Institute of Chartered Accountants of Nigeria - Foundation and Growth

Foundation and Growth

The Association of Accountants in Nigeria (AAN) was formed in 1960 with the goal of training accountants. Chief Akintola Williams playing a leading role in establishing the organization. ICAN was created by an Act of Parliament No. 15 of 1 September 1965 from existing accounting and auditing organizations including the AAN. At time of foundation, ICAN had 250 members.

ICAN has the mission statement: "To Produce World-Class Chartered Accountants, Regulate and Continuously Enhance Their Ethical Standards and Technical Competence in the Public Interest". It has headquarters in Lagos. By 2003 ICAN had over 12,000 members. In August 2004 the ICAN began providing training on Information Technology for its members. On 11 May 2011, ICAN admitted 1,494 new members who had successfully passed their qualifying examination, bring total membership to 32,722.

In May 2011 Major General Sebastian Achulike Owuama (retired), the 46th President of ICAN and the 16th President of the Association of Accountancy Bodies in West Africa, was elected President of the newly created Pan-African Federation of Accountants (PAFA), or Fédération Panafricaine des Experts-Comptables (FEPEC). He was elected during the inaugural meeting of PAFA in Dakar, Senegal. The International Federation of Accountants described creation of PAFA, which includes professional accountancy organizations from 35 countries, as a "historical event for the accountancy profession and the African continent".