Eyitayo, ICAN president
OPENING ADDRESS by Mrs Comfort Olu Eyitayo, CFA, CFE, mni, FCA 57th PresidentThe Institute of Chartered Accountants of Nigeria at the OPENING CEREMONY of the 51st Annual Accountants’ Conference held at The International Conference Centre, Abuja on Tuesday, November 30, 2021 The Special Guest of Honour, His Excellency, President Muhammadu Buhari, GCFR, President and Commander-In-Chief of the Armed Forces, Federal Republic of NigeriaYour Excellencies the Governors of ….My Lords Spiritual and TemporalOur Royal Fathers here present and joining onlineThe President, International Federation of Accountants (IFAC), Mr Alan JohnsonThe President, African Development Bank, Dr Akinwumi AdesinaThe Other Guest SpeakersThe Vice President of ICAN, Alhaji Tijjani Musa Isa, BSc, M.IoD, FCAThe Revered Past Presidents here present and joining onlineThe 1st Deputy Vice President of ICAN, Dr Innocent Okwuosa, FCIB, FCAThe 2nd Deputy Vice President, Mallam Haruna Yahaya, mni, BSc, MBA, FCAImmediate Past President of ICAN, Dame Onome Joy Adewuyi, FCAThe Chairman, Planning Committee for this Conference, Chief Oye Akinsulire, FCAMembers of the Governing Council of ICANDistinguished members of the National Assembly here presentRepresentatives of all the Professional Accountancy Organizations here present or joining onlinePresidents of Sister Professional Institutes from within and outside NigeriaThe Registrar/Chief Executive, ICAN, Prof. Ahmed Kumshe, FCAMembers of the Planning Committee of the 51st Annual Accountants’ ConferenceDistinguished Professional Colleagues here present and joining onlineEminent Invited GuestsMembers of the PressLadies and Gentlemen It delights me greatly to welcome you all to this 51st Annual Accountants Conference of The Institute of Chartered Accountants of Nigeria (ICAN). The Institute’s Conference remains the largest annual gathering of professional accountants in Africa. The past 50 editions had discussed germane topics and proffered practicable recommendations which had contributed immensely to the ongoing debates and engagements on the transformation process of economies and the role of accounting profession in nation building. These recommendations have continued to influence policies and reshape governments’ programmes, and reposition corporate entities for better performances. Over the years, we have benefitted from a vast array of world-renowned experts who provided deep insights into the 50 broad themes that were exhaustively discussed in past Conferences. These have made ICAN’s Annual Accountants’ Conference an annual pilgrimage for both members and non-members of the Institute, governments’ functionaries, captains of industry, members of the academia and the diplomatic community. Today, as we launch the beginning of the next five decades of this Conference, it is critical that we set the tone with a theme that allows us to review the past, analyse the present and project into the future. We have chosen the theme – Trust in Governance – in order to give us the opportunity of robust discussions in building a solid foundation capable of withstanding the vagaries of political, public sector and corporate dynamics. As noted by Edelman, trust is the ultimate currency in the relationship that all institutions – companies and brands, governments, NGOs and media – build with their stakeholders. The theme is not just central to reshaping governance across political, public and corporate institutions, but it is the bedrock for achieving a successful union between prosperity, people and planet. With business, political and social environments changing rapidly, it becomes imperative for us to rethink governance against the backdrop of the New Normal. Digital disruption, democratization of knowledge and ubiquity of information have positioned people at the vantage of the global scene, with access to real-time information and unprecedented capacities to verify the authenticity of such information. These have further exposed leadership failures and raised awareness on the lack of transparency and accountability that characterizes some public and private institutions. In addition, the impact and management of the coronavirus (COVID-19) pandemic have further weakened the level of trust citizens of some economies have on their leaders to respond appropriately and promptly to unanticipated events. The pandemic revealed Leaders, Corporates and Economies level of unpreparedness to adapt to unpredictable socio-economic dynamics. The pandemic has been christened a stress test for trust in government. It is trite to state that social, commercial, economic and political progress would remain forlorn if Leadership’s perception of the “right thing” differs from the expectations of the Led. The Led would continue to make concessions if Leaders fully discharge their part of the social contract. Restoring trust in governance benefits all in diverse ways and creates a society where there is increased social order, labour harmony, inclusive growth and development and enhances international trade, commerce and Foreign Direct Investments (FDIs) as well as boost diplomatic relationships. Sadly, global economies continues to face trust deficit both at public and private institutions. This has not only led to poor social, political and economic outcomes but has regrettably resulted in the collapse of so many organizations. Many States have failed due to mistrust that pervaded the society. Lack of trust in government has led to heightened insecurity in many nations and the income generating potentials of a number of economies have dwindled as distrust constitutes a disincentive for citizens’ carrying out their civic duties, responsibilities and obligations. The electoral process of most economies have been undermined by the indifference of citizens/voters’ and non-participation as a result of real or perceived lack of trust in leaders. In most economies, citizens’ non-participation in the democratic process has narrowed the possibility of selecting the right leaders. Similarly, a survey of most corporations that went bankrupt revealed that one of the underlying factors leading to the collapse of these “too-big-to-fail institutions” was lack of trust or failure of leaders to adhere to the principle of accountability and transparency. The Enron Scandal would remain evergreen. Its failure, unfortunately, is the discouraging narratives of most failed institutions. Enron fell from the peak of a business giant to become an example of how institutions should not be managed. Its downfall was occasioned by leadership fooling regulators with fake holdings and off-the-books accounting practices and using special purpose vehicles (SPVs), or special purposes entities (SPEs), to hide huge debt and toxic assets from investors and creditors. The once “too-big-to-fail” corporate is now history due to trust issues. Your Excellencies, distinguished guests, professional colleagues, ladies and gentlemen, we are here today to interrogate the subject of trust as an enabler of effective public governance; a driver for upholding best practice in Corporate Governance; the key to engendering voluntary compliance of citizens to their civic duties and; the solution to poor accountability and transparency in leadership. It is our collective responsibility to entrench the culture of trust in governance. The social contract across economies would be strengthened when leaders in public or private sectors work with citizens to establish a culture of competence, responsiveness and reliability in the polity. We must create a political, business, economic and commercial atmosphere that exudes integrity, openness and fairness. It is important that leaders in the public sector guard against policy failures and inconsistency; influence of “vested-interests”; self-interest; and run an inclusive government that considers the welfare of every segment of the society. Developing the strategy for achieving these is the primary focus of this Three – day event. On this note, let me once again acknowledge the presence of His Excellency, President Muhammadu Buhari, GCFR, President and Commander-In-Chief of the Armed Forces, Federal Republic of Nigeria, for graciously accepting to declare this Conference open. It is instructive that this Three-day Conference also features international experts as speakers and discussants. Permit me to specially recognize our very own Dr Akinwumi Adesina, President, African Development Bank (AfDB); and the IFAC President, Mr Alan Johnson, who are among the distinguished facilitators at this landmark Conference. I am greatly indebted to the Body of Past Presidents of the Institute, ably led by Princess Adenike Adeniran, FCA, who is unavoidably absent at this Conference. These eminent and respectable personalities embody the wealth of knowledge, invaluable assets, and foundations of our great Institute. I acknowledge all our revered Past Presidents – physically present or joining virtually – for your time and choosing to identify once more with your Institute. I say thank you to all our sponsors, partnering organizations and individuals, who have worked with us to make this Conference truly memorable and impactful. We sincerely appreciate your continued partnership in the task of building trust in governance. I express our sincere appreciation also to the 51st Annual Accountants’ Conference Committee, ably led by Chief Oye Akinsulire, FCA. You have all, by your individual and combined efforts, indelibly engraved your footprints on the foundation of trust, this Conference will build. I admonish all the delegates to be deeply involved in every aspect of the programme – the technical and social events. Once again, thank you all and God bless. On this note Your Excellencies, distinguished ladies and gentlemen, it is a great privilege for me to humbly invite His Excellency, President Muhammadu Buhari, GCFR, President and Commander-In-Chief of the Armed Forces, Federal Republic of Nigeria to declare open the 51st Accountants’ Conference of The Institute of Chartered Accountants of Nigeria (ICAN).
Mrs Comfort Olu Eyitayo, CFA, CFE, mni, FCA57th President, ICANNovember 30, 2021
