The President of the Institute of Chartered Accountants of Nigeria (ICAN), Davidson Alaribe, called for urgent reforms in Nigeria’s judicial system to tackle corruption and improve financial management practices.
In an interview, Alaribe discussed issues ranging from public finance standards to the role of ICAN in combating unethical practices among its members and the challenges facing Nigeria’s anti-corruption fight.
When asked if Nigeria’s public finance system and annual budget meet legal standards, Alaribe highlighted that the core challenge lies in implementation, not the absence of policies.
He said: “Our problem has not been the issue of policies or rules but their implementation.
Nigeria has a constitution that outlines the roles of federal, state, and local governments, as well as how resources should be allocated.
Yet, local governments, which are supposed to be autonomous, often do not receive their due finances.
Auditor generals, whose roles are clearly defined in the constitution, have faced undue interference, sometimes even losing their positions for speaking out against malpractice.”
Alaribe emphasized that Nigeria has capable professionals, including accountants recognized globally, but lamented the systemic failure to enforce public finance regulations.
“People come into government with good intentions but often succumb to corruption.
While corruption is not unique to Nigeria, the scale here is overwhelming.
The rules are there, but who enforces them?” he asked.
On tackling unethical practices among ICAN members, particularly those in the public service, Alaribe detailed the institute’s robust disciplinary process.
“ICAN has an investigating panel, divided into six units due to membership growth.
Complaints against members must be submitted via sworn affidavits, which are then processed by our legal department.
Both accuser and accused are required to come with their lawyers, ensuring fairness and preventing legal technicalities from undermining cases,” he explained.
He noted that ICAN’s tribunal has the status of a High Court and handles cases involving fraud with zero tolerance for plea bargains.
He cited instances where past ICAN presidents and even an accountant general faced disciplinary action.
“The corruption problem isn’t just about accountants; it’s pervasive across society,schools, offices, and beyond.
The glorification of wealth, regardless of its source, has eroded moral values.
We need to teach the younger generation that integrity is priceless,” he added.
Alaribe strongly advocated for a specialized anti-corruption court to expedite cases and impose stricter penalties.
“Our judicial system is too lenient.
A person can steal billions, use a fraction to hire lawyers, and delay justice.
If we establish special courts to handle corruption cases within three years and impose punishments like life imprisonment or even the death penalty, it would deter potential offenders,” he argued.
Drawing a comparison, he cited China’s stringent anti-corruption measures and criticized the societal acceptance of individuals accused of corruption.
“Here, corruption trials fade from public attention after bail is granted.
The accused often return to their communities as celebrated figures.
This must stop,” he asserted.
On the issue of multiple bank charges, Alaribe urged Nigerians to report unjust deductions and carefully review loan agreements.
He shared an example where his audit firm successfully contested unwarranted debits for a client, leading to reversals by the bank.
“If you’re being unfairly debited, speak out.
Report to the Central Bank or the Consumer Protection Commission.
ICAN can also escalate complaints to relevant authorities,” he advised.
Regarding tax reforms, Alaribe revealed that ICAN has set up a think tank to analyze recent tax bills and will soon issue a position paper.
Alaribe praised ICAN’s one-year presidential tenure as a model of continuity and collaboration.
“ICAN presidents don’t execute personal programs; they build on the work of their predecessors.
With a leadership structure involving the president, vice presidents, and past presidents, decisions are well thought out and implemented seamlessly,” he explained.
Alaribe concluded by emphasizing the need for preventive measures to address corruption and unethical practices.
“Above all, prevention is better than cure.
We must educate people on the value of a good name over wealth,” he said.
