NEITI and ICAN Forge Stronger Alliance for Extractive Industry Transparency

The Nigerian Extractive Industries Transparency Initiative (NEITI) and the Institute of Chartered Accountants of Nigeria (ICAN) are deepening their partnership to bolster data quality and financial transparency within Nigeria’s extractive sector. This renewed commitment was solidified during a recent visit by ICAN’s President, Chief Davidson Alaribe, FCA, to NEITI headquarters.

NEITI’s Executive Secretary, Dr. Orji Ogbonnaya Orji, praised ICAN’s longstanding support, highlighting its 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,” Dr. Orji stated, noting NEITI’s 90% score in data quality during the latest validation assessment. He emphasized ICAN’s vital contributions to NEITI’s audit and reconciliation processes, which have reinforced accountability and trust in the sector.

To formalize and enhance their collaboration, NEITI and ICAN will develop a Memorandum of Understanding (MoU). Dr. Orji also expressed optimism about reviving ICAN’s participation in the NEITI Civil Society Steering Committee, a key subcommittee of the National Stakeholders Working Group (NSWG).

ICAN President, Chief Davidson Alaribe, reaffirmed the institute’s commitment and proposed expanding collaboration in capacity-building, training, and professional development. He introduced ICAN’s Accountability Index, a tool designed to independently assess financial management transparency in Nigeria’s 36 states.

Both organizations agreed to collaborate on:

• Strengthening financial reporting and auditing standards.
• Providing financial literacy training for non-accountants.
• Promoting ethical standards among industry professionals.
• Developing a new generation of accountants committed to integrity.

The presence of ICAN Vice President, Mallam Haruna Yahaya, MNI, who serves as the Independent Administrator for the NEITI 2022-2023 Solid Minerals Report, underscored the importance of credible financial oversight.

This strengthened partnership signifies a major step towards improved data quality, financial governance, and ethical standards in Nigeria’s extractive industries, ultimately fostering greater transparency and accountability in the management of the nation’s natural resources.