Some Nigeria banks exploit the country's weak accounting system to boost their balance sheet,the chairman, securities and Exchange Commission, Dr.Suleyman Ndanusa, has said. Ndanusa said this in a keynote address he delivered at the 2014 Annual conference of the Association of National Accountants of Nigeria in Abuja on Tuesday. Quoting a world bank report commissioned by the Federal Government in 2010, Ndanusa said the state of according infrastructure in Nigeria was weak, He said, According to the repair, a number of banks exploiting loopholes in Nigeria accounting and auditing standards weak capacity of the regulatory bodies and weak enforcement, employed creative accounting to boost their balance sheets. The SEC. chairman said in order to play its full potential in the nation's economy, the accounting profession must address two challenges: seizing growth opportunities by meeting emerging business needs and fight corruption. Read more on Punch.
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