History of Accounting in Nigeria

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History of Accounting in Nigeria

By | October 2012
Page 1 of 3
History of Accounting in Nigeria

The institutionalization of Accounting started in Britain, from where Accounting was imported to Nigeria. During the preindependence period, in Nigeria, especially before the establishment of the Collages of Arts and Sciences (particularly the one in Ibadan), people who wanted to enroll into accounting profession had to be trained through article ship. This meant that, they had to be attached as apprentices to those in the profession already. When the College of Arts and Sciences in Ibadan (now university of Ibadan) was established, it offered courses in accounting; students were prepared for the intermediate level of ACCA (Chartered Association of Certified Accountants), a British Accounting Body.

In 1960, the University of Nigeria Nsukka started offering courses in accounting, the Ahmadu Bello University, Zaria and the University of Lagos joined in offering accounting courses form 1962. Other Nigerian Universities (most of them) and many polytechnics follow suit in the later years. Together they produce large number of accounting graduates (B. Sc. And HND holders) year in year out!

In 1960, specifically on 17th November, some Nigerians who had some professional training in accounting from different parts of the world, got together and formed an association called Association of Nigerian Accountants. This was the first attempt at forming a national and indigenous accountancy professional body in Nigeria. It included people working in companies, industries, government offices, etc. The Association was formed with the view to provide and maintain a high standard of accounting in Nigeria.

The Association was granted official recognition by the Federal Government of Nigeria on 28th September 1965 with the name Institute of Chartered Accountants of Nigeria (ICAN), through an Act of parliament, Act No. 15 of 1965. ICAN was then inaugurated on 21st October 1965. From then onwards to August 1968, the Institute was granting...