‘Lack of transparency impedes nation’s growth, development’

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‘Lack of transparency impedes nation’s growth, development’

Written by Qudirat Hakeem-Apanpa Thursday, 14 June 2012

Lack of transparency on the part of Nigerians has been identified as a major problem affecting the growth and development of the country economically, morally and socially.

This was disclosed by the guest lecturer, Deacon Solomon Adeleke, at the investiture of the new chairman of Institute of Chartered Accountant (ICAN) themed: “Transparency and Accountability in Corporate Governance in Nigeria,” held at the Banquet Hall of Premier Hotel, Ibadan.

According to him, “the ineffectiveness of some members of audit committees, many of who are either financial illiterates or incapable of challenging powerful board members and their cronies, has affected the development of the financial sector.”

He stated that, lack of transparency does not apply to people in government alone, adding that, it is a common phenomenon and, if not addressed, will wreak more havoc.

He also called for improved regulatory oversight buoyed by the pervasive corruption, adding that, promotion of self interest at the expense of one’s company’s is also a serious problem that calls for urgent attention.

The newly sworn-in chairman, Alhaji Lukman Dauda, in his acceptance speech, promised to ensure that the accounting profession retains its integrity and be rid of quacks.

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