The Association of National Accountants of Nigeria (ANAN), during the weekend said it was unlawful to have been excluded in the Federal Government’s recent reconstitution of the governing board of the Financial Reporting Council (FRC). The President and Chairman of ANAN’s Council, Shehu Ladan, expressed their displeasure during a courtesy visit to Vice President, Yemi Osinbajo in Abuja.
The FG recently replaced Jim Obazee, as Executive Secretary of FRC, with Daniel Asapokhai and the appointment of Adedotun Sulaiman as chairman, thereby excluding the ANAN from the board. This he said contravenes the FRC Act 2011.
Ladan told Osinbajo, “We observed Sir, that in the appointments, ANAN was excluded. The two appointees are members of the Institute of Chartered Accountants of Nigeria (ICAN), which is not, with due respect, in conformity with the the Financial Reporting Council (FRC) of Nigeria Act, 2011.
“Section 2(2) (a) and (e) of the FRC Act made provisions for the appointment of the Chairman and Executive Secretary respectively. Section 3(2) (b) of the Act went further to provides that: “Provided that in appointing the Chairman and the Executive Secretary, due cognizance shall be taken to ensure fair representation of accounting bodies established by Acts of National Assembly.”
The Council is responsible for setting and promoting compliance with standards for accounting, financial reporting and auditing in Nigeria. It also published a Code of Corporate Governance, which has been suspended by the Minister of Industry, Trade and Investment, Okechukwu Enalema.
Obazee, had been fired in January during the controversial exit of Pastor Enoch Adeboye as the General Overseer of the Redeemed Christian Church God, RCCG, Nigeria. President Muhammadu Buhari, had ordered the re-constitution of the Council’s board after Obazee’a exit.
The ANAN President further told the Vice President that the two professional accountancy bodies in Nigeria established by law are ICAN and ANAN, hence the two positions should be rotated between the two bodies for balancing.
“It is only fair Your Excellency that the Executive Secretary position goes to ANAN this time. It is in the light of this that we forwarded the name of Dr. Nurudeen Abba Abdullahi, as our nominee for the position of Executive Secretary,” Ladan stated.
“It will serve the interest of justice and further good corporate governance in the system if the provision of the Financial Reporting Council Act is adhered to in the appointment of chairman and executive secretary of the Financial Reporting Council (FRC) Nigeria,” he added.
The association also canvassed that Grade Level 10 be entry point into civil service for holders of ANAN membership certificate as approved by the National Council of Establishments at its 33rd meeting in Jos, in 2008.
Ladan said the approval was yet to be given executive ratification and urged the Federal Government to ensure its members are not discriminated.