Corruption and financial mismanagement remain critical issues undermining Nigeria’s development, as highlighted by Davidson Alaribe, the President of the Institute of Chartered Accountants of Nigeria (ICAN). In a recent interview, Alaribe emphasized the importance of implementing existing policies, reforming the judicial system, and fostering ethical practices to address these challenges effectively.
Nigeria boasts robust constitutional provisions for financial management, outlining the roles of state, federal, and local governments, as well as mechanisms like the Auditor General’s oversight. However, these structures are hampered by poor implementation. Alaribe lamented cases where Auditor Generals faced dismissal for advising against unethical practices, raising questions about the accountability of leaders and societal support for whistleblowers.
A significant focus of Alaribe’s remarks was the judiciary’s role in combating corruption. He called for the establishment of special courts dedicated to fraud cases, suggesting strict penalties such as life imprisonment or even the death penalty for severe corruption. Such reforms, he argued, could expedite trials, deter unethical practices, and restore public trust.
Ethical lapses among professionals, including accountants, are another concern. ICAN has implemented a disciplinary process to address misconduct, ensuring that accused members and their accusers are given fair hearings. Alaribe underscored the importance of societal reorientation, advocating for values that prioritize integrity over wealth. “The language of money is what we now understand,” he lamented, stressing the need to educate younger generations about the benefits of uprightness.
In addition to curbing corruption, Alaribe addressed concerns about customer exploitation by Nigerian banks. He encouraged citizens to report unjust charges and emphasized financial literacy, advising Nigerians to understand the terms of loans and agreements before signing. ICAN also collaborates with regulatory bodies like the Central Bank of Nigeria (CBN) to address systemic issues.
On tax reforms, ICAN is actively examining policies to provide informed recommendations, demonstrating its commitment to shaping Nigeria’s economic landscape.
Finally, Alaribe lauded ICAN’s structured leadership succession plan, likening it to a relay race where each president builds on the achievements of their predecessors. This model ensures continuity and collective progress.
In conclusion, addressing Nigeria’s financial and corruption challenges requires concerted efforts from the judiciary, government, professionals, and the public. ICAN’s proactive stance on these issues offers a pathway to a more transparent and accountable future.
Leave a comment