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The Nigerian Accountant 2014 Contents JULY/SEPTEMBER, 2014 Vol.47, No.3 4 OPINION Perspectives on Capitalism and Corporate Failures * 14 HEALTH Ebola Virus Infection * 16 COVER INTERVIEW Enabling Structures The Nigerian * Should Precede Policy ACCOUNTANT — Ajaegbu (ISSN: 0048 – 0371) is published DEVELOPMENT quarterly for N400 by 22 Growth Strategies for THE INSTITUTE OF CHARTERED * ACCOUNTANTS OF NIGERIA Small and Medium Enterprises in HEAD OFFICE: Plot 16, Idowu Taylor Street, Nigeria Victoria Island, Lagos. P.O. Box 1580, Lagos. CONFERENCE Telephone: (01) 7642294, 28 Emerging Political Developments: Positioning Chartered 7642295 * Fax: (01) 4627048 Accountants for Survival in Nigeria E-mail: [email protected] Entrepreneurship and Self-Reliance: Building an Website: www.ican-ngr.org * Entrepreneurial Economy ANNEXE OFFICE: 82, Murtala Mohammed Way, 36 TECHNICAL Ebute Metta, Lagos. Human Resources Accounting Practice In Nigeria: A Pilot Telephone: (01) 7642297, * Study of Research Instruments 7642298 ICAN CENTRE: FOR THE RECORD Plot 12, Kofo Kasumu Street, 45 Amuwo Odofin, Lagos. * Investiture Inaugural Address by Chidi Onyeukwu Ajaegbu * The views expressed by correspondents or contributors in this journal are not 54 NEWS/EVENTS necessarily those of the Institute. * ICAN to Partner FG to Build a Progressive Society * The Institute reserves the right to — Chidi Ajaegbu refuse, cancel, amend or suspend an ICAN Elects New President, Other Officers advertisement or insertion and no * 2014 ANNUAL DINNER & AWARDS: The Glitz, Colour liability can be accepted for loss arising * from non-publication or late publication and Glamour of any advertisement or insertion. All articles are subject to editing. 62 LEGAL MATTERS * © No part of this publication may be The Corporate Counsel reproduced without the prior written * permission of the publisher. THE NIGERIAN ACCOUNTANT 1 July/September, 2014 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF NIGERIA (Established by Act of Parliament No.15 of 1965) Officers & Council Members Vision Statement 2014-2015 To be a leading global President professional body. Chidi Onyeukwu AJAEGBU, ACS, MBF, Dip. in Polygraph (USA), FCA Mission Vice President Statement Samuel Olufemi DERU (Otunba), FCA To produce 1st Deputy Vice President world-class chartered Titus Alao SOETAN (Deacon), FCA accountants, regulate and 2nd Deputy Vice President continually enhance their Isma’ila Muhammadu ZAKARI (Mallam), mni, BSc, FCA ethical standards and Immediate Past President technical competence in Kabir Alkali MOHAMMED (Alhaji), mni, FCIS, CGMA, FCA the public interest. Honorary Treasurer Joy Onome OLAOLU (Mrs.), BSc, MSc, ACPIN, FCIB, FCA ICAN LIAISON OFFICES Members Abuja Liaison Office: Oye Clement AKINSULIRE (Chief), MSc, MBA, FNIM, FCA Akintola Williams House Davidson Chizuoke ALARIBE (Chief), MA, CFA, MIMC, MNIM, FCA Plot 2048, Michael Okpara Way, Sunday Abayomi BAMMEKE, BSc, FCA Zone 7, Wuse District, Abuja. (HRH), BSc, MSc, FCA Tel: 09 – 8722302, 07034520270 Adaku Chilaka CHIDUME-OKORO E-mail: [email protected], Uchenna Ifesinachi EROBU (Mrs.), MBA, FCA [email protected] Comfort Olujumoke EYITAYO (Mrs.), mni, CFA, FCA Contact Person: Mustapha Bulu IBRAHIM (Alhaji), BSc, MBA, FCA Mr. Gabriel Arinze Tijjani Musa ISA (Mallam), BSc, FCA Razak JAIYEOLA (Alhaji), BSc, CRISC, FCA Kaduna Liaison Office: Sylvester Chukwudi NWANNA, MSc, MBA, MCIM, FCA 3, Kanta Road, Ali Turaki House, Monica Ngozi OKONKWO, MSc, ACIB, CFA, CFC, FCA Kaduna. Nnamdi Anthony OKWUADIGBO (Mazi), BSc, FCA Tel: 08036788275 Innocent OKWUOSA, MSc, ACIB, FCA E-mail: [email protected], Tajudeen Adewale OLAYINKA, MBF, FCA [email protected] MSc, FCTI, FCA Contact Person: Etofolam Felix OSUJI, Mrs. A.A. Adegoke Hart Wahab Odafen OZOYA (Rev.), MBA, ACIS, ACS, FCA Oyebowale Rafiu RAJI, BSc, FCA Kano Liaison Office: Queensley Sofuratu SEGHOSIME, MBA, FCA Murtala Mohammed Library Complex Haruna Nma YAHAYA (Alhaji), BSc, MBA, ANIM, FCA Ahmadu Bello Way, 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 July/September, 2014 From The Editor Editorial Board Members he journey of a thousand miles, they say, starts SUNDAY ABAYOMI BAMMEKE, BSc, FCA with a step. This best describes the sojourn of th OYE AKINSULIRE (Chief), MSc, MBA, FNIM, FCA the 50 and Golden Jubilee President of the FREDERICK I. OGUNJUBOUN, FCA Institute of Chartered Accountants of Nigeria T(ICAN), Mr. Chidi Onyeukwu Ajaegbu, ACS, MBF, Dip. DEJI MUSTAPHA (Alhaji), BSc, MBA, FCA in Polygraph (USA), FCA who early in life chose the RASAKI MURITALA (Alhaji), BSc, FCTI, FCA profession he wanted to pursue. But while doing this, NWADIKE GODWIN, HND, MBA, FCA hardly was he aware that he was writing his own history ANI O. AMOGE, MBA, FCA with a golden pen. MOSES O. ADEBOYE, BSc, FCA On Tuesday June 3, 2014 precisely, the Founder/Chief NDUBUISI MGBOKO, BSc, MBA, ACTI, FCA Executive Officer of Mutual Alliance and Heritage Capital Markets Ltd., was sworn in as the 50th President of ICAN, DARLINGTON I. ONWUBIKO, BSc, ACA the topmost position any Chartered Accountant can JOSEPH K. ACHUA, PhD, ACA attain in Nigeria. YOHANNA G. JUGU, MBA, PhD, ACA Ironically and as providence would have it, the ICAN PETER AJIBADE, BSc, MBA, FCA President who was born in the same year ICAN was IJEOMA SAM-OBURU, BSc, MBA, ACIB, ACA established became the 50th President. NKECHI UDEH, BSc, ANIM, ACA From his inaugural speech and the interview he granted The Nigerian Accountant entitled “Enabling Structure Editor Should Precede Policy,” the ICAN President knows his CLAUDIA BINITIE onions and did not mince words in declaring that he was out to work in the interest of the public and defend the Assistant Editor ICAN ideal by making sure that its roles are more relevant MUYIWA DARE in the governance of Nigeria. He also lamented the decay in the nation’s value system and promised that ICAN, in Staff Writer line with its public interest mandate, would continue HAKEEM KOFOWOROLA to provide thought leadership on business, finance and economic issues to enhance the leading edge of the Reporter Chartered Accountant. RUTH IDUMUEKWU Furthermore, Mr. Ajaegbu spoke extensively on the Adverts Manager policies of the Central Bank of Nigeria as reeled out by the ORHUE GUOBADIA incumbent Governor of the bank, Mr. Godwin Emefiele. He offered suggestions to the government on the best ways the policies could work. Correspondence should be addressed to:- Corporate Communications and * * * Marketing Department The 2014 Annual Dinner and Awards of the Institute was held in Lagos on April 25, 2014. The event was THE INSTITUTE OF CHARTERED packaged with a difference in terms of glamour. It was a ACCOUNTANTS OF NIGERIA Plot 16, Professional Centre Layout, celebration of those that have contributed to the growth Idowu Taylor Street, Victoria Island. of ICAN and Nigeria as a country. The story on the awards P.O. Box 1580, Lagos. is also served you in this edition. In the same vein, the proceedings of the 8th Western and 9th Northern Zonal Tel: (01) 7642294, 7642295 Districts’ Conferences were published for readers’ delight. Your comments on the interview and articles in this Fax: (01) 4627048 edition are welcome. Please, write to: E-mail: [email protected] [email protected] or [email protected] ICAN Website: www.ican-ngr.org THE NIGERIAN ACCOUNTANT 3 July/September, 2014 Health All You Need to Know About Ebola Virus Infection bola is a rare but What Are the ► Typhoid fever deadly infection Symptoms of Tests of the blood and tissues, such as that causes bleeding Ebola? the ELISA test, also can help diagnose Ebola. E If someone might have Ebola, they should inside and outside the body. Symptoms of the Although popular movies Ebola virus show up 2 to be isolated from the public immediately to and books describe major 21 days after someone help prevent the spread of Ebola. outbreaks of ebola-like is infected. As the virus disease in the U.S., they’re spreads through the How Is Ebola Treated? just works of fiction. Ebola body’s cells, it damages Right now there is no real treatment strikes mainly in remote the immune system or cure for Ebola. Doctors try to manage villages of Central and West and organs. Ultimately, people’s symptoms by giving them: Africa, but it has spread to Ebola causes levels of ► Fluids and electrolytes through some African cities, too. blood-clotting cells, a vein The disease, also known called platelets, to fall, ► Nutrition as Ebola hemorrhagic fever which can lead to severe ► Oxygen. or Ebola virus disease, kills bleeding. up to 90% of people who Many of the early are infected. symptoms of Ebola look like the flu or other mild Could People in the U.S. Ever illnesses. They include: Get Ebola? ► Fever So far, serious Ebola cases have only ► Headache shown up in Africa. Ebola can spread from ► Muscle aches country to country when people travel. So ► Sore throat it is possible for Ebola to reach the U.S. if ► Weakness someone who is infected travels here on ► Diarrhea. a plane. But there are safety measures in As the disease gets worse, people who place to prevent people from coming to U.S. are infected may develop: airports with the disease. ► Bleeding inside and outside of How Can You Prevent Ebola? Airline crews are trained to spot the y the bod There is no vaccine to prevent Ebola. symptoms of Ebola in passengers flying ► Rash People can avoid catching the disease by not from places where the virus is found. Crews ► Trouble breathing. traveling to areas where the virus is found. are told to quarantine anyone who looks Health care workers can prevent infected. How Can You Tell if Someone infection by wearing masks, gloves, and Has Ebola? goggles whenever they come into contact Sometimes it’s hard to tell if a person has with people who may have Ebola.
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