ICAN President Emerges Pioneer President Of Pan African Federation Of Accountants

The 46th President of the Institute of Chartered Accountants of Nigeria (ICAN), who is also the 16th President of Association of Accountancy Bodies in West Africa (ABWA), Major General Sebastian Achulike Owuama (retd), has emerged the pioneer President of the newly inaugurated Pan-African Federation of Accountants (PAFA).

He was appointed the President of the new body at the just concluded PAFA Launch conference held at the Le Meridien Hotel, Dakar, Senegal from May 4 to 6.

 Present at the ceremony were the Prime Minister of Senegal, H. E. Souleymane Ndene Ndiaye; President of International Federation of Accountants (IFAC), Goran Tidstrom; President of Order National des Experts Comptables et Comptables Agrees du Senegal (ONECCA Senegal), Mamour Fall; Director, Core Operational Services, Africa Region of World Bank, Edward Olowo-Okere; and other seasoned professionals from not less than thirty seven professional accountancy Institutes across Africa.     Just before leaving the country, Owuama had disclosed during his welcome address at the Annual Dinner and Awards of ICAN on Friday, 29 April 2011, that he, in his capacity as the President of ABWA, would lead some key members of ICAN to Dakar, Senegal in the first week of May, for the inauguration of PAFA.

 Formation of PAFA had been inspired by the encouragement of the International Federation of Accountants (IFAC) and World Bank both of which were in favour of sub-regional accountancy bodies on the African continent coming together under as a united Pan-African Federation of Accountants for the purpose of speaking with one voice on accountancy issues.

This led to a series of interactions between stakeholders, during which a draft Constitution and Bye-Laws were prepared by a Steering Committee set up by the regional groupings.

The effort came to fruition Friday, May 6 in Dakar and Owuama was picked to be the pioneer leader of the continental body.

 In his acceptance speech, Owuama pledged that the Board of PAFA would give purposeful leadership which would engender the realisation of the objectives for which the body was formed, prominent among which is the development of Accountancy in Africa.

Apart from Owuama, the Vice President of ICAN, Professor Francis Ojaide, was also appointed a member of Council of PAFA. While the President of PAFA is Nigerian and its Vice President is Tanzanian, the secretariat of the new body is in South Africa. 

Major General Owuama who is acclaimed as the first retired Army General to lead a professional accountancy body, was educated at St. John’s (RIMI) College, Kaduna from 1961 to 1965; Holy Ghost College, Owerri, Imo State from 1966/67 to 1970 for his Higher School Certificate; University of Nigeria, Enugu Campus from 1971 to 1975 for his B.Sc. Accounting; Norwich City College of Further & Higher Education Norwich Norfolk, England from 1980 to 1982 for his ACCA Professional Examinations.

He also attended London School of Accountancy & Emile Woolf College, London from 1982 to 1984  also for ACCA; as well as London Business School (for the Senior Executive Programme).

His professional training afforded him the opportunity to acquire rich professional experience and his career spanned over three decades.

He was at the East Central State Audit Department from 1972 to 1974). He was also Audit Trainee, Benue Plateau State Audit Department (1975 – 1976); Accounts Supervisor, Central Bank of Nigeria, Enugu Branch (July – Dec. 1976) Audit Officer, (UCA) Command Finance Office, Apapa, Lagos (1978 – 1980); Head of Department, Professional Accountancy, Nigerian Army School of Finance & Administration, Apapa, Lagos; Staff Officer, (Grade 2) – Command Finance Office, Apapa, Lagos (1987 – 1990); Managing Director, Nigerian Welfare Insurance Scheme (1991 – 1995); Assistant Director, Nigerian Army Finance & Accounts – Hq 2 Mechanised Division, Ibadan (1996–1998); Acting Commandant, Nigerian Army School of Finance & Administration (NASFA), Apapa (January– July 1999); Deputy Commander, Command Finance Office, Apapa (July 1999–July 2001); Commander, Command Finance Office, Apapa (July 2001–June 2003); and Director, Army Finance and Accounts (July 2003 to December 2005).

He has served in almost all the committees of ICAN since his election toCouncil in 1995. He was Member, Investigation Panel – Federal Government Owned Insurance Companies (1986 – 1987); Member, Investigation Panel – Funds of Epe Local Government (1998); Chairman, Public Accounts Committee – Imo State (1987– 1990); and Vice Chairman, Ibadan Golf Club, Ibadan (1997 – 1999).

 Not only was General Owuama decorated with the Corps Medal of Honour, which is the highest Medal for any officer who has risen to the top to command his corps, he was also in retirement, on July 5, 2010, decorated with the Distinguished Post Service Medal, the highest medal given to any army personnel, who after retirement has distinguished himself in other fields of human endeavour. 

General Owuama is not all about work and military service. He is also a great family man and he is happily married to Mrs. Theresa Chizomam Owuama.

The marriage is blessed with three very successful children. His hobbies include sports, reading and adventure. He is a keen and experienced golffer. 

ICAN, established by the Act of Parliament No 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 about 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. 

In all its years of experience, the examinations have been conducted without leakage. Since it came into existence about forty five years ago by the Act of Parliament No. 15 of 1965, ICAN has been the premier professional Institute in Nigeria, producing world-class professionals, making tremendous contributions to the nation’s development through its strict maintenance of high standards and regulation of the Accountancy profession.

The Institute has also been rendering excellent services to various parts of the country through its forty five districts across the states of the federation as well as in the United States of America and the United Kingdom. 

From time to time, the Institute raises its standards in line with the provisions of IFAC, which is the umbrella association for accountancy bodies all over the world.