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The Nigerian Accountant 2014 Contents APRIL/JUNE, 2014 Vol.47, No.2 4 DEVELOPMENT Significance of Tax Incentives and Infrastructural * Development on Entrepreneurship in Nigeria 16 COVER SECURITY CHALLENGES: Implication on African * Economic Development and Integration The Nigerian 22 LEGAL MATTERS How a Lawyer Can Help Your Business ACCOUNTANT * (ISSN: 0048 – 0371) is published TECHNICAL quarterly for N400 by 23 Predictability and Volatility of Share Prices in the THE INSTITUTE OF CHARTERED * Nigerian Capital Market ACCOUNTANTS OF NIGERIA Profitability and Competition in the Nigerian Banking HEAD OFFICE: * Sector Plot 16, Idowu Taylor Street, Victoria Island, Lagos. P.O. Box 1580, Lagos. 41 CONFERENCE Telephone: (01) 7642294, 43rd Annual Accountants’ Conference Rapporteur-General’s 7642295 * Report Fax: (01) 4627048 Communiqué of 43rd ICAN Annual Accountants’ Conference E-mail: [email protected] * Website: www.ican-ngr.org Communiqué of the 8th Western Zonal Districts’ * Conference of ICAN ANNEXE OFFICE: 82, Murtala Mohammed Way, Ebute Metta, Lagos. Telephone: (01) 7642297, 7642298 ICAN CENTRE: Plot 12, Kofo Kasumu Street, Amuwo Odofin, Lagos. The views expressed by correspondents or* contributors in this journal are not necessarily those of the Institute. th * The Institute reserves the right to 8 Western Zonal Districts’ Conference: ICAN Advises refuse, cancel, amend or suspend an * Government to Harmonise Activities of Agencies advertisement or insertion and no liability can be accepted for loss arising from non-publication or late publication 53 NEWS/EVENTS of any advertisement or insertion. All articles are subject to editing. 61 OPINION * © No part of this publication may be Pre-employment Screening and Occupational reproduced without the prior written * permission of the publishers. Fraud in the Public Sector THE NIGERIAN ACCOUNTANT 1 April/June, 2014 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA (Established by Act of Parliament No.15 of 1965) Officers & Council Members Vision Statement 2013-2014 To be a leading global President professional body. Kabir Alkali MOHAMMED (Alhaji), mni, FCIS, FCMA, FCA Vice President Mission Chidi Onyeukwu AJAEGBU, MBF, ACS, FCA Statement 1st Deputy Vice President To produce Samuel Olufemi DERU (Otunba), FCA world-class chartered 2nd Deputy Vice President accountants, regulate and Titus Alao SOETAN (Deacon), FCA continually enhance their Immediate Past President ethical standards and Adedoyin Idowu OWOLABI, BSc, MILR, MNIM, FCA technical competence in Honorary Treasurer the public interest. Onome Joy OLAOLU (Mrs.), BSc, MSc, ACPIN, FCIB, FCA ICAN LIAISON OFFICES Members Solomon Oluwole ADELEKE (Deacon), FCA Abuja Liaison Office: Afolabi Abiodun AJOMALE (Chief), FCA Akintola Williams House (Chief), MSc, MBA, FNIM, FCA Plot 2048, Michael Okpara Way, Oye Clement AKINSULIRE Zone 7, Wuse District, Abuja. Davidson Chizuoke ALARIBE (Chief), MA, CFA, MIMC, MNIM, FCA Tel: 09 – 8722302, 07034520270 Shakirat Adepeju BABATUNDE (Alhaja), BSc (Hons), MBA, MSc, FCA E-mail: [email protected], Sunday Abayomi BAMMEKE, BSc, FCA [email protected] Adaku Chilaka CHIDUME-OKORO (HRH), BSc, MSc, FCA Contact Person: Uchenna Ifesinachi EROBU (Mrs.), MBA, FCA Mr. Gabriel Arinze Comfort Olujumoke EYITAYO (Mrs.), mni, CFA, FCA Mustapha Bulu IBRAHIM (Alhaji), BSc, MBA, FCA Kaduna Liaison Office: Tijjani Musa ISA (Alhaji), BSc, FCA 3, Kanta Road, Ali Turaki House, Razak JAIYEOLA (Alhaji), BSc, CRISC, FCA Kaduna. Monica Ngozi OKONKWO, MSc, ACIB, CFA, CFE, FCA Tel: 08036788275 (Mazi), BSc, FCA E-mail: [email protected], Nnamdi Anthony OKWUADIGBO [email protected] Innocent OKWUOSA, MSc, ACIB, FCA Contact Person: Adedoyin Idowu OWOLABI, BSc, MILR, MNIM, FCA Mrs. A.A. Adegoke Hart Wahab Odafen OZOYA (Rev.), MBA, ACIS, ACS, FCA Tayo PHILLIPS, MBA, CFA, FCA Kano Liaison Office: Josephine Oluseyi WILLIAMS (Mrs.), BSc, FCA Murtala Mohammed Library Complex Haruna Nma YAHAYA (Alhaji), BSc, MBA, FCA Ahmadu Bello Way, Isma’ila Muhammadu ZAKARI (Alhaji), mni, BSc, FCA P.O. Box 11283, Kano. Tel: 08035900399 Registrar/Chief Executive Email: [email protected], Rotimi A. OMOTOSO, MBA, FCIB, FCA [email protected] Contact Person: Mr. A.H. Umaru Auditor PriceWaterhouseCoopers (Chartered Accountants) THE NIGERIAN ACCOUNTANT 2 April/June, 2014 From The Editor Editorial Board Members he security situation in Africa in recent times, SUNDAY ABAYOMI BAMMEKE, BSc, FCA calls for worry. Insecurity is a great obstacle OYE AKINSULIRE (Chief), MSc, MBA, FNIM, FCA to economic development and integration FREDERICK I. OGUNJUBOUN, FCA in any given society and this has generated DEJI MUSTAPHA (Alhaji), BSc, MBA, FCA Tmuch concern to Africans. RASAKI MURITALA (Alhaji), BSc, FCTI, FCA After years of independence, significant NWADIKE GODWIN, HND, MBA, FCA development had been elusive to most African ANI O. AMOGE, MBA, FCA countries partly owing to palpable insecurity MOSES O. ADEBOYE, BSc, FCA NDUBUISI MGBOKO, BSc, MBA, ACTI, FCA pervading the continent. In view of this, our cover DARLINGTON I. ONWUBIKO, BSc, ACA article entitled “Security Challenges: Implication on JOSEPH K. ACHUA, PhD, ACA African Economic Development and Integration” YOHANNA G. JUGU, MBA, PhD, ACA could not have been more timely due to the bane of PETER AJIBADE, BSc, MBA, ACA lack of security in most African countries. IJEOMA SAM-OBURU, BSc, MBA, ACIB, ACA Recently, the 8th Western Zonal Conference of NKECHI UDEH, BSc, ANIM, ACA the Institute took place in Lagos, with the theme: “Transforming the Nigerian Economy: Issues, Editor CLAUDIA BINITIE Challenges and Opportunities for the Accounting Professions”. The proceeds of the conference and Assistant Editor its communiqué are reported in this edition for our MUYIWA DARE readers. Staff Writer In response to the yearning of members, the HAKEEM KOFOWOROLA Council has approved the circulation of the paper copy of your journal to all financial members of the Reporter RUTH IDUMUEKWU Institute. Please ensure that your address is up to date so that you can receive your copy of your informative Adverts Manager journal. ORHUE GUOBADIA News items about happenings in the Institute form a major part of the journal so as to keep you Correspondence should be addressed to:- abreast of the activities of Council and Secretariat. Corporate Communication and Marketing Department In the development section, the “Significance of Tax Incentives and Infrastructural Development on THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA Entrepreneurship in Nigeria” is a must read. Plot 16, Professional Centre Layout, Therefore, sit back and enjoy this serving. Send us Idowu Taylor Street, Victoria Island. your articles too, we will publish all those that pass P.O. Box 1580, Lagos. our litmus test. Tel: (01) 7642294, 7642295 Fax: (01) 4627048 Your comments on this edition are welcome. Please write to: E-mail: [email protected] [email protected] or ICAN Website: www.ican-ngr.org [email protected] THE NIGERIAN ACCOUNTANT 3 April/June, 2014 News/Events ICAN Collaborates With Higher Institutions in Kwara State n its bid to encourage students and youths to embrace the Istudy of accounting and become Chartered Accountants in future, the Institute of Chartered Accountants of Nigeria (ICAN) has taken its campaign to higher institutions in Kwara State where the authorities signified their readiness to work with ICAN in this direction. During his tour to Ilorin and District Society of ICAN, the 49th President of the Institute, Alhaji Kabir Mohammed paid courtesy visit to all the higher institutions in the state viz: Al-Hikma University, University of Ilorin, Kwara State University and Kwara State Polytechnic. Addressing the Vice Chancellors and students of the Institutions, the ICAN President explained that it was the intention of ICAN to collaborate with willing higher institutions by signing a Memorandum of Understanding (MoU) with them on how to incorporate ICAN syllabus in their curriculum. He explained further that in doing this, the students of accounting in such schools would be qualifying as a chartered accountant at the same time with their degree programmes. ICAN President, Alhaji Kabir Mohammed with the Vice Chancellor The ICAN President also spoke on the Students Special of Kwara State University, Prof. AbdulRasheed Na'Allah during Project (SSP) that culminated in the partnership between Mohammed's visit to the University ICAN and New Nigeria Development Company (NNDC). According to him, the Institute observed that there was Don Applauds dearth of Chartered Accountants in ICAN’s Contribution some parts of the country due to lack of tuition houses and decided to help such to Accounting regions. It therefore collaborates with governments of such areas to produce Department counterpart funds for the project, which he Vice Chancellor of University is aimed at preparing students for ICAN Tof Port Harcourt, Professor Joseph examinations that will qualify them as Ajenka has commended the Institute of chartered accountants. He explained Chartered Accountants of Nigeria (ICAN) further that since inception, the project for its immense contribution to the had yielded the expected results in folds. vibrancy of the Accounting Department Alhaji Mohammed also spoke about of the University. the scholarship scheme for students who The Vice Chancellor stated this while make first class or distinction in either receiving the 49th President of ICAN, Alhaji University or Polytechnic respectively. Kabir Mohammed who was represented He said such students would
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