The Sokoto district of the Institute of Chartered Accountants of Nigeria (ICAN) has inaugurated a new leadership team, with stakeholders pledging stronger support for national tax reforms and economic accountability.
The ceremony, held in Sokoto over the weekend, marked the formal installation of Ganiyu Mustapha, a seasoned chartered accountant and academic, as the sixth Chairman of the district society.
His career spans almost two decades in finance, audit, and public-sector consulting and has held various leadership roles within ICAN both at district and national levels.
Known for his dedication to professional development and ethical standards, Mustapha is also an advocate for youth mentorship and community engagement. Colleagues describe him as a bridge-builder committed to elevating ICAN’s influence in governance, policy, and entrepreneurship in Northern Nigeria.
Speaking at the event, the Sokoto State Commissioner for Commerce, Trade and Industry Haruna Abbas Bashir, hailed ICAN’s pivotal role in national development, particularly in ensuring financial transparency and integrity in governance.
He said ICAN has long been a gatekeeper of professional ethics that has contributed to financial management across public and private sectors indispensably.
He pledged the state government’s continued support to ICAN, especially in advancing enterprise development, MSME capacity-building, and financial literacy.
The Commissioner, who is also a Fellow of ICAN, urged young professionals to uphold the high standards of the institute, describing accounting as central to Nigeria’s development goals.
In his paper presentation by Nuradeen Muhammad dissected the implications of the Federal Government’s ongoing tax reforms for individuals and small businesses.
Muhammad described the 2020 tax bill transmitted to the National Assembly and subsequently passed as a major fiscal reset targeting outdated practices and revenue leakages.
He outlined the key objectives of the reform to include: elimination of multiple and overlapping taxes, simplification of the tax system to encourage compliance, consolidation of tax laws under a unified legal framework and expansion of the national tax base among others.
He said that small businesses stand to benefit significantly from the reforms. “Businesses with an annual turnover of ₦50 million or less are now exempted from income tax. There’s also no withholding tax obligation for such businesses,”
He urged stakeholders to ignore misinformation on social media, noting that the reform is in line with international best practices aimed at supporting economic inclusion.
In his validation remarks,the outgoing chairman of ICSN Alhaji Ismail Suleiman praised the society’s achievements during his tenure and charged the incoming leadership to deepen ICAN’s engagement in policy and governance.
The event ended with renewed commitments between ICAN and the Sokoto State Government to promote fiscal discipline, economic data management, and the professional development of accountants in the state.
