ICAN bill faces opposition from stakeholders at senate hearing

A Senate public hearing on the proposed amendment to the Institute of Chartered Accountants of Nigeria (ICAN) Act No. 15 of 1965 turned into a battleground of opinions as major stakeholders voiced strong opposition to several clauses in the bill.

Organised by the Senate Committee on Establishment and chaired by Sen Cyril Fasuyi, the hearing in Abuja witnessed heated discussions among representatives from various professional bodies, including the Chartered Institute of Taxation (CITN), the Association of Nigeria Taxation Students (ANTAS), the Chartered Institute of Treasury Management (CITM), the Association of National Accountants of Nigeria (ANAN), and the Nigeria Deposit Insurance Corporation (NDIC).

Stakeholders expressed concerns that the proposed amendments would grant ICAN sweeping regulatory powers over tax practice, potentially encroaching on the established roles of other professional bodies.

Barrister Samuel Agbefuyi, President of CITM, stated, “Everyone should stay within their lane; if you are an accountant, I am a tax practitioner. ICAN should not use legislation to override other professional bodies.”

Babatunde Opeyemi, National President of ANTAS, raised objections to clauses 21 and 28 of the bill, which expand ICAN’s authority into tax practice.

He argued, “Taxation demands specialized knowledge beyond accounting principles, and allowing ICAN to regulate both areas could undermine the quality of tax practice in Nigeria.”

Senator Adeola Solomon Olamilekan, the bill’s sponsor and a member of ICAN, defended the proposed amendments, emphasising the need to update the Act to align with current global practices.

He stated, “The Act was established in 1965 and needs to be more competitive and aligned with the changing needs of chartered accountants.”

Opeyemi urged the National Assembly to reconsider the bill’s provisions, warning of potential legal disputes and conflicts of interest.

He emphasised, “Maintaining CITN as the sole regulatory body for taxation ensures specialized expertise and prevents conflicts of interest.”