There was serious disagreement on Thursday, at the National Assembly, among stakeholders, at a public hearing on the bill for an Act to amend the Institute of Chartered Accountants of Nigeria (ICAN), Act No. 15 of 1965 and for Other Matters Connected Thereto.

The public hearing was organised by the Senate Committee on Establishment and Public Services, at the Senate Wing of the nation’s apex legislative Complex.

Stakeholders like the Chartered Institute of Taxation (CITN), the Association of Nigeria Taxation Students(ANTAS), the Chartered Institute of Treasury Management (CITM) and the Nigeria Deposit Insurance Corporation (NDIC) objected to some amendments proposed on some sections of the Act.

They accused the ICAN of using the amendments to take over their professions, rejecting the perceived offensive proposals, and insisting that each professional body should stay within its boundaries of operation.

The 16th President of the CITN Barrister Samuel Agbeluyi said the opinion is the same among all the stakeholders that came except ICAN.

“Everybody should maintain its lane, if you are an accountant, I am one who knows what it means to be a tax practitioner. If you talk about tax practice, I am one, if you talk of a lawyer, I am one, if you talk of a stock broker, I am one. So I know what it is to be all these.
You can not use one legislation to override other professional bodies in the society, that is our message,” he cautioned.

He said “There was nothing wrong with the amendment but you can not use this amendment to annex other professional bodies. They have right to do their internal control and internal cooperate governance but you can not use that to annex the professions that have been certified by the National Assembly.”

The National President of ANTAS, Babatunde Opeyemi, in his presentation, expressed serious concern regarding sections 21 and 28 of the ICAN Act Amendment Bill 2024 (SB265).

“Section 21 of the Bill introduces a new provision to the Principal Act, allowing Chartered Accountants to practice as Tax Practitioners. Section 28 expands the definition of “Accountancy practice” to include tax practice,” he observed.

According to him, their objection is the dual regulation granting ICAN authority over both accounting and taxation regulation, which he said risks overlap and confusion.

“Currently, the Chartered Institute of Taxation of Nigeria (CITN) oversees tax practitioners, ensuring competence and ethical standards. Introducing ICAN as a second regulatory body for taxation could create inefficiencies and uncertainties both for tax professionals, taxpayers and students who in no distant time double as both the former and the latter.”

“To Avoid Conflict of Interest and ensure Professional Independence it is imperative that ICAN does not regulate both accounting and taxation. A single body regulating both areas could compromise the objectivity and impartiality required in these fields. Ensuring that CITN remains the sole regulatory body for taxation helps maintain clear boundaries and prevents any potential conflicts of interest, thereby upholding the integrity and independence of tax practitioners.

“We recommend maintaining the current regulatory framework, with CITN independently overseeing tax practice. ANTAS encourages dialogue and collaboration to ensure effective and efficient regulation within the Nigerian taxation landscape,” he noted.

The Registrar and chief executive of CITN, Adedoyin Olumide, also raised concerns about the proposed amendments to the ICAN Act 1965 about its over-reach and conflicts with the domains of other professional bodies, saying: “While ICAN’s efforts to modernize are commendable, the bill’s extensive scope could disrupt the professional ecosystem and lead to regulatory conflicts.”

Olumide said the Chartered Institute of Treasury Management in her self-appointed role as a custodian of integrity, due process and transparency would keep on being the conscience of objectivity and promoting harmonious relationships within the confines of the financial management practitioners’ community.

The sponsor of the bill, Senator Solomon Adeola, who said that he was a proud member of ICAN, asked for total support of the amendment as the Act had not been amended since 1965, the year of the establishment of the institution.

The Chairman of the Committee, Senator Cyril Fasuyi, told the stakeholders that they had no need to doubt the integrity of the Committee on the public hearing, saying that the sponsor was not a member of the Committee of 25 members, adding that there were only four Accountants in their midst, hence, promising that justice would be done.

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