The position was contained in a statement issued on Sunday by the Chairman of HEDA, Olanrewaju Suraju.
The anti-corruption group expressed the appreciation for ICAN’s fulfilment of commitment to inform the organisation of the outcome of a disciplinary proceeding against Otunla.
The group had previously filed a complaint against Otunla, accusing him of embezzlement and stealing approximately N6.3 billion.
Suraju stated: “We received the judgment with excitement and assurance that accountability is about to take firm root in our professional associations.
“We also commend the President of the Institute and his Council members on this act.
“We, as an organization, believe that the disciplinary action and its outcome will further deter corrupt practices among members of this noble profession.
“Thank you once again as you are always assured of our support and commitment to professional integrity, enforcement of ethics, and the fight against corruption and misappropriation of public funds in the country.”
According to the eight-page judgment delivered by the ICAN Disciplinary Tribunal, Otunla has been suspended from membership of the Institute of Chartered Accountants of Nigeria for a period of 10 years.
Additionally, he has been ordered to return his membership certificate and licence.
The judgment stated: “The suspension period shall run from the date the certificate and licence are returned to the institute.
“The respondent is also ordered to pay the cost of N1,000,000, which covers the expenses of the proceedings at the investigating panel and the tribunal in this case.”
Furthermore, failure to comply with the judgment will result in automatic removal from the institute’s membership register.
HEDA further welcomed the judgment with enthusiasm and expressed confidence that it would foster a stronger culture of accountability within professional associations.
It said: “We also extend our congratulations to the President of the Institute, Mallam Tijani Musa Isa BSc, M.IoD, FCA, his Council members, and the entire Institute for this significant accomplishment.
“As an organization, we firmly believe that this disciplinary action and its outcome will serve as a powerful deterrent against corrupt practices among members of this esteemed profession.”