several years of experience on the requirements for securing the NUC licence for the establishment of a university.
“We are very optimistic that the licence will be issued shortly. The council has also approved a Board of Trustees as required by the NUC to oversee the activities that will lead to the birthing of the university,” she said.
