[6] In the 1990s, ICAN predominantly had members holding qualifications from the London-based Association of Chartered Certified Accountants (ACCA).

Although ICAN claimed complete independence from the ACCA, it was under attack for defending the status quo in accountancy practices and for suppressing changes to address local requirements.

[7] In August 2010, the federal government approved migration to International Financial Reporting Standards (IFRS) by 2012.

[14] The government had given ANAN the mandate to compete with ICAN, and by 1994 the two organisations fought for control of chartered accountants in Nigeria.

[2] In March 2009, the ANAN president, Samuel Nzekwe, rejected an attempt by ICAN to set auditing standards for its members.

[16] In June 2010, Godson Nnadi, Executive Secretary of Nigeria Accounting Standards Board, spoke in favour of a new body to set accounting and auditing standards for Nigeria and other African nations, which would be independent of both ANAN and ICAN.

[17] In May 2008, the House of Representatives rejected a bill to establish the Chartered Institute of Management Accountants of Nigeria (CIMA) as an alternative to ANAN and ICAN.

[18] ICAN was strongly opposed to establishment of CIMA, while ANAN said it supported the proposal given the dynamics of the profession.