ICAN calls for overhaul of Nigeria’s Accounting Education, Practice

From left: Partner KPMG, Chibuzor Anyamachi; Guest Lecturer, PAN-Atlantic University, Prof. Olusegun Vincent; Chairperson/BOT, ICAN Professorial Chair in Accounting, Prof. Risikat Dauda; Representative of the President of Institute of Chartered Accountants of Nigeria (ICAN), Dr. Etofolam Osuji; Past President of ICAN, Razak Jaiyeola; and Guest Speaker, Dr. Kenny Soyemi, during UNILAG and ICAN Maiden public lecture in Lagos. November 4, 2025…PHOTO: CHINYERE IKEANYI.

…partners UNILAG for maiden annual public lecture

The Institute of Chartered Accountants of Nigeria (ICAN) has called for a comprehensive review of Nigeria’s accounting education and professional practice, citing the need to align the profession with global technological and economic transformations.

Speaking at ICAN’s 2025 Annual Public Lecture held at the University of Lagos (UNILAG), Haruna Yahaya, the 61st president of the institute, represented by Etofolam Osuji, ICAN’s first deputy vice president, said Nigeria must reform its accounting system to bridge skill gaps, modernise curricula, and reinforce ethical standards.“The accounting profession is at a turning point,” Yahaya said. “Rapid technological advances are redefining how we capture, interpret, and communicate financial information. We must equip future accountants with the advanced skills, ethical grounding, and intellectual agility required to navigate this new environment.”

Yahaya also revealed that ICAN is deepening its investment in research and thought leadership, offering research grants worth ₦2.5 million and PhD research funding of ₦500,000 to eligible members.

UNILAG vice-chancellor, Professor Folasade Ogunsola, represented by Dr. Risikat Dauda, emphasised that accounting professionals must adapt to evolving business models, globalisation, and technological disruption.“To remain relevant, accountants must anticipate and shape change through innovation, continuous learning, and ethical excellence,” she said. “Integrity and knowledge remain the pillars of sustainable progress.”

Delivering the lecture themed “Embracing the Future: Powering a New Era of Accounting Education and Practice,” Dr. Olusegun Vincent of Pan-Atlantic University highlighted the growing impact of technology on accounting. He noted that automation, artificial intelligence, blockchain, and data analytics are transforming traditional bookkeeping and auditing.

“Technological disruption is shifting accountants’ roles from manual data entry to strategic analysis and decision-making,” Vincent said. “Today’s accountants must master data analytics tools like Power BI, understand cybersecurity, and adapt to digital systems that drive accuracy and efficiency.”

Vincent added that globalisation has created both opportunities and challenges for Nigerian accountants, who now face complex international standards and cross-border transactions. He urged tertiary institutions to invest in modern technology, recruit industry-experienced adjunct lecturers, and provide hands-on training for students.

“Universities must equip their faculties with the tools and infrastructure needed to produce tech-savvy accountants who can compete globally,” he said.

The lecture, jointly organised by ICAN and UNILAG, marked the beginning of what both institutions described as a long-term collaboration to strengthen accounting education and professional standards in Nigeria.