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You are here: Senate News ESTABLISHMENT BILL FOR CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS OF NIGERIA SCALES SECOND READING IN SENATE

ESTABLISHMENT BILL FOR CHARTERED INSTITUTE OF MANAGEMENT ACCOUNTANTS OF NIGERIA SCALES SECOND READING IN SENATE

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Friday, December 14, 2012

A Bill for an Act to establish the Chartered Institute of Management Accountants of Nigeria to provide for the control of its membership and promote and foster the practice of the art and science of management accountancy in the federation and for other purposes connected therewith, 2012, has passed second reading on the floor of the Senate.

The Bill sponsored by Senator (Dr.) Aloysius Etok ( PDP: Akwa-Ibom North West), seeks to establish the Chartered Institute of Management Accountants of Nigeria (CIMA) for the purpose of enabling the institute to control its membership, promote and foster the practice of the art and science of management accounting in Nigeria.

Senator (DR.) Aloysius Etok also stated that the Bill was passed by the Sixth Senate on the 4th of November 2010 and was read the first time in the Red Chamber on July 20th, 2011.

 Senator Etok however, adopted the Senate Leader’s presentation of the House of Representatives approved version on the Bill to the Senate for the purpose of debate.

The senate leader, Senator Victor Ndoma-Egba, SAN (PDP:  Cross River Central), while presenting the House of Representatives Version of the Bill, urged the members of the Senate to concur to the establishment of the Chartered Institute of Management Accountants of Nigeria (CIMA) for the purpose of enabling the institute control of its membership to promote and foster the practice of the art and science of management accounting in Nigeria.

In opposing the bill, Senator Adetumbi Olubunmi (ACN:  Ekiti North) amongst others, stated that there is no evidence that chartered accountant management in Nigeria is under-regulated and that the aim of the Bill is to create more empowerment for themselves and promote higher industrial economy.  He further requested that the Bill be given a befitting burial.

However, the Senate resolved that the Bill be slated for further consultation and referred it to the Committee concerned.

 

 

 

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