ICSAN records N356.88m total assets in 2017

The Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN), has said it recorded total assets of N356.88 million for the financial year ended December 2017.

Mr Samuel Kolawole, president, ICSAN, said this at the 44th Annual General Meeting (AGM) of the Institute in Lagos.

Kolawole said the total assets showed an increase of 5.04 per cent compared with N339.76 million in the corresponding period in 2016.

The president said the results pointed to the fact that the institute was breaking new grounds and gradually and consolidating on the gains of 2017.

“We recorded the introduction of the e-voting system of our council to give the opportunity of voting to members who could not be physically present at the venue for the 2017 AGM.

“The Delta/Edo chapter had its first election in January 2017 that produced the executives. The institute now hosts a radio programme called Corporate Governance Platform on Eko 89.7 every Wednesday from 10-15a.m to 10:30a.m.

“Within the space of six months, we have successfully held almost 90 per cent of all the programmes on our calendar.

“The multi-faceted secretariat facelift project is ongoing and the already transforming physical appearance and ambiance of the institute can attest to that fact,” said Kolawole.

The president enjoined the chartered secretaries and administrators to continue to give their support to the institute in the quest to empower, strengthen and reposition ICSAN for further growth and development.

He reiterated the institute’s full commitment to applying good corporate governance principles, policies and process in the discharge of its duties.

Yomi Adebanjo, Chairman Audit Committee of the institute, said it resolved that fixed assets acquired toward the end of the year be amortised effective from the date of purchase.

He added that full-year depreciation would not be applied for that year’s asset procurement.

Mrs Biola Fasinu, who represented Moses Oladipo, Independent Auditor, Paul Taiwo and Co., said the financial statement presented a fair financial position of the institute as at Dec. 31, 2017.

Joshua Adeoye, a member, said out of the 2,647 members of the institute, only 70 members had obtained their practicing licenses.

The institute elected Mr Francis Olawale, Mrs Abiola Laseinde, Mrs Benedicta Shadare, Mr Sesan Shobowale and Mrs Cheta Nwabuike into council positions.

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