Board Chairman, Keystone Bank Limited, Lady Ada Chukwudozie, yesterday, charged accountants to improve ethical governance in the country, emphasising that only nations with robust financial reporting standards, and best audit practices attract higher levels of Foreign Direct Investments (FDIs).

She also noted that ethical governance attracts better sovereign credit ratings and healthier public-private partnerships.

Chukwudozie led the charge at the 75th induction ceremony of 1,851 new members of the Institute of Chartered Accountants of Nigeria (ICAN), in Lagos. Chukwudozie, who referenced the United Nations Conference on Trade and Development (UNCTAD)’s World Investment Report 2024, argued that countries with strong corporate governance frameworks and transparent financial reporting tend to have a lower cost of capital and more stable investment flows.

According to her, empirical studies have consistently shown a positive correlation between the strength of a nation’s accounting infrastructure and its Gross Domestic Product (GDP). She insisted that to sustain the profession’s positive impact on economic development and ensure that Nigeria continues to be a potent force for economic development, the adoption and implementation of global best practices are not optional but imperative.

“ICAN must continue to sanction misconduct and celebrate excellence. According to a KPMG Nigeria survey (2023), 42 per cent of financial fraud cases involve collusion between internal staff and external consultants. This must end. ICAN’s commitment to enforcing a zero-tolerance policy against professional misconduct must be encouraged and consistently applied nationwide. Integrity is the non-negotiable currency of trust in the financial world, strengthening disciplinary mechanisms and promoting a culture of ethical behavior from the moment of induction throughout a member’s career are crucial,” Chukwudozie said.

The chairman urged the professionals to embrace data analytics, blockchain technology for secure and transparent record keeping, Artificial Intelligence (AI) for enhanced efficiency and fraud detection, adding that it is important to note that cloud-based accounting platform is no longer a futuristic concept but a present-day necessity.

She said: “ICAN should integrate sustainability reporting nationally. Digital literacy must become a core competency embedded in the curriculum and continuous professional development programs across Nigeria. Accountants must champion a National Digital Competency Framework for Accountants in collaboration with National Information Technology Development Agency (NITDA) and the Ministry of Communications. There is a need to actively mentor the next generation of accounting professionals, sharing wisdom, guiding their ethical development and upholding the torch of excellence that ICAN has carried for 75 years.”

Addressing the inductees, President of ICAN, Davidson Alaribe, challenged them to become highflying professionals who are disciplined and ready to uphold the highest standards of accuracy and integrity, add values to clients and contribute to national development.

Alaribe advised them to do extra things by exploring the information and technology world, and pursue other qualifications and skills. He encouraged them to go beyond titles but put their skills to work towards the development of the society.

“Be focused, organised, disciplined and be combat ready as the world is highly challenging. Make more friends and develop your social capital. Be purposeful and determined to excel in life,” he said.

The ICAN president further thanked the families of the inductees for their sacrifices and encouragement to qualify as an accountant.

On his part, the Second Deputy Vice President of the Institute, Dr Etofolam Osuji, urged the new inductees to embrace continuous learning and adaptability and master emerging trends. These, he said, should include skills in cyber security, cloud computing for seamless operations and data analytics to forecast trends and add values to clients.