Buhari signals plans to overhaul EFCC, ICPC

President Muhammadu Buhari on Tuesday announced of his plans to reinvigorate the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other Related offences Commissions (ICPC) as well as other anti-corruption agencies, as part of strategies to reinforce accountability in the nation’s public governance.

The President was speaking at the 45th Annual Conference and Anniversary Celebration of the Institute of Chartered Accountants of Nigeria (ICAN) which he commended for creating a N50 million whistle blowers’ fund to support members who may be victimised by their employers in attempts to expose corrupt tendencies.

“Such an initiative lays credence to your institute’s motto of accuracy and integrity,” he said.

But the president said ICAN can do more and solicited the body’s support in his administration fight against corruption because, according to him the huge leakage in government revenue has been attributed to sharp financial practices by the custodians of government revenues.

He said the country’s ability to create wealth has been increasingly battered by lack of prudence, transparency and honesty in the management of public resources, on the part of some of those entrusted with the duty of governance at all levels in the past, causing Nigerians to suffer in the midst of plenty.

“It is hoped that this body of professionals here gathered today, are in a good position to support and ensure strict application of international standards in the management of government finances.”

He said the need to adopt strict accurate financial standards in public financial management is further underscored by the lowered oil prices which have greatly affected the nation’s revenue.

He urged the accountants to create an island of integrity in their respective  organisations that will serve as models to deviants, saying, “whether small or big, a sharp practice is evil and will not be tolerated.”

And according to him, “men of good will and professional skills must take up the responsibility of national change because, evil can only thrive when good men do nothing.”

The president, particularly noted that professional accountants have a role to play, particularly in the design of the public accounting framework and internal control measures, thereby helping government achieve a virtuous society.

At the event, Frank Aigbogun, Publisher, BusinessDay Newspaper, featuring in one of the panel discussions said Nigeria is crying for quality leadership in terms of ideas that would move the country to greater heights.

Aigbogun believes that professional accountants can handle this role because of the unique positions they occupy and also since there is hardly any unwholesome practice that can go on in any institutions without an accountant’s knowledge.

He stressed that in a bid to build leadership, it is no longer right for the accountants to look the other way, when people misappropriate funds meant for development, as he also commended the N50 million ICAN whistle blowing fund to help expose corrupt tendencies as a right step in the right direction.