ICAN Business, Management and Finance 2023
Past Questions

Sunrise Hotels Limited supplies both VAT-exempt and VAT-taxable services. In Q1 2024, its taxable supplies amounted to ₦60,000,000 and exempt supplies amounted to ₦40,000,000. Input VAT incurred on ge…

Greenfield Properties Limited, a real estate company in Lagos, has a total annual payroll of ₦480,000,000. The company operates a flat organisational structure with only three management layers. Manag…

Sunrise Foods Limited recently merged with a smaller competitor, Dusk Snacks Nigeria Limited. Post-merger integration revealed that Sunrise Foods had a collaborative, innovation-driven culture, while …

A management consultant advising Nigerian Breweries Plc recommends adopting a management approach that recognises there is no single best way to manage and that the optimal management style depends on…

Alhaji Musa, the CEO of a Kano-based conglomerate, consistently inspires his team with a compelling vision, encourages innovation, and develops each employee's potential beyond their own self-interest…

Which of the following BEST describes the concept of 'psychological contract' in Human Resource Management?

Under the Employees' Compensation Act 2010 of Nigeria, which of the following categories of workers is EXPRESSLY excluded from the coverage of the Act?

A Lagos-based manufacturing company employs 250 staff. The HR manager is computing the monthly PAYE remittance for a senior engineer whose annual gross salary is ₦18,000,000. Applying the Personal Inc…

A Nigerian company with 500 employees intends to retrench 60 workers due to business downturn. Under the Labour Act Cap L1 LFN 2004, which of the following procedural requirements is MANDATORY before …

A Nigerian company adopts a marketing strategy where it targets multiple market segments and designs separate offers for each segment, accepting higher costs in exchange for greater sales volume and m…

A Lagos-based consumer goods company segments its market by dividing customers into groups based on their knowledge, attitudes, uses, or responses to a product. Which type of market segmentation is th…

Lagos Bridge Finance Ltd advances a ₦200,000,000 term loan to Abuja Steel Plc at an annual interest rate of 18%. The loan attracts withholding tax (WHT) at the applicable rate under the Companies Inco…

Under the CAMA 2020, which of the following statements regarding the redemption of preference shares by a public company is CORRECT?

Under the Companies and Allied Matters Act (CAMA) 2020, which of the following instruments can a private company lawfully issue to raise long-term finance from the general public?

Adeola Enterprises Limited, a medium-sized company registered under CAMA 2020, discovers that its procurement manager has been accepting kickbacks from suppliers totalling ₦4,500,000 over two years. U…

Which of the following BEST describes the concept of the 'triple bottom line' as applied in Corporate Social Responsibility (CSR) reporting?

QUESTION 3 Mr. Chukwuemeka Eze recently established Emeka Foods Limited (EFL), a small food processing company in Enugu State that produces packaged groundnut oil and tomato paste for sale in South-E…

Zenith Agro-Processing Limited (ZAPL) is a medium-sized agro-processing company headquartered in Kano, Nigeria, with over 450 employees spread across its factory, warehouse, and administrative divisio…

QUESTION 2 Lagos Fresh Foods Limited (LFFL) is a privately owned food processing company based in Ikeja, Lagos. The company processes and distributes fresh tomato paste, pepper sauce, and vegetable o…

QUESTION 1 Kaduna Textile Mills Plc (KTM) is a manufacturing company listed on the Nigerian Exchange Group (NGX). The company produces a range of cotton fabrics for both domestic and export markets. …