Veterum Sapientia Institute

Stanley NkwazemaAbuja

The House of Representa-tives yesterday threw out a Bill seeking to set up the Chartered Institute of Management Accountants of Federal Republic Of Nigeria (CIMA), saying it could take to the proliferation of accounting organic structures in the country.

Hon. Toilet Halims Agoda, who stands for Ethiope federal constituency of Delta State, sponsored the Bill and seconded by Hon. Jumoke Okoya-Thomas.

During deliberations at the plenary, members postulate that the transition of the Bill would give room for proliferation, as there are at present respective organic structures such as as the Institute of Chartered Accountants of Federal Republic Of Federal Republic Of Federal Republic Of Nigeria (ICAN), Association of National Accountants of Nigeria (ANAN) and Chartered Institute of Tax in Nigeria (CITN) now regulating the pattern of Accountancy in the country.

When the Speaker of the House, Hon. Dimeji Bankole, set the Bill to vote, the members unanimously rejected the transition of the Bill putting to rest the agitation for the constitution of CIMA.

ICAN had sought the intercession of the National Assembly through statute law to subsume other accounting and revenue enhancement organic structures in the country, in a bill of exchange transcript of "An Act to Amend the Institute of Chartered Accounts of Federal Republic Of Nigeria Act 1965 And for Matters Connected therewith".

ICAN had proposed an amendment to subdivision 15 (4) of the Act that set it up to read that "The Council may organise, establish, finance and keep a scheme, system or agreements for pattern assurance, consisting of the inspection, monitoring and reappraisal of the professional and concern efficiency and competence."

Hons. Gbenga Onigbogi, Gbenga Oduwaye, Simon Peter Odebunmi, Jaiyeola Ajatta, and Ganiyu Olukolu, who jointly sponsored the Bill also seek the constitution of a Council of Accountants, with a president, vice-president, 1st deputy sheriff sheriff vice-president, president and 2nd deputy vice-president.

Other commissariat in the Bill also seek to streamline the trading operations of all accounting and revenue enhancement houses or associations in the country.

But the Bill was followed by protestations from the CITN, ANAN, and the Centre for Information Technology and Systems (CITS) among others.

In separate presentations at a public hearing by the House Committee on Finance yesterday, the associations tore apart the table of contents of the ICAN Amendment Bill, summarising the purpose of the Bill as seeking to flog all other professional organic structures into line.

Renowned accountant, Head Akintola Williams, however, said the kernel of the Act was to sanitise and modulate the accounting profession.

Williams argued that he was in the place to cognize when things were going incorrect with ordinance and criteria of practice.

"I appeal to the House to guarantee that the measure is passed to canvas smoothly to the Senate," he stated.

The President of CITN, Mr. Kamarudeen Ayodele Adigun, told the panel that its enabling law gave CITN the powerfulness to modulate revenue enhancement in the country. He argued that by the new ICAN Act, the latter planned to whittle down the powerfulnesses of CITN.

He said: "ICAN desires entire monopoly; it is dabbling into the countries of other organic structures because it makes not believe in the separation of functions. We are not saying that ICAN should not accumulate tax, but they have got to be registered in conformity with our enabling law to practice." ANAN President and President of Council, Mr. Samuel Nzekwe, said that his grouping was opposing four subdivisions of the amendment for "lacking sensible action"

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He listed them as Sections 2B, 14, 21 and 22.

Nzekwe said: "We totally reject the amendment because when these subdivisions are deleted, the whole kernel of the amendment come ups to no effect. There is a valid tribunal judgement on this substance and they know.

"There is an effort by ICAN to distort fiscal reporting; this is a very serious substance and we name on you lawmakers to take note."