ICAN Elects New President

The Institute of Chartered Accountants of Nigeria (ICAN) has elected its 48th President in the person of Mr. Doyin Owolabi, BSc (Econs), MILR, MNIM, FCA, The election took place at the Council Chamber of the Institute’s secretariat Idowu Taylor Street, Victoria Island, Lagos on Thursday, May 24, 2012 and his investiture will hold at the same venue on Wednesday, May 30, 2012 at 10.00 am.

Mr. Doyin Owolabi, is an Economics graduate of the University of Ife (now Obafemi Awolowo University) Ile – Ife. He attended Methodist Boys’ High School, Lagos (1972, WASC); Federal School of Science, Lagos (June 1975, HSC); University of Ife, Ile-Ife (now Obafemi Awolowo University) (June 1980, BSc. Hons, Economics); University of Lagos, Akoka (2003 for Masters in Industrial and Labour Relation (MILR). He qualified as a Chartered Accountant in 1985 and became a Fellow in 1995. He became a member of the Nigerian Institute of Management, MNIM, in 1997.

From October 1981 to December 1988, he worked for the firm of Messrs Akintola Williams & Co (now Akintola Williams Deloitte), Lagos where he acquired varied experiences in the areas of audit, investigation, accounting, taxation, company secretariat practice as well as management consultancy.

Mr. Owolabi’s working experience has also seen him through the Nigerian National Petroleum Co. (as a Member of the National Youth Service Corps) and Nfi Insurance Co. Plc from where he retired as the General Manager and Head of Finance, Administration and I.T departments to start his own professional practice. He is the Chief Executive of Doyin Owolabi Consulting Associates, Lagos and the Managing Partner of Doyin Owolabi & Co (Chartered Accountants). He is also into live stock farming.

He has served the country and the Institute in various capacities. He has been chairman or member of several committees of the ICAN Governing Council, a member of which he has been since 1998.

On the national scene, Mr. Owolabi was Chairman of the Accounting Technical Committee of the Nigerian Insurers Association (NIA) where he also chaired the Review Committee of the Exposure Draft (ED) 16 of the Accounting Standard on Insurance. He was the Chairman of the National Insurance Commission Committee on Multiple Taxation of Insurance Businesses in Nigeria (2003-2004). He was Member, National Fund Raising Committee of Nigerian Red Cross (2001-2004) and Member, Committee on Reconstruction/Commercialization of Trade Fair Complex (2006-2007).

Mr. Owolabi is also a member of Ikoyi Club 1938, Lagos Country Club, Abeokuta Golf Club and Ikeja Golf Club. He has been district treasurer of Rotary International District 9110, and he serves as a patron of Nigerian Economics Students’ Association (OAU Chapter). He is also a member of the board of advisors of The International Association of Students in Economics, Management and Business (AIESEC). A licensed lay-reader/ preacher in the Church of Nigeria, (Anglican Communion), Mr. Owolabi is the Diocesan Orator of the Lagos Mainland Diocese of the church. He was married to Mrs. Omoyosola Owolabi (nee Omolayole) of blessed memory and blessed with three children.

Meanwhile, ICAN has reacted to the news stories in the media that the Financial Reporting Council of Nigeria (FRC) has ordered the stoppage of the 47th Annual General Meeting of the Institute. The issues on which the FRC order was predicated include corporate governance and financial reporting.

ICAN stated: “It is true that our Council has not met for some time and this is because of the subsisting court order suspending such meetings pending the resolution of two cases challenging the composition of Council. However, we are pleased to report that the cases in question have been withdrawn by both parties and a Council meeting was held on Thursday, May 24, 2012.”

“The issue of financial reporting raised by FRC bordered on Council’s consideration and recommendation of the financial statements to the Annual General Meeting for approval. We are also pleased to report that Council at the said meeting ratified the approval of the financial statements given on March 22, 2012 by the authorized principal financial officers of the Institute (i.e. the President, Treasurer and Registrar/Chief Executive) in line with the FRC Act.

“We assure all stakeholders that the time-tested and enviable succession processes of the Institute remain unchanged. At the said Council meeting, the 48th President was unanimously elected and would be duly sworn-in on Wednesday, May 30, 2012.

“While the Institute will continue to engage the Financial Reporting Council of Nigeria (FRC) with a view to permanently resolving all issues, it remains committed to the ideals of professionalism and good corporate governance in line with its established tradition.”

ICAN, established by the Act of Parliament Number 15 of 1965, is empowered to set standards of knowledge and skill to be attained by persons wishing to become members of the accountancy profession. The Institute, which is the only Nigerian member of International Federation of Accountants (IFAC), has over 30,000 members and over 120,000 students on its registers and conducts examinations twice in a year. Its vision is to be a leading global professional body while its mission is to produce world-class Chartered Accountants, regulate and continuously enhance their ethical standards and technical competence in the public interest.