…Urges Governments to Strengthen Judiciary, Leverage Capital Market”
The 50th President of the Institute of Chartered Accountants of Nigeria (ICAN), Chidi Ajaegbu, has called on governments at all levels to harness the capital market for long-term infrastructural development and strengthen the judiciary.
Ajaegbu made this call at the maiden edition of the Public Lecture/Colloquium organized by the Department of Accounting and Finance of Godfrey Okoye University, Enugu.
According to Ajaegbu, the lack of effective rule of law results in weak contractual enforcement and procurement capacity. He emphasized the need to strengthen the judiciary to ensure accountability in budgets and project executions, as well as identifying infractions and non-performance through effective monitoring and evaluation.
The ICAN president also cautioned governments against excessive borrowing, warning that it undermines investors’ confidence in the economy.
“This government is not doing well with loans. There will still be devaluation. I can’t see any government that is so tied to borrowing, so I project they will devalue the Naira in 2027 after the election,” he said.
Ajaegbu cited Lagos as an example of a state that has successfully leveraged the capital market for long-term infrastructural development, urging other states to follow suit.
In his presentation, the Director-General of the Securities and Exchange Commission (SEC), Dr. Emomotimi John Agama, described the theme of the workshop as timely. Agama noted that the capital market has proven its capacity to mobilize long-term funds for strategic sectors, including infrastructure development.
Agama called on state governments, local governments, and their agencies to engage with the SEC and take advantage of the simplified procedures available under the new law. He emphasized that the Nigerian capital market stands as a strategic platform for mobilizing resources, financing infrastructure, and driving economic transformation.
The Governor of Enugu State, Dr. Peter Mbah, represented by the Secretary to the State Government, Prof. Chidiebere Onyia, said the state government has set a target to grow the state’s GDP from $4.4 billion to $30 billion, which requires engagement with the private sector to gather capital and build infrastructure.
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