The Institute of Chartered Accountants, held it’s 52 Annual Accountants’ Conference in Abuja yesterday. Here is the opening address by Mallam Tijjani Musa Isa, BSc, MIoD, FCA, the 58th President of the Institute.
Your 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 Guest SpeakersThe Vice President of ICAN, Dr. Innocent Okwuosa, FCIB, FCAThe Revered Past Presidents here present and joining onlineThe 1st Deputy Vice President of ICAN, Chief D.C.S Alaribe, FCAThe 2nd Deputy Vice President, Mallam Haruna Yahaya, mni, BSc, MBA, FCAImmediate Past President of ICAN, Mrs. Comfort Olu. Eyitayo, mni, FCAThe Chairman, Planning Committee for this Conference, Chief Chibuzor Anyanechi, FCAMembers of the Governing Council of ICANThe Registrar/Chief Executive, ICAN, Prof. Ahmed Kumshe, FCADistinguished 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 NigeriaMembers of the Planning Committee of the 52nd Annual Accountants’ ConferenceDistinguished Professional Colleagues here present and joining onlineEminent Invited GuestsMembers of the PressLadies and GentlemenIt gives me great pleasure to have Your Excellencies and this esteemed audience at the opening ceremony of the 52nd Annual Accountants’ Conference of The Institute of Chartered Accountants of Nigeria (ICAN). We are immensely encouraged that over 6,000 delegates have registered so far for the Conference, with representatives from virtually all the continents of the world, physically present or joining us remotely. Unarguably, the ICAN Annual Accountants’ Conference remains one of the largest single gatherings of professional accountants within the African continent. This Conference has, for over five decades, provided a unique platform for the intensive interrogation of topical issues of national and global interests. The deliberations, in the past years, have not only been diverse but they have delved deeply into critical social, economic, political and governance issues. Outcomes of past Conferences had informed government policies and positively contributed to the growth trajectory of the country. Several national initiatives have emanated from these Conferences. These include the need to adhere to January to December Budget Year, which the present administration has commendably complied with, as well as the first-of-its-kind ICAN Accountability Index (ICAN-AI) which is promoting transparency and accountability in the country’s public sector. Our economy is not out of the woods yet. Economic growth, post-COVID have decelerated, averaging 3.54% due to persistent low oil production and rising insecurity. Even with the recent modest diversification of the nation’s income from the export of crude oil, our export/import dynamics are still unsustainable. As long as we export primary products and import finished/processed goods, we will continue to be at the mercy of fluctuating external economic dynamics. Our Export/Import index have placed significant pressure on our demand for foreign exchange. Public debts, which were 20.5% of GDP in 2021, are estimated to reach 40% in 2024. Our continual funding of recurrent expenditure with long term debts dooms us to continue repeating negative economic realities as no real development can proceed therefrom. We have been reluctant to eradicate the unsustainable practice of fuel subsidy. We maintain refineries that are not productive, and our nation is still largely classified as a fossil fuel economy. The 52nd edition of the Conference is set against this backdrop. With sustainability currently at the forefront of accounting profession discussions, its importance to economic recovery and significance to safeguarding future prosperity and peace has been the subject of many debates. Sustainability encourages entities to responsibly deploy financial, natural, human, and social capital for a better, cleaner, and more prosperous future. This resonates with the impressive vision of the United Nations, summarized by the seventeen (17) Sustainable Development Goals (SDGs), which must be pursued with all vigour and sincerity. The growing interest in Environmental, Social, and Governance (ESG) issues and the increasing desire to transit to net-zero businesses provide a strong basis for this Conference. Investors are re-evaluating their resources channels because of the consequences of social and economic distortions on growth and development. In recent times, there has been a demand for companies to deliver values in more sustainable and responsible ways. This has led to a significant shift in the direction of investors’ funds. For instance, the Global Sustainable Funds Flows noted that inflows into sustainable funds rose from $5 billion in 2018 to more than $50 billion in 2020 – and then to nearly $70 billion in 2021. To effectively participate in the competitive global space, there is the need for our economy to revisit our environmental, social, and governance priorities. Nigeria should consciously deploy resources in creating the regulatory and infrastructural environments that encourage the transition to net-zero business models by enterprises. This would avail the dual advantage of attracting more sustainable funds into the country and enhancing our social license – the perception by stakeholders that businesses and industries are acting in a way that is fair, appropriate, and deserving of trust.The Conference theme – Nigeria: Adopting Sustainability for Economic Prosperity – will explore emerging issues such as sustainability reporting, sustainable energy, green economy, innovative tax, digital transformation, and opportunities for entrepreneurially inclined chartered accountants. Professional colleagues, ladies, and gentlemen, we have an exciting array of indigenous and international speakers who would provide practical insights into the theme and the sub-themes. We appreciate all the speakers for staying on this course with ICAN.We are greatly indebted to Your Excellency, President Muhammadu Buhari, GCFR, President and Commander-In-Chief of the Armed Forces, Federal Republic of Nigeria, for your gracious acceptance to declare this Conference open. We also appreciate the President of the International Federation of Accountants (IFAC), Mr. Alan Johnson, who kept his promise by being physically present at this year’s Conference. It is also noteworthy that we have several representatives of other Professional Accountancy Organizations (PAOs) participating at this Conference. Your Excellencies, ladies and gentlemen, it is my hope, that together, we will develop a robust structure for embracing sustainability principles and policies across all sectors. The diverse array of registered delegates at this Conference creates unique networking opportunities. I encourage you to maximize this opportunity to establish new business relationships. The Conference side attractions also promise to enrich your stay in Abuja, making it truly fulfilling and educative.The Conference Planning Committee, ably chaired by Chief Chibuzor Anyanechi, FCA, has commendably sacrificed their time and resources to ensure your pleasant and safe participation. We appreciate the 52nd AAC Committee for your commitment to the course of our great Institute and this rewarding Conference. We implore all delegates to adhere to the guidelines to ensure we all have a memorable and intellectually rewarding programme. On this note, I formally welcome you to the 52nd Annual Accountants’ Conference. Do have a wonderful experience.Thank you for listening and God bless you. Alhaji Tijjani Musa Isa, BSc, M.IoD, FCA 58th President, ICAN October 11, 202
