The Institute of Chartered Accountants of Nigeria (ICAN) has urged the Nigerian government to take measures against the growing number of professional bodies in the country, The Sun Nigeria has reported.

ICAN expressed concerns that this trend may compromise the integrity of the accounting profession.

This statement was made during ICAN’s 60^th anniversary event held in Lagos, where the ICAN president Haruna Yahaya, characterised the situation as a significant challenge that could harm the profession.

Yahaya said: “It’s a great challenge to the institute, and it’s going to be a disservice for us if we don’t speak against it. We will try to maintain our own standard, and we call on government to stop proliferation of registering professional bodies.”

Yahaya highlighted the necessity for an increased number of chartered accountants to support Nigeria’s economic growth.

He noted that the institute has expanded from 250 members at its founding in 1965 to more than 67,000 chartered accountants and more than 35,000 accounting technicians today.

Despite this growth, he indicated that it is still insufficient for the country’s demands.

“Nigeria needs more chartered accountants. The institute has continued to induct certified chartered accountants over the years whose impact we have widely felt on the economy of Nigeria.

“There is need for more. The Institute has widened its scope and strengthen its certification process in line with global standards,” Yahaya remarked.

He reaffirmed that the principles of accuracy and integrity have been fundamental to ICAN’s operations throughout its history.

“Numbers never lie. It is people that produce the numbers that lie. So in our own case, integrity will make us not to lie about the numbers. We produce the numbers as it is, and that’s why accuracy and integrity go hand in hand in our daily activities,” he explained.

ICAN president also addressed the role of accountants in governance, underscoring the importance of the ICAN Accountability Index, which has received endorsement from the World Bank and the Pan African Federation of Accountants (PAFA).

He noted that this initiative has contributed to holding state governments accountable, ensuring they provide necessary services to citizens.

“That alone puts some state governments on check, so that they will be able to render services to the populace and give dividends of democracy,” he stated.

Additionally, he mentioned the creation of the ICAN-SMP Academy, which aims to empower small and medium practitioners (SMPs) to better serve small and medium enterprises (SMEs), a key component of Nigeria’s economy.

“Most of our SMEs cannot afford to hire the big four auditors to audit their books. So we are upscaling the SMPs, Small and Medium Practitioners, to render effective service to the SMEs,” he noted.

He also highlighted efforts to engage younger individuals in the profession through the Catch Them Young initiative, which includes forming accountancy clubs in universities, polytechnics, and secondary schools.

“Every district society gives a report of how many schools they have visited, how many people, how many students have registered for our exams,” he added.

Furthermore, he indicated that ICAN is preparing its members to adapt to emerging trends in digital transformation, AI and sustainability reporting through specialised faculties and ongoing professional development programmes.

The institute also recognised its founding members, including the late chief Akintola Williams, for their contributions to establishing a profession grounded in integrity.

“We are architects of accountability, partners in governance, and champions of transparency,” he concluded, calling for collaboration among government, business leaders, and the public to foster a future built on these principles.