On Tuesday June 9, 2026. The Senate In a major move to modernize national governance and boost investor confidence, a bill seeking to re-establish and redesignate the Institute of Chartered Secretaries and Administrators of Nigeria (ICSAN) as the Chartered Governance Institute of Nigeria has successfully scaled its second reading.
The proposed legislation, titled “A Bill for an Act to Repeal the Institute of Chartered Secretaries and Administrators of Nigeria Act and Enact the Chartered Governance Institute of Nigeria to Provide for Standards of Knowledge, Skills and Professional Conduct, 2026 (SB. 89),” is co-sponsored by Senators Sharafadeen Abiodun Alli and Osita Izunaso.
Following its passage, Deputy President of the Senate, Senator Jibrin Barau, referred the bill to the Senate Committee on Establishment and Public Service, directing it to report back within four weeks.
Leading the debate, Senator Alli emphasized that the bill is crucial for updating Nigeria’s governance framework. While acknowledging ICSAN’s historic contributions to corporate compliance, he noted that global professional standards have evolved significantly.
Good governance remains the foundation of sustainable development, institutional efficiency, transparency, and economic growth. Today, governance professionals play strategic roles far beyond traditional administrative functions.
Senator Sharafadeen Abiodun Alli
The legislative reform aims to transition Nigeria into a modern governance paradigm by:
Expanding Professional Scope: Recognizing evolved global roles such as board advisory services, risk management, sustainability oversight, and compliance monitoring.
International Alignment: Matching global benchmarks already set by countries like the United Kingdom, Canada, Australia, and New Zealand, which have adopted the “Chartered Governance Institute” designation.
Zero Financial Burden: Operating within existing infrastructure and personnel, requiring only minimal administrative adjustments.
Key Benefits of the Proposed Legislation
Lawmakers noted that updating these standards will yield widespread national benefits, including:
Economic Growth: Boosting investor confidence and national competitiveness on the global stage.
Institutional Accountability: Reducing corruption, enhancing transparency, and improving regulatory compliance across both public and private sectors.
Better Service Delivery: Strengthening public sector frameworks to ensure more efficient governance for Nigerian citizens.
In a related development showcasing the Senate’s commitment to institutional excellence, lawmakers also passed a second reading for a bill seeking to establish the Chartered Institute of Safety Engineers. The bill has been referred to the appropriate committee for further legislative scrutiny.
