The Institute of Chartered Accountants of Nigeria (ICAN) has decried the high rate of corruption in the country, saying the scourge must be fought to a standstill.
As part of entrenching the anti-corruption war, especially in the public sector, ICAN charged President Muhammadu Buhari to revisit the framework for public sector accountability and reporting in line with the global mandate of International Financial Accounting Council (IFAC) to all its member-bodies.
ICAN’s new president, Deacon Titus Soetan, stated this at his investiture in Lagos, assuring that the institute will strive towards promoting high level integrity among its members as part of supporting the war against corruption.
“As a foundation and active member of this global body (IFAC), ICAN will be in the vanguard of promoting the principles, ideologies and best practices embedded in the IFAC ongoing global campaign titled, ‘Accountability Now,’” he said.
Soetan said the corollary effect of corruption could be seen in the present state of the economy where some public office holders diverted monies meant for purchase of arms and infrastructural development.
The ICAN president stated that Nigeria found itself in the current economic quagmire owing to failure of past governments to save for the rainy day at a time oil was sold above $100 per barrel in the international market.
However, he pledged the support of the institute for the steps being taken by Buhari to reposition the economy while advising the administration to be conscious of the masses in its policies.
Corruption, he stressed, is endemic in both public and the banking sectors, disclosing that 313 bank employees conspired to steal N53 billion from the banking system in 2008 even as N40 billion was lost to internet fraud in 2013.
