Why businesses fail in Nigeria – ICAN boss

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Poor infrastructure, lack of basic amenities and multiple taxations frustrate enterprise in Nigeria. Organisations surviving the harsh economic conditions, therefore, deserve kudos, as the country remains one of the toughest places to do business.

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President of the Institute of Chartered Accountants of Nigeria (ICAN), Deacon Titus Soetan, stated this yesterday in Lagos.

Noting that: “Doing business in Nigeria is not a tea party,” Soetan expressed optimism that the country would “improve in its development processes.”

He added that findings have shown businesses in Nigeria do not live up to the fifth or sixth year, and that those that survive the first five years, find it difficult to achieve the next span.

He, therefore, commended the management of The Guardian for sustaining the brand in the past 33 years. He also praised the role of the media in national development, saying its contributions cannot be overemphasised, especially in a democratic dispensation.

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Soetan dissociated ICAN from cases of ‘padding’ of financial books by some corporate organisations and urged members of the public to expose unprofessional conduct within of ICAN’s members.

He said: “Generally, in every profession, there is no doubt there might be one or two pockets of quacks.

The concern should be what the institute is doing to curb them. All accountants are not angels, neither are all journalists. Everybody must have within his own system the power to deal with issues that border on integrity.

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“Anybody can be an accountant, but a chartered accountant conforms with the rules and regulations of the Institute. We have a system. If we get information from the public, we have an investigative panel that looks into matters. The issue we have is that we don’t have the right information to proceed to the tribunal, which is equivalent to a High Court.”

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