Grant Thornton emphasizes ESG Power for business success, applauds ICAN-NGX Award

Grant Thornton Nigeria has called for Environmental, Social, and Governance (ESG) issues and increasing pressure on companies to achieve sustainability-related goals as components of business success.

The call was made Grant Thornton Nigeria hosted the leadership of the Institute of Chartered Accountants of Nigeria (ICAN) to a courtesy visit at its corporate headquarters in Lagos.

Managing Partner/Chief Executive Officer, Grant Thornton Nigeria, Dr. Ngozi Ogwo commended the leadership of ICAN on the many innovative projects it executed within a year of its inauguration, emphasizing particularly the ICAN-NGX award.

According to her, this is an advancement from the ICAN Accountability Index (the institute’s advocacy tool for accountability and transparency in the management of public funds), to advocacy to the private sector through the ICAN-NGX Corporate Reporting Award.

She said, “We at Grant Thornton support the award initiative because we understand that ESG and sustainability are strategic requirements for sustainable success and relevance as embracing and integrating ESG criteria drive innovation, attract investors, and build resilience.

In his speech, the ICAN President Dr. Innocent Okwuosa reiterated the Institute’s commitment to undertaking projects that facilitate capital inflows to the market and collaborating with NGX RegCo on such initiatives to promote market growth among accountants and other professionals.

He stated that the partnership between NGX RegCo and ICAN is expected to significantly benefit the Nigerian capital market by enhancing investor confidence, improving regulatory oversight, and raising professional standards.

The ICAN President said some of the notable projects and initiatives embarked on by the Institute include successful signing of an Audit Delegation Agreement after more than four years of negotiations with the Financial Reporting Council (FRC) of Nigeria.

He noted that it is a turning point that allows ICAN to closely monitor its members’ practices; encouragement of mergers of small firms, like SIAO, to increase capacity, and the establishment of Small, Medium Practice (SMP) firm help desk to assist SMEs with technical issues and provide training on quality and professionalism, etc.

“Another significant development is the internationalization of ICAN, which would enable qualified members to take up membership of ICAEW and Chartered Institute of Public Finance and Accountancy (CIPFA) UK, without having to write any exams. This arrangement is at its final stage with CPA Canada and exists for CIMA,” Okwuosa said

Mr. Nkwachi Abuka, head of the Tax Service line in Grant Thornton Nigeria, explained how finance leaders can add value to the ESG agenda.

“This could be achieved by understanding where your organization is investing the most in terms of environmental, social, and governance factors.

“This may involve discussing with the sustainability lead in larger organizations or the board/owners in smaller ones. Once you have a clear picture, you can align your tax efforts accordingly to support the organization’s ESG agenda,” he added.

ICAN delegation comprised the 59th President, Dr. Innocent Okwuosa; the Vice President, Chief Davidson C.S. Alaribe, MA; Registrar/Chief Executive, Lanre Olasunkanmi, and other council members.

They were received by members of the board, partners, directors, and managers of Grant Thornton Nigeria, including Dr. (Mrs.) Ngozi Ogwo, the Managing Partner/CEO; Mr. Orji Okpechi, Mr. Victor Usifo, and Mr. Nkwachi Abuka, heads of the Advisory Services, Audit and Assurance, and Tax Services, respectively.

For a better society

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