In October 2009 Sanusi Lamido Sanusi, governor of the CBN, addressed the ICAN annual conference. He revealed a number of improprieties in direction of eight of the banks, including loans made to directors with inadequate security. Sanusi said "While these were happening, where were the accountants, the auditors? While these were happening, someone was reporting profits, paying dividends out of operations that could not by any standards be said to be profitable. That is why we are where we are". Speaking later Elizabeth Adegite, President of ICAN, called on chartered accountants to play a more critical role in ensuring good corporate governance.