ICAN President Commends Local Content Board – PensionNigeria

ICAN President Commends Local Content Board

ICAN President Mazi Nnamdi Okwuadigbo, FCA, has commended the Nigerian Content Development and Monitoring Board (NCDMB) for aiding the nation’s march towards industrial development. 

Mazi Okwuadigbo who was speaking when he led some council members on a tour of the Board’s on-going head office building project at Yenagoa, Bayelsa State said development of local content was imperative for the country’s growth and development. “This Board is promoting the development and utilization of in-country capacities for the industrialization of Nigeria through the effective implementation of the Nigerian Content Act”, the President said. 

He asserted that ICAN has been a strong supporter of government’s efforts at local capacity building and fighting corruption using various initiatives such as the Whistle Blowers Fund and the ICAN Accountability Index (ICAN-AI). “We launched a N50 million Whistleblower’s Fund to protect and compensate members (whether in public or private practices) who may be victimized for reporting any form of financial misdemeanour in their organizations”, he said, pointing out that he was glad that the Nigerian government endorsed the policy at the national level. 

On the ICAN –AI, he said it was introduced in 2017 as part of the Institute’s strategies to promote best practices in public finance management and that the maiden report had been released while work has progressed significantly on the second report which is due before the end of the year. “The thrusts of the Index are to drive efficiency in resource utilization in the public sector, eliminate wastes and sharp practices as well as promote transparency in public governance across the three tiers of government”, Mazi Okwuadigbo explained. 

He stated further that the first report of the ICAN-AI received the support of the International Federation of Accountants (IFAC) and the United Kingdom Department for International Development (DFiD). He revealed that the Institute was looking into ways to guide Zimbabwe and other countries to develop a similar index to aid their public sector management. “We believe strongly that improved public finance management would also impact positively on the activities of the stakeholders in the private sector as accountability in the entire economy is critical to creating an enabling business environment”, the ICAN President averred.

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