By Chidi Ugwu
The Nigerian Extractive Industries Transparency Initiative (NEITI) and the Institute of Chartered Accountants of Nigeria (ICAN) have reaffirmed their commitment to promoting financial transparency and accountability in Nigeria’s extractive industries.
Mrs Obiageli Onuorah, Acting Director, Communications and Stakeholder Management, in a statement, noted that the renewed partnership was announced during a courtesy visit by the President of ICAN, Chief Davidson Alaribe, FCA, and his delegation to NEITI House.
Speaking during the visit, NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, commended the long-standing collaboration between both organizations. He noted that ICAN’s expertise has played a crucial role in ensuring the credibility of NEITI’s industry reports.
“Through our past partnership with ICAN, we have been able to publish industry reports that are both credible and trusted by the public and the international community. This credibility was further affirmed when NEITI scored 90 in data quality during the last validation assessment,” Dr. Orji stated.
He emphasized that ICAN’s contributions to NEITI’s audit and reconciliation processes have been instrumental in maintaining the accuracy and reliability of data published on the extractive sector. “With ICAN’s support, NEITI has been able to provide credible and transparent data to the public, reinforcing accountability and trust in Nigeria’s extractive industries,” he added.
To further strengthen the partnership, Dr. Orji announced plans to develop a Memorandum of Understanding (MoU) between NEITI and ICAN to formalize and guide their collaboration.
Additionally, he highlighted ICAN’s previous membership in the National Stakeholders Working Group (NSWG) and the NEITI Civil Society Steering Committee—a subcommittee of the NSWG. While ICAN’s participation had lapsed in recent years, he expressed optimism that this renewed engagement would revive ICAN’s role in the Committee.
“We see this as a timely opportunity to re-engage ICAN in the Civil Society Steering Committee’s work and ensure their continued contribution to the governance of Nigeria’s extractive industries,” Dr. Orji said.
In response, ICAN President, Chief Davidson Alaribe, reaffirmed the institute’s commitment to the partnership and called for expanded collaboration, particularly in capacity-building, training, and professional development.
He also introduced ICAN’s Accountability Index, a new tool designed to independently assess transparency and accountability in financial management across Nigeria’s 36 states.
“ICAN is dedicated to ensuring transparency in Nigeria’s financial systems. Through the Accountability Index, we aim to support the transparency of state governments, ensuring that public resources are properly managed and disclosed,” Chief Alaribe stated.
Both organizations agreed to collaborate in several key areas, including: Strengthening financial reporting and auditing standards in the extractive industries, providing training programs for non-accountants to enhance financial literacy and transparency, promoting ethical standards among professionals working in the sector and developing a new generation of accountants committed to integrity and public trust.
Also present at the meeting was ICAN Vice President, Mallam Haruna Yahaya, MNI, who serves as the Independent Administrator for the NEITI 2022-2023 Solid Minerals Report. His participation underscores the importance of credible financial oversight in the extractive sector and highlights the ongoing commitment of both ICAN and NEITI to fostering transparency and accountability in the management of Nigeria’s natural resources.
This renewed collaboration marks a significant step in enhancing data quality, financial governance, and ethical standards in Nigeria’s extractive industries.
