ICAN CAP-III case studies

ICAN CAP-III · Put your knowledge to work in context.

CAP-III is the final professional level of the Institute of Chartered Accountants of Nigeria (ICAN) qualification, taken after the foundation and skills levels and typically alongside or after practical training. It is designed for candidates moving into senior assurance, reporting, tax and finance roles - people expected to exercise judgement rather than apply a checklist. The ICAN CAP-III case studies are 5 cases and about 5,263 words.

Danjuma Energy Solutions: Allocating the Price of a Solar EPC Contract

Danjuma Energy Solutions Plc ('DES'), a Kano-based solar EPC contractor, signed a NGN 1.84bn contract on 1 July 2025 to supply, install and commission a 4MW hybrid solar system for a state university, plus three years of maintenance. Payment terms: 20% on signing, 30% on delivery of equipment scheduled for 1 December 2025, and 50% in four equal instalments over 24 months after commissioning, now expected 31 March 2026.

1,046 words, about 5 min 2

Tambre Foods Group Audit: Covenant Headroom, a Restricted Component Auditor and a Cut-off Anomaly

Tambre Foods Plc is a Nigerian listed manufacturer. Its Ghanaian subsidiary, which generates 28% of group revenue, is audited by Mensah & Co., a local firm not subject to the group firm's quality management system.

1,083 words, about 5 min 3

Rima Agro Processing: Interest Cap, Related-party Service Fees and a Debt-for-Equity Proposal

Rima Agro Processing Ltd, a Zaria-based wheat miller, is wholly owned by a Mauritian holding company. For the year ended 31 December 2025 it reported EBITDA of NGN 2.4bn, capital allowances of NGN 800m and interest expense of NGN 1.3bn on a NGN 12bn shareholder loan priced at 11%.

1,075 words, about 5 min 4

Ogunpa Packaging: A Transfer Price That Destroys Group Value

Ogunpa Packaging Plc has two divisions. The Board Division makes containerboard: capacity 120,000 tonnes a year, external demand 96,000 tonnes at NGN 210,000 a tonne, variable cost NGN 118,000 a tonne, and fixed costs of NGN 4.2bn.

1,006 words, about 5 min 5

Delta Agro: Hedging a USD Loan When the Forward Market Only Reaches Twelve Months

Delta Agro Allied Plc grows and exports sesame and cashew, and buys imported inputs. At 31 December 2025 it had a USD 18m term loan from an offshore bank at SOFR plus 6.5%, repayable in a single instalment in December 2027, with interest paid quarterly; none of it is hedged.

1,053 words, about 5 min