Reacting to the indictment of two major accounting firms involved in the mis-management of the fuel subsidy, the Institute of Chartered Accountants of Nigeria (ICAN) has set up an investigating tribunal to conduct an independent investigation of the indicted firms in the on-going fuel subsidy probe saga.
Two major accountant firms; Akintola Williams’ Delliote & co and Olusola Adekanola and partners, were indicted by the report of the Farouk Lawan led ad-hoc Committee on Fuel Subsidy.
The two accounting firms have been fired and blacklisted by the Ministry of Finance and the lawmakers on Wednesday adopted the recommendation that demands the prosecution of the companies for their involvement in the mismanagement of the fuel subsidy fund.
A statement signed by ICAN’s president, Professor Francis Ojaide, on Wednesday stated that an “Accountants’ Investigating Panel” will be set-up to conduct a preliminary investigation and make recommendations to the Accountants’ Disciplinary Tribunal for trial, if any members of the accountant institute is discovered to have a case of professional misconduct to answer.
According to the statement the tribunal is set up in line with the provisions of its enabling Act of Parliament No. 15 of 1965, despite that (ICAN) is yet to receive a formal complaint from the government or any group or individual on the matter.
ICAN noted that “as a professional body charged with the responsibility of regulating the practice of accountancy in Nigeria,” it is aware of the grave consequences of the allegations and its implications for the nation’s economy and the accountancy profession “by virtue of the alleged involvement of two firms of chartered accountants.”
The statement also explained that the tribunal, which has an Assessor appointed by the Chief Justice of the Federation to ensure equity in the dispensation of justice, has the power of a High Court.
It also explained that penalties for the offence will vary according to enormity of the offences and range from suspension for months or years, reprimand and/or warning, withdrawal of certificate and practising licence to striking off of the names of such members from the Institute’s Register.
It however added that “the Accountants’ Disciplinary Tribunal is not established to deal with criminal cases such as fraud. These are left to the regular Courts of Law” the statement read.
The body reiterated its commitment to zero-tolerance of fraud and any professional misconduct.
Two major accountant firms; Akintola Williams’ Delliote & co and Olusola Adekanola and partners, were indicted by the report of the Farouk Lawan led ad-hoc Committee on Fuel Subsidy.
The two accounting firms have been fired and blacklisted by the Ministry of Finance and the lawmakers on Wednesday adopted the recommendation that demands the prosecution of the companies for their involvement in the mismanagement of the fuel subsidy fund.
