ICAN CALLS FOR PARADIGM SHIFT IN GOVERNANCE ARCHITECTURE TO STEM BRAIN DRAIN

ICAN CALLS FOR PARADIGM SHIFT IN GOVERNANCE ARCHITECTURE TO STEM BRAIN DRAIN
By: Bisi Akingbade

The President of the Institute of Chartered Accountants of Nigeria, Dr. Innocent Okwuosa has challenged 
the Government of Nigeria to embrace crucial paradigm shift in the Country’s Governance architecture to stem brain drain.

Speaking on the theme, “ Quest for Good Governance in Nigeria: The Chartered Accountants View,he advised government to rethink governance architecture in both the public and economy as well as administer the collective patrimony of Nigerians with time for Nigeria to take back its deserving place in the comity of nations through a a culture of responsible governance, zero tolerance for corruption and adherence to effective resource management, adding that concerns about poor governance in Nigeria have been on the rise.

He noted that for several years there have been concerns about poor governance in the Mo Ibrahim Index of African Governance for 2022 which placed Nigeria, the Giant of Africa, 30/54, classifying the rank as increasingly deteriorating situation, as a sad narrative considering Nigeria’s vast human and natural endowment and advised the government to tackle the four components of the governance 
security and rule of law, participation, rights and inclusion, foundations for economic opportunity and human development as a composite if Nigeria is to see significant improvement in her economy which also weighed down performance in Foundations for Economic Opportunity and tide of brain-drain (or japa syndrome) in the Country.

He concluded by saying “as Chartered Accountants, our role in ensuring that our nation's governance improves is pivotal. We are to ensure strict adherence to strong governance processes, sustainable fiscal 
processes, while employing leading practices.” 


He briefed participants on how ICAN has championed initiatives aimed at promoting good governance in 
the system through the ICAN Accountability Index (ICAN-AI) developed and deployed in 2017 with the objective of entrenching best practice n public financial management practices.

The index ranks the three 
tiers of government on pillars, indicators, and dimensions. 

Also speaking at the conference, the Governor of Edo State, Mr. Godwin Obaseki, who was the Special 
Guest of Honor at the conference, noted that for good governance to be seen to have been achieved, processes and institutions must produce results that meet society's needs while making the best use of the resources at their disposal. 

He described the theme of the conference as appropriately timed in view of the socio-political state of the country where the expectation of the masses appears to be far from being met as evidenced by the high cost of living arising from the withdrawal of fuel subsidy, high interest rate, high 
foreign exchange rate and so on. 
He called on all Professional Bodies including ICAN to proffer solutions that would enhance the delivery of 
dividends of democracy to the citizens and stakeholders especially in the area of advisory on increased 
revenue generation strategies, prevention of wastages in expenditure, internal controls and prevention of 
fraud. 

Participants at the conference agreed that a wel-governed country is more likely to experience political 
Stability, reduce the risk of political upheaval, frequent changes in leadership and potential disruptions to the governance process, adding that good governance is essential for fostering a prosperous and harmonious society, as it enables effective decision-making, responsible resource management, and 
equitable benefits to all citizens.

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