CIPFA, the Chartered Institute of Public Finance and Accountancy, and ICAN, The Institute of Chartered Accountants of Nigeria, are pleased to announce that they have signed a Memorandum of Understanding (MoU) to strengthen public financial management in Nigeria.
The MoU outlines the future co-operative relationship between the two institutes which seeks to improve the governance of public finance within the country and helps to improve the training options for those in the accountancy profession. As well as this, the collaboration will also pave the way for dual membership for members of ICAN and CIPFA.
The framework of the MoU reflects the overlapping interest of both bodies and their mutual desire to share expertise, skills and experience to further the cause of good financial management.
The signing ceremony took place at CIPFA’s annual dinner with CIPFA President Mike Owen, Vice-President John Matheson and Rob Whiteman, CIPFA’s Chief Executive, in attendance. The President of ICAN, Mr. Chidi Onyeukwu Ajaegbu (Golden Jubilee President) and The Registrar/ Chief Executive of ICAN, Mr. Rotimi Akanni Omotoso and some other top officials of ICAN were also in attendance at the occasion.
At the signing, CIPFA’s Chief Executive, Rob Whiteman commented:
“Both CIPFA and ICAN are committed to serving the public interest through good public financial management, therefore it is welcome news that both bodies have come together to form a new collaborative relationship.
“Through working together both our leading institutes will be able to share information, skills and expertise. It will also develop the accounting profession in Nigeria’s public sector which will have great benefits for the country’s citizens.”
Commenting on the MoU, The President of ICAN, Mr. Chidi Onyeukwu Ajaegbu leading the delegation, said:
“ICAN working together with CIPFA is in the interest of the public good. There will be great improvement in the financial management of the Public Sectors of both Countries as this relationship is mutually beneficial to both Institutes. ICAN has with this relationship, gained another milestone as the ‘First’ in the Sub Saharan African region to go into a relationship of this nature.
“This is an exciting opportunity for both ICAN and CIPFA to continue to make the difference in the practice of Public Finance Management in Nigeria. We at ICAN are particularly excited that this MOU is coming shortly after our Institute was approved by IFAC to provide peer-to-peer capacity support services across DFID focal Countries.’’
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ICAN represents approximately 40,000 members who are holding sensitive positions in strategic management in different local and multinational firms, home and abroad, and also serve the government offices and public sector in different capacities. ICAN is a national autonomous body established by the Act of Parliament No. 15 of 1965. ICAN qualification is accepted locally and globally and it also maintains international standards of educational requirements as a member of different international bodies like Pan African Federation of Accountants (PAFA) and International Federation of Accountants (IFAC).
CIPFA, the Chartered Institute of Public Finance and Accountancy, is the professional body for people in public finance. Our 14,000 members work throughout the public services, in national audit agencies, in major accountancy firms, and in other bodies where public money needs to be effectively and efficiently managed. As the world’s only professional accountancy body to specialise in public services, we champion high performance in public services, translating our experience and insight into clear advice and practical services. Globally, CIPFA shows the way in public finance by standing up for sound public financial management and good governance. We work with donors, partner governments, accountancy bodies and the public sector around the world to advance public finance and support better public services.