Institute of Chartered Accountants of Nigeria: ICAN Pledges AI Adoption, Digital Transformation Under New Leadership

Lagos, Nigeria – Searches for the "Institute of Chartered Accountants of Nigeria" surged by 1,000% over the past 19 hours as the 62nd president of the institute, Hajia Queensley Sofuratu Segoshime, unveiled an ambitious reform agenda to reposition the nearly 70,000-member professional body for global relevance in an era of artificial intelligence and digital disruption .

Speaking during her investiture ceremony at the ICAN Secretariat in Victoria Island, Lagos, Segoshime declared: "ICAN must not merely respond to change. ICAN must lead change." Her administration's nine-point agenda, themed "WE ARE ICAN," focuses on digital transformation, professional excellence, ethics, sustainability, and stronger engagement in national development . She emphasised that while AI and automation are reshaping the global commerce landscape, the core values of integrity, transparency and accountability cannot be replaced by machines. "Our members are already in the forefront of innovation and we continue to do that. We intend to strengthen the use of AI and digital capacity of our members, which we are already doing," Segoshime said . She warned that though machines can do a lot, they cannot maintain integrity and ethical standards, hence the role of chartered accountants remained vital: "The machines are not the ones that are going to talk to you about integrity. They are not the ones that are going to tell you about ethics" .

The Institute, founded in September 1965, has grown to become one of the largest chartered accountancy memberships in Africa, with membership recently approaching 70,000 following the induction of over 2,000 new members . ICAN, which certifies professionals who manage the wealth of Nigeria's corporations and state institutions, now faces an existential challenge of rapid transformation or imminent obsolescence as artificial intelligence, automation and financial technology aggressively reshape global commerce . Segoshime, a distinguished tax administrator from Edo State with 26 years of experience at the Federal Inland Revenue Service where she served as Coordinating Director for Compliance and Enforcement, has represented Nigeria at the OECD and the Commonwealth Association of Tax Administrators .

The broader ambition extends beyond professional credentialing, with significant economic implications for Africa's largest economy. Nigeria loses an estimated $15 billion to $18 billion annually to illicit financial flows, tax evasion and transfer mispricing, according to research by the Global Financial Integrity network . Much of this is enabled by inadequate financial oversight and a weak audit culture. The country's tax-to-GDP ratio currently languishes below 11 percent against a sub-Saharan Africa average closer to 16 percent, representing hundreds of billions of naira in foregone revenue annually . A digitally-empowered, professionalised accounting profession could recover a meaningful fraction of that leakage and make Nigeria legible to global capital. Estimates from comparable emerging markets suggest that improvements in audit quality and financial reporting standards can reduce firms' cost of capital by one to two percentage points, effectively unlocking investment that would otherwise not flow . If ICAN's reforms succeed, the cumulative effect on GDP through improved tax compliance, better corporate governance and deeper capital market participation could conservatively add 0.5 to one percent of GDP annually by 2030 .

Corroborating the president's vision, the newly inaugurated chairman of ICAN Abuja District and Society, Chukwuemeka Okoroeze, said there has been an ongoing argument over whether AI is going to take the job of chartered accountants, but he believes it will not. "All chartered accountants need to do is add AI as part of our working tools," he said, noting that the district would provide a platform for training young accountants in AI, data analytics and related skills to help them adapt to emerging trends . "We found out that SMEs in Abuja and other parts of the country today are not just looking for people that will help them to fulfill the statutory obligation of filing annual returns, but who can help them to scale their businesses," Okoroeze added. His chairmanship year will be guided by the theme "Driving Economic Resilience through Digital Innovation and Fiscal Integrity," resting on three strategic pillars: private-sector integration, digital transformation and the Legacy Project .

At the district level, similar transformation agendas are unfolding across the country. The new ICAN Jos and District Society chairman, Mr Dawuk Walshak Danjuma, pledged transparent and accountable leadership while prioritising the completion of the district's multipurpose hall and expanding membership growth initiatives through the "Catch Them Young" programme targeting secondary schools and tertiary institutions . In Osogbo, newly inaugurated chairman Mr Samuel Aigbokhai Momodu called on governments at all levels to prioritise professional advice and strengthen accountability in the management of public resources, noting that professional bodies such as ICAN possess the expertise required to support effective governance and sustainable development . The Lekki and District Society also unveiled an ambitious agenda to position the district as the leading ICAN district society through innovation, mentorship and digital transformation, aiming to double its membership strength and attain Category A status .

The institute's transformation comes as Nigeria's financial sector undergoes rapid change driven by digital payments, regulatory reforms and increasing demand for professional accountability . Outgoing 61st president, Mallam Haruna Nma Yahaya, had initiated significant reforms during his tenure, including the establishment of the ICAN Business School and the ICAN SMP Academy to empower small and medium practitioners . His administration also worked with the Federal Government, with Information Minister Mohammed Idris calling on ICAN to support President Tinubu's reform agenda, particularly the new tax policy that commenced in January 2026 . The Minister proposed collaboration on research-based policy communication, capacity building for civil servants and public education that demystifies technical economic issues for everyday Nigerians .

The institute's efforts to attract young talent were recently highlighted by the emergence of Nigeria's youngest chartered accountant, 16-year-old Osasere Okundaye, who began her ICAN journey at age 13 after finishing secondary school early and successfully passed her professional examinations despite not studying accounting in secondary school . Her achievement follows that of 18-year-old Temilola Blossom Arise, who passed her professional stage examination last year . Segoshime reaffirmed that ICAN would strengthen its role in promoting accountability and transparency in Nigeria's public and private sectors through research, advocacy and thought leadership . She also pledged to champion sustainability and value creation by promoting environmental, social and governance reporting, integrated reporting, sustainable finance and responsible business practices . "Our members will continue to stand by the values upon which our foundation is built, and that is accuracy and integrity," the president declared .