Nigeria’s accountants explore collaborative opportunities with NSE

The Association of National Accountants of Nigeria (ANAN) is gearing up to explore collaborative opportunities with the Nigerian Stock Exchange (NSE) to enhance finance delivery in the country. During a recent interview with CNBC Africa, James Ekerare Neminebor, the second Vice President of ANAN, shared insights on the potential partnership between the two entities. ANAN, which has been in existence for 40 years, expressed interest in establishing a strong partnership with the NSE, which has a rich history of over 59 years. The collaboration would involve signing a Memorandum of Understanding (MOU) and focusing on areas such as proper training. ANAN has a proven track record in training manpower in accounting through the Nigerian College of Accountancy in JOS. This institution, established in 1984, is the only college of its kind in Africa and second only to Scotland in the world. Over the years, the college has produced over 30,000 students, highlighting ANAN's commitment to developing accounting professionals in Nigeria. The alliance with the NSE aims to leverage ANAN's expertise in training with the NSE's financial acumen to enhance the country's finance sector. When discussing the significance of the collaboration with the NSE, Neminebor emphasized the importance of proper financial reporting in enabling capital growth within the country. By training finance professionals to maintain accurate financial records, both ANAN and the NSE aim to contribute to a more robust finance delivery system in Nigeria and beyond. The symbiotic relationship between the two organizations is expected to result in improved financial practices and ultimately benefit the economy. The conversation delved into the complexities of International Financial Reporting Standards (IFRS) 9, a framework that has posed challenges for the banking sector. Neminebor acknowledged the difficulty of implementing IFRS 9, particularly in the context of the banking industry. He highlighted the role of the Central Bank in addressing the issues related to IFRS 9 and emphasized the importance of hedge accounting in managing risks associated with cash holdings. By offering guidance and training on IFRS 9, both ANAN and the NSE seek to equip financial institutions with the necessary tools to navigate the complexities of financial reporting. Neminebor dismissed the notion that IFRS 9 was a daunting challenge for publicly quoted companies, emphasizing that it is more about acquiring the right knowledge and expertise. He noted that the College of Accountancy in JOS provides comprehensive education on topics like hedge accounting, which are essential for compliance with IFRS 9. Additionally, he highlighted the recent guidelines issued by the Central Bank to banks regarding the implementation of IFRS 9, indicating a concerted effort to support financial institutions in adapting to the new reporting standards. In conclusion, the potential collaboration between ANAN and the NSE signifies a step towards strengthening the finance sector in Nigeria. By leveraging their respective strengths and expertise, both organizations aim to foster a culture of excellence in financial reporting and contribute to the overall economic growth of the country.