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 senate on Tuesday Mandated its Committee of Works to interface with the Minister of Works, to expedite the completion of Wudil-Gaya-Duste Dual Carriage Road.

The resolution was reached following a motion on urgent need to expedite the completion of Wudil-Gaya-Duste Dual Carriage Road on Kano Maiduguri Road Sponsored by Sen. Kawu, Suleiman Abdulrahman (Kano South)
The Senator in his lead debate noted that the Kano-Maiduguri expressway which is a critical artery for transporting people and agricultural goods across several states including Jigawa, Bauchi, Yobe, and Borno, was awarded a dualization contract by the federal government 17 years ago under Chief Olusegun Obasanjo’s administration.

However, he observed that successive administrations have failed to complete the vital project

According to him, in 2018, the President Buhari-led administration’s commitment to improving road transportation led to the award of so many road contracts to restore many of the dilapidated roads in the country. Among these projects was the renewed contract for the dualization of the Kano-Maiduguri Road

“Aware that a major transportation upgrade is on the horizon! A brand new two-lane highway will be built, along with improvements to the existing road. To tackle this ambitious project, it’s been divided into five manageable sections.
“The first section focuses on the Kano-Wudil-Shuarin Road, while subsequent sections cover progressively connect Shuarin to Azare, Azare to Potiskum, Potiskum to Maiduguri, and finally, Maiduguri to Benishek.”

He said one of the section was the most extensive, spanning roughly 202.73 kilometers.

He said as an international route linking Nigeria to Chad, Niger, and Cameroon, the Kano-Maiduguri road facilitates cross-border trade.

According to him, Dantata and Sawoe Construction Company Nigeria Limited was awarded the contract for section one of the road, saying that despite initial work, the project appears to be behind schedule.

“Worried that the unfinished section between Wudil and Gaya in Kano state is particularly dangerous.

“One lane of the planned dual carriageway is complete, forcing drivers to navigate a single lane in both directions,this significantly increases the risk of accidents.”

He expressed worry that the unfinished section between Wudil and Gaya in Kano state poses grave danger to commuters.

He said the only one lane completed on a planned two-lane road, forces vehicles traveling in both directions to navigate a single lane.

“This is a recipe for disaster, and immediate action is required to finish construction and ensure driver safety,”he

Senators and the House of Representatives’ members will resume plenary at their newly renovated chambers on Tuesday next week, after 19 months of holding plenary in committee halls.
The federal lawmakers started operating from temporary chambers since September 2022 after the commencement of renovation work on their main chambers by a construction firm in June 2022.
The Chairman, House Committee on Media and Public Affairs , Hon Akin Rotimi and the Clerk to the Senate, Chinedu Akabueze, disclosed this in separate statements postponing the resumption of plenary earlier fixed for April 16 to April 23.
The House spokesman in the official announcement cited the need to resume plenary at the renovated and reconfigured main chamber , as reason for the postponement in line with the general wish of the members .
The statement read, “The House of Representatives wishes to inform the public and stakeholders of the rescheduling of the resumption date from the ongoing recess, originally slated for Tuesday, April 16, 2024, to Tuesday, April 23, 2024.
“This adjustment is necessary to accommodate the completion of renovations to the main chamber of the House of Representatives to ensure its readiness for plenary sessions, henceforth.”
Similarly, Akabueze ‘s statement read in part, ” Distinguished Senators are hereby invited to note that the resumption of the plenary sitting of the Senate, which was scheduled for Tuesday, 16th April 2024, has been postponed to Tuesday 23rd April 2024″
The site engineer of Visible Construction, which is handling the project, Tajudeen Olanipekun, has also told journalists that the two main chambers , would be ready for use by both the Senate and the House of Representatives on resumption next week.
President of the Senate , Godswill Akpabio, and the Clerk to the National Assembly (CNA), Alhaji Sani Magaji Tambawal had also hinted last month that both the Senate and the House of Representatives would move to their main chambers as soon as possible after close to two years of using temporary ones .
The Federal Capital Development Authority (FCDA) had in March 2021, awarded a N37 billion contract to Visible Construction Limited and some other firms for rehabilitation of critical segments of the National Assembly complex, construction of Library, and the permanent site for the National Assembly Service Commission ( NASC).
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