The Nigerian Accountant 2017

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The Nigerian Accountant 2017 OCTOBER/DECEMBER, 2017 Vol.50, No.4 Nigeria First: Accountancy, Nation Building and the Future Contents OCTOBER/DECEMBER, 2017 Vol.50, No.4 6 FOR THE RECORD * 2017 FGN Budget: Tool for Economic Recovery and Growth 9 NEWS/EVENTS 26 ENTREPRENEUR Small & Medium Scale Enterprises Development and * Entrepreneurship Education in Nigeria The Nigerian 38 DEVELOPMENT ACCOUNTANT Impact of Balanced Scorecard on Firm Value of Quoted * Manufacturing Companies in Nigeria (ISSN: 0048 – 0371) is published quarterly by THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA HEAD OFFICE: Plot 16, Idowu Taylor Street, Victoria Island, Lagos. P.O. Box 1580, Lagos. Telephone: 09053847510, 09053847511 E-mail: [email protected] Website: www.icanig.org ANNEXE OFFICE: 82, Murtala Mohammed Way, Ebute Metta, Lagos. Telephone: 09053847513 * The views expressed by correspondents or contributors in this journal are not necessarily those of the Institute. By making submissions to The Nigerian Accountant, the contributors undertake that the contributions are original 46 CONFERENCE and have not been accepted or submitted The Future of the Accountancy Profession * elsewhere for publication. FG Commends ICAN’s Whistle-Blower Fund, Promises * Implementation of IPSAS * The Institute reserves the right to refuse, cancel, amend or suspend an advertisement or insertion and no liability can be accepted 56 HEALTH for loss arising from non-publication or late Monkeypox: What You Need to Know publication of any advertisement or insertion. * All articles are subject to editing. 58 TAXATION * © No part of this publication may be reproduced without the prior written Avoidance Devices in Nigeria’s Personal Income Tax Act: * permission of the publisher. A Challenge to States’ Revenue Generation THE NIGERIAN ACCOUNTANT 1 October/December, 2017 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA (Established by Act of Parliament No.15 of 1965) Vision Officers & Council Members Statement 2017-2018 To be a leading global President professional body. Isma’ila Muhammadu ZAKARI (Mallam), mni, BSc, FBR, FCA Vice President Mission Razak JAIYEOLA (Alhaji), BSc, ACFE, CRISC, FCA Statement 1st Deputy Vice President To produce Nnamdi Anthony OKWUADIGBO (Mazi), BSc, FCA world-class chartered 2nd Deputy Vice President accountants, regulate and Onome Joy ADEWUYI, BSc, MSc, FCIB, FCA continually enhance their Immediate Past President ethical standards and Titus Alao SOETAN (Deacon), FCA technical competence in Honorary Treasurer the public interest. Oyemolu Olugbenga AKINSULIRE (Chief), MSc, MBA, FNIM, FCA Members ICAN Centre: Plot 12, Kofo Kasumu Street, Oluwatobi Ayodele ABIOLA, HND, BSc, FCA Amuwo Odofin, Lagos. Solomon Oluwole ADELEKE (Deacon), FCA Titilayo Ariyike Nurat AKIBAYO (Alhaja), MBA, FCIT, FCA ICAN LIAISON OFFICES Davidson Chizuoke Stephen ALARIBE (Chief), MA, CFA, MNIM, FCA Chibuzor Noel ANYANECHI, BSc, MBA, FCA Abuja Liaison Office: Deji AWOBOTU (Dr.), M.IoD, FCA Akintola Williams House Felicia Aina BAMGBOSE, FCA Plot 2048, Michael Okpara Way, Adaku Chilaka CHIDUME-OKORO (HRM), BSc, MSc, FCA Zone 7, Wuse District, Abuja. Samson Adewale DISU (Rev.), MSc, FCA Tel: 09 – 8722302, 07034520270 Jude Sunday EGBO, HND, MBA, FCA E-mail: [email protected] Omehe Gaddafi Peter EHKORAGBON, HND, FCA [email protected] Comfort Olujumoke EYITAYO, mni, CFA, FCA Contact Person: Tijjani Musa ISA (Mallam), BSc, M.IoD, FCA Mr. Yusuf Adamu Ahmed Modu KUMSHE, PhD, FCA Nasiru MUHAMMADU, BSc, MSc, FCIT, FCA Kaduna Liaison Office: 3, Kanta Road, Ali Turaki House, Kaduna. Godwin OBAJE (Navy Capt.), FCA Tel: 08036788275 Olutola OGUNDIPE, B.Eng, FCA E-mail: [email protected] Monica Ngozi OKONKWO, MSc, ACIB, FCA Contact Person: Innocent OKWUOSA, MSc, ACIB, FCA Mrs. A.A. Adegoke Tajudeen Adewale OLAYINKA, BSc, MBF, FCA Etofolam Felix OSUJI (Dr.), mni, MSc, FCTI, FCA Kano Liaison Office: Hilda Ofure OZOH, MBA, FCA Murtala Mohammed Library Complex Queensley Sofuratu SEGHOSIME, mni, MBA, FCA Ahmadu Bello Way, Haruna Nma YAHAYA (Alhaji), BSc, MBA, ANIM, FCA P.O. Box 11283, Kano. Tel: 08035900399 Registrar/Chief Executive Email: [email protected] John Irabor EVBODAGHE, MBA, FCA [email protected] Contact Person: Joint Auditors Mr. A.H. Umaru PriceWaterhouseCoopers (Chartered Accountants) UHY Maaji & Co. (Chartered Accountants) THE NIGERIAN ACCOUNTANT 2 October/December, 2017 From The Editor EDITORIAL BOARD he fight against corruption in Nigeria is a fight all hands must Chairman be on deck to win. Governments at all levels have called on professionals to join them in exposing the cankerworm that Etofolam F. OSUJI (Dr.), mni, FCA Thas eaten so deep into the country’s fabric. In view of this, members of the Institute of Chartered Accountants th Deputy Chairmen of Nigeria (ICAN) at its recently concluded 47 Annual Accountants’ Conference held in Abuja, agreed that accountability and probity Ahmed Modu KUMSHE (Dr.), FCA would assist the future of Nigeria’s economy and the fight against Frederick OGUNJUBOUN, FCA corruption. Hence it’s launching of the Accountability Index at the conference. The Index is the first-of-its-kind mechanism for assessing public finance management and public governance practices of Members Nigerian public sector institutions including the Federal, State and Okechukwu ADAWAISI, ACA Local Governments. Mojisola ADEWOYIN (Mrs.), ACA The theme of the conference, “Nigeria First: Accountancy, Nation Building and the Future” and other workshop and plenary Aisha Uwani ALIYU (Mrs.), ACA presentations were pointers to ICAN’s resolve in putting the country Asukwo Joseph ITA, ACA first in its activities. The theme was specifically chosen to drum Emmanuel NWOKEDIUKO, ACA support for accountability and nation building. In his remark, President Muhammadu Buhari, GCFR, who was Augustine OJEH, ACA represented by the Accountant-General of the Federation, Alhaji Efe OVRAWAH (Ms.), ACA Ahmed Idris, FCNA at the conference commended ICAN’s support Oyefemi Oyelami OYETUNJI, FCA for federal government’s anti-corruption campaign, through the establishment of the Whistle Blowers Support Fund and Mariam Abosede TIAMIYU (Mrs.), ACA Accountants’ Disciplinary Tribunal. He urged accountants to put Bichi Sule UMAR, FCA the country first in their professional practice as a way to negate corrupt tendencies. The Chief Executive Officer of the International Federation of Editor Accountants (IFAC), Mr. Fayezul Choudhury in his lead paper entitled Bunmi OWOLABI “The Future of Accountancy Profession”, described Nigeria as a country with a good place in global accountancy profession and Deputy Editor commended the Institute for playing its role very well. He advised Dayo KOWE ICAN to leverage on her position in the continent to become a strong voice in advocacy for corrupt-free government and society. Assistant Editor There were other presentations such as “ICAN Accountability Muyiwa DARE Index: Reforming Public Finance Management for the Future”; “Nigeria: The Future of Work and Youth Employment”; “Cyber Manager, Adverts Security: What Chartered Accountants Need to Know”; “Cancer Nkem JACOB and Early Detection and Wearable Technology for Stress Management”; “Young Professionals: Emerging Leaders Reporter of Change and Nation Building”; “The Future of Corporate Ruth IDUMUEKWU Reporting”; “Islamic Finance: Global Trends and Potentials for Chartered Accountants”. Correspondence should be addressed to:- You will also read articles such as “Small & Medium Scale Enterprises Development and Entrepreneurship Education Corporate Communications and in Nigeria”; “2017 FGN Budget: Tool for Economic Recovery Marketing Directorate and Growth”; “Impact of Balanced Scorecard on Firm Value of THE INSTITUTE OF CHARTERED Quoted Manufacturing Companies in Nigeria”; and “Avoidance ACCOUNTANTS OF NIGERIA Devices in Nigeria’s Personal Income Tax Act: A Challenge to Plot 16, Professional Centre Layout, States’ Revenue Generation”. Idowu Taylor Street, Victoria Island. On the health page, we have all you need to know about the P.O. Box 1580, Lagos. monkey pox disease that broke out recently. Tel: 09053847510, 09053847511 Your comments on the various articles, news and other items E-mail: [email protected] published in this edition are welcome. Please send them to: ICAN Website: www.icanig.org [email protected] or [email protected] THE NIGERIAN ACCOUNTANT 3 October/December, 2017 47th ANNUAL ACCOUNTANTS’ CONFERENCE Communiqué t is part of our mandate as a responsible professional perspectives. In all, six (6) plenary papers and two (2) workshop institute, to constantly review and discuss some policies of papers were presented as follows: Igovernment and proffer advice to assist implementation Plenary 1 (The Lead Paper): The Future of the and ensure that their benefits are maximised. The Annual Accountancy Profession Accountants Conference is one of such avenues by which the The lead paper was delivered by the CEO of IFAC Mr. Fayezul institute lends its voice on prevalent national issues to shape Choudhury. The Session was chaired by Major General Sebastian governance. Achulike Owuama (retd.), FCA, Past President of the Institute and discussed by Mr. Ituah Ighodalo, FCA, Managing Partner, The 47th Annual Accountants’ Conference of The Institute of SIAO and Mr. Tola Adeyemi, FCA, Partner/Head, Audit, KPMG. Chartered Accountants of Nigeria (ICAN) took place from the 16th to 20th of October, 2017 at the International Conference Plenary 2: ICAN Accountability Index: Reforming Centre, Abuja and Sheraton Abuja Hotel, Nigeria.
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