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Banking crisis: ICAN to sanction erring members

By Babajide Komolafe
Institute of Chartered Accountants of Nigeria (ICAN) has said it would sanction any of its members found guilty of any unethical practices in any of the five troubled banks.

A statement issued and signed by the Institute’s Registrar/CEO, Mr. Olutoyin Adepate, said “The governing Council of ICAN has noted the developments in the financial sector which has resulted in the removal from office of Chief Executive Officers of five Nigerian Banks. These developments which reflect serious corporate governance challenges, amongst others, need to be addressed in the long-term interest of the national economy and the Nigerian people.

The Council advocates that all issues in the current crises should be fully investigated and persons found guilty sanctioned according to the Laws of the nation. As a professional body, ICAN believes that the current challenge to best practices in business conduct needs to be addressed frontally. We assure the public that any of our members found guilty by any court of competent jurisdiction will be subjected to trial in the Accountants’ Disciplinary Tribunal in accordance with our enabling Act.

The larger interest of the national economy and the Nigerian people must be defended at all cost. As a body established by the National Assembly, we will not compromise our public interest mandate.”


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