Introduction to the History of Accounting in Nigeria

In the olden days, a properly organized system of trade and government was in existence in the ancient Kingdom of Benin, Oyo, Borno etc.

The granting of a Royal Charter to Royal Niger Company, in 1886, necessitated the preparation of proper records by the company, from that time till independence. The Law governing Accounting in Nigeria was tailored after the colonial master (Britain).

The Association of Accountants of Nigeria which later metamorphosed into the Institute of Chartered Accountants of Nigeria was established in 1960. The majority of the members were trained in Britain. On 1st September 1965, the Federal Government passed an Act of Parliament No. 15 establishing the Institute of Chartered Accountants of Nigeria (ICAN).

In 1982, the Nigerian Accounting Standards Board (NASB), was established to set standards to guide accounting operations in Nigeria.

Currently, in Nigeria, there are two legally recognized professional accounting bodies:

• Institute of Chartered Accountants of Nigeria (ICAN)
• Association of National Accountants of Nigeria (ANAN)