LIVE | 2026 Investiture Public Lecture

[00:00:00]excellence and a catalyst for social economic development. Distinguished ladies and gentlemen, it is now my singular honor and privilege to invite our esteemed guest lecturer, Professor Lika Deniku, FCA to Diva today's public lecture. Thank you for your presence, your support and your commitment to the accounting profession. God bless the institution of shattered accountants of Nigeria. God bless your state. God bless Ian Lagalu and District society. God bless the Federal Republic of Nigeria.

[00:00:39]Thank you.

[00:00:46]>> All right.

[00:00:51]Hello.

[00:00:59]All right. Uh there's going to be a slight change in the in the order of program because one of our eder who graciously attended this occasion has another event. So before the guest lecturer comes on board, I want to welcome him to give us his goodwill message. Thank you.

[00:01:29]the chairman of Lagu and the Society of Ian Eder FC.

[00:01:46]The guest lecturer who happens to be a very close friend of mine, Professor at the Nik FCA who also happened to be an executive director of MFP Global.

[00:02:10]My very good friend Ed Maros Akob partners of firm here present the single colleagues ladies and gentlemen good afternoon >> I'm happy to be here not as a guest But as one of you and as the father of Lagalu and this Friday, I want to congratulate you for what you are doing in Lagalu.

[00:02:56]You are doing extremely very well.

[00:03:02][applause] I've witnessed so many infestation programs and I can say it without any out of doubt and any fear of contradiction that this one is very unique and outstanding.

[00:03:27][applause] I don't believe much in social when you are having investigure because no nation can develop beyond the knowledge of the citizen.

[00:03:53]So and when you are having public lecture like this you are imparting the society you are imparting individuals people who are not here will also read it or listen to it.

[00:04:10]So I want to congratulate you and also for the you know the press conference you had.

[00:04:19]It was fantastic.

[00:04:22][applause] So I wish you the very best on behalf of my colleagues in the body of past chairman of Ibadan society of IAN which happens to be your mother this society. I want to tell you that we are proud and we are proud of YOU and one thing you have also been doing that is quite amazing is the way you publicize your programs.

[00:05:02]You publicize your programs in the order of MFP.

[00:05:07]You know when we had the meeting with the leadership of Vik they commended us particularly our publicity you know aspect and that is what we are replicating in Lagalu here is not you know uh the same manner in other society [applause] so please keep it up and let your programs, you know, when you have programs like this, let it be widely reported.

[00:05:47]And you must also have, you know, um the proceedings also reported in the papers and in the social media.

[00:06:00]So I wish you the very best. I'm confident that my friend Yena will do the needful.

[00:06:07]He will give you a thought provoking paper. Thank you and God bless you.

[00:06:13][applause] Thank you sir. Um without much ado uh we'll go straight to the citation of our guest lecturer for today. Media please.

[00:06:31]Can we have recitation?

[00:07:43]sciences indicates experience in academia and corporate practice [music] profession between the classroom and profit and learning.

[00:08:04]She obtained a bachelor of science BS and a doctor of philosophy of PhD economics from Nigeria's premier institution university expanding our horizon she earned a master of science MSE in project analysis finance and university of the United Kingdom. Beyond her academic achievements, she has attained the highest professional entertainment in Africa account management associate member institute taxation life member economic society member international association of energy at university. Professor Adel [music] is an active driver of institutional quality and research development. She currently serves five national capacities including chair college assurance sustainable development gender equality financial economist economic development and market systems. She has co foundational work in macroeconomy. In January 2024, she delivered the park 11th inaugural lecture university titled act of God on raffling the drivers of corporate performance in Nigeria frameworks to resources.

[00:10:10]She also lends her expertise as an adjunct lecturer at the center for petroleum energy economics and law CPL University of Nevada. Outside the lecture course, she shapes business strategy as the managing partner of equilibria consulting limited. Her commitment to driving financial literacy, corporate performance and macro entrepreneurship marks her an influential voice in the organized private sector.

[00:10:43]Is happily married to professor Adola, a renowned energy economist and president of the Nigerian economic society. Together they are dedicated pillars of community development, education, advocacy and mentorship for young professionals. Join me in welcoming Professor Chairman of Council of the Institute of Tart Accountants of Nigeria, Hyria Seosim.

[00:11:42]the chairman of the present Prince Ou who just stepped out.

[00:11:52]The distinguished fellows, members and students of the accounting profession, members of ICAN, the invited guests, ladies and gentlemen, the press, good afternoon.

[00:12:16]>> I felt very happy and privileged to have been invited to give this uh public lecture today.

[00:12:22]uh Elder Patterson mentioned to me that you know normally every investigure while the investature is going on a lecture is done but he said that this one will be different and I'm glad that Prince bad also mentioned it that this is a it's a it's a good one it's different from what we have been having before [applause] and district is a trailblazer we are leading others are following and so congratulations and chairman and all the other executives members.

[00:12:54]It is both a privilege and an honor to be invited to deliver this public lecture at this important investigure lecture ceremony and the subsequent swearing in of the executive committee on Saturday. Let me congratulate the newly elected chairman and the executives and all those assuming leadership positions this weekend.

[00:13:14]Leadership in any profession is a sacred trust. But in accounting, it carries an even greater responsibility because society depends on accountants to safeguard integrity, inspire confidence, and provide reliable information upon which countless decisions are made.

[00:13:35]This week we invest a new chairman and it is right that we pause to ask what our profession owes the country that we serve. In fact, as I was preparing for this, what came to my mind is we are reminding ourselves of our role as accountants. What do we stand for in the society today? That's really what we want to talk about especially in an economy where prices have been changing which is where you have the turbulent times that h is in the topic.

[00:14:04]An investature is a ceremony but it's also the renewal of a promise and that promise is written into the motto of our institute accuracy and integrity.

[00:14:16]In every turbulent economy the first casualty is confidence.

[00:14:21]Prices rise faster than wages. Exchange rates move faster than business plans.

[00:14:27]Public debt narrows the room.

[00:14:30]Governments have to act. Citizens begin to ask whether institutions can still be trusted.

[00:14:37]At such moments, accounting must be understood as more than bookkeeping, compliance or the present or the preparation of annual reports.

[00:14:46]Accounting is a compass. It does not remove the storm, but it tells the navigator where the economy truly stands, where resources are leaking, which risks are hidden, and which decisions are sustainable.

[00:15:02]Our duty in turbulent times is to convert uncertainty into reliable information and reliable information into accountability and confidence.

[00:15:14]The topic before us this afternoon is accounting the compass for economic navigation in turbulent times. This topic is both timely and profound.

[00:15:30]History teaches us that periods of economic turbulence are not exceptions.

[00:15:35]They are recurring features of economic life.

[00:15:39]Today the global economy faces multiple storms simultaneously.

[00:15:43]We all know what's happening you know in various parts of the world. Nations are grappling with inflation, exchange rate volatility, geopolitical conflicts, debt crisis, climate change, disruptive technologies, cyber risks and growing uncertainty in global trade. Nigeria is no exception.

[00:16:06]Over the past few years, our economy has undergone major structural reforms, including fuel subsidy removal, exchange rate liberalization, fiscal reforms, and efforts to diversify economic activities. While these reforms are necessary for long-term sustainability, they have also brought significant short-term adjustments for businesses, households, and governments. In such uncertain times, organizations require more than optimism. They require direction. They require reliable information. They require accountability. Above all, they require accounting.

[00:16:46]Just as sailors rely on a compass during storms, when visibility is poor, economies rely on accounting to provide direction when uncertainty clouds judgment. Accounting therefore is not merely about recording transactions.

[00:17:02]It is the compass that guides economic decision making.

[00:17:07]So why does this compass matter?

[00:17:10]Imagine a ship sailing across a turbulent ocean. Powerful engines are important. An experienced captain is also very important. A skilled crew is important. But without a compass, even the strongest ship may lose direction.

[00:17:26]Similarly, economic policies, business strategies, investment decisions and development programs can fail if they are not guided by accurate financial information. Accounting firms accounting performs three essential functions in this regard. First, it measures economic reality. Second, it communicates that reality. And third, it supports informed decision making.

[00:17:55]Without credible accounting information, governments cannot plan effectively, businesses cannot allocate resources efficiently, investors cannot assess risks, and citizens cannot hold leaders accountable.

[00:18:11]Accounting as the language of economic decision making.

[00:18:15]Economists often describe accounting as the language of business. I would go further. Accounting is the language of economic civilization.

[00:18:25]Every budget prepared, every investment evaluated, every tax assessed, every public project monitored, every company valued, every loan approved, every pension protected, every audit conducted, all depend fundamentally on accounting information.

[00:18:47]When this language becomes distorted, economic decisions become flawed. The collapse of major corporations around the world from Enron to wild card was not caused by lack of technology or market opportunities.

[00:19:04]It resulted largely from failures in accounting integrity and corporate governance. The lesson is simple.

[00:19:14]Should I move to the Okay.

[00:19:22]>> It resulted largely from failures in accounting, integrity and corporate governance. The lesson is simple.

[00:19:29]Economic prosperity cannot exist for long without trustworthy.

[00:19:35]Dr. Fataya emphasized this yesterday at the faculty lecture organized by the faculty of economics and management sciences university of Ibadu. I don't know whether if Dr. Atunda is here this afternoon. Never nevertheless I was able to join his lecture yesterday and I listened with passion. I'm going to read out to you what he discussed about which I thought is also useful for our discussion this afternoon. I attended the lecture I attended [clears throat] the lecture online. The topic of that faculty lecture is the quality of accounting information and corporate failure. Has the accounting profession in bracket not bracket goals failed us?

[00:20:17]So has accounting failed us or or has accounting not failed us in this era of uh uh corporate failure. He concluded in his lecture and I'm going to quote invatim as I got it from the uh lecture note. While accounting information is very useful for decision making, users are often confronted with lowquality information caused by a series of challenges that range from window dressing of financial statements, earnings management and accounting manipulations, creative accounting, weak internal control over financial reporting, ethical lapses and misconduct, and weak enforcement of regulations and standards. Widespread research has shown that the quality of accounting information influences corporate distress with a broader concern raised that accounting information can present a misleading picture of corporate sustainability when managerial discretion and opportunistic reporting dominates.

[00:21:18]However, corporate failure is rarely sudden. It usually occurs due to some compromises, overlooked signals, and ethical lapses over time. Corporations also failed as a result of poor corporate governance, financial mismanagement, economic and market conditions, strategic mismanagement such as failure to respond or inappropriate response to environmental changes, leadership failure, operational inefficiencies, and failure to innovate.

[00:21:51]at on to 2026 further opi opined that though despite not being solely responsible for corporate failures some accounting practices contribute significantly to such situations this is why regulators have been tightening rules after some scandals so we can talk about the sabain oxley act sox of 2002 stricter auditor independence as we see in IFRS9 IFRS 15 and IFRS This means that the accounting profession is progressing and will continue to serve as a thermometer but not the cure to the sickness. It will continue to measure but cannot stop bad management or fraud by itself. So corporate failure will not occur when people continue sorry so corporate failure will still occur when people continue to play games with the system. Atunda concluded that accounting information has not failed since high quality accounting information helps in the reduction of corporate failure while governance ethics enforcement oversight function and management decision making are strong. You know I told you the topic of his work was that has accounting failed us? If we can talk of so many companies failing does it mean that accounting has failed? His conclusion was that accounting has not actually failed us.

[00:23:16]And I believe that you all agree with me. This is what we have been trained over the years to know especially if we obey rules of corporate governance, ethics, enforcement and oversight uh functions. So to come back to our topic, let's consider navigating Nigeria's economic challenges.

[00:23:36]Nigeria today faces several economic realities. Inflation continues to challenge purchasing power. Exchange rate fluctuations affect business planning. Public debt requires prudent fiscal management.

[00:23:51]Oil revenue remains volatile.

[00:23:54]Infrastructure financing remains inadequate. Youth unemployment remains high. Private investment requires great confidence. Addressing these challenges demands evidence-based decision making.

[00:24:08]And evidence begins with quality accounting information. So this is where accounting this is where we come in.

[00:24:19]Requires accurate revenue forecasts. Tax reforms require transparent financial reporting. Infrastructure projects require cost control. Public sector requires sustainability analysis. Social intervention programs require effective monitoring.

[00:24:37]Each of these depends fundamentally on accountants.

[00:24:41]In the past 3 years, Nigeria removed the foil subsidy, unified the foreign exchange windows, ended deficit monetization, and watched the Naira lose most of its official value before finding a new footing.

[00:24:56]Inflation climbed over 30% in 2024, the highest in a generation before easing steadily through 2025. So we are glad that at least since last year those figures have began to come down. The results are real. In its 2026 article 4 concluded in June, the International Monetary Fund IMF found that the reforms have improved macroeconomic outcomes and built resilience with gross reserves rising from 40 billion dollars at the end of 2024 to 46 billion in 2025.

[00:25:34]The Naira appreciating 10% year on year by March and growing projected at 4.1% this year. Yet the same report tells a hardest truth. Poverty has reached 63% under the national poverty line and an estimated 27 million Nigerians faced food insecurity in late 2025.

[00:25:57]Inflation after falling for a year nudged back up to 15.4% 4% in March as global fuel and food prices rose.

[00:26:07]Good accounting forces us to hold both truths at once. Headline stability and household hardship are different measures of the same economy. So on one hand we are seeing yes the um uh foreign reserves you know has gone up but nevertheless a large chunk of the economy is still within still below the poverty line.

[00:26:31]And it is our job to keep that distinction visible rather than let it blur into one convenient story. It is useful to note that every one of these reforms was as has as its core an accounting decision. Subsidy removal confronted the true cost of a policy carried off the books of public understanding for decades. Exchange rate unification allowed one honest price replace several convenient ones. The rebasing of GDP and the consumer price index by the National Bureau of Statistics was a national exercise in measurement integrity.

[00:27:12]In each case, Nigeria chose harder, truer numbers over easier, flattering ones. That is painful in the short term.

[00:27:21]It is also the only foundation for a durable recovery because a country cannot stare by its numbers does not believe. So what sound accounting does in a crisis as we are facing now? Why do numbers matter more than when everything else is moving? This is because turppulence destroys the shortcuts that calm times allow in a stable year. Last year's plan is a decent guide to this year as we normally do when when we are budgeting. In a volatile one, a price that was profitable in January is a loss by June.

[00:28:00]So, three functions of our discipline become matters of survival. First, sad sound accounting separates nominal growth from real performance. A company may report rising revenue simply because prices rose while margins, cash flow and purchasing power quietly deteriorates underneath. A government may announce a larger budget but without cost measurements and value for money analysis. Citizens cannot know whether the extra spending is building roads and hospitals or merely keeping pace with inflation.

[00:28:36]Second, it makes hidden exposure visible. The Naira now FL and the IMF has urged that this flexibility continue to act as a shock absorber. But a floating currency tests every balance sheet it touches. That is things like the imported inputs, foreign currency loans, supplier contracts, external debt service etc. Transparent recognition of exchange gains and losses and honest reporting of contingent obligations are what stop a manager or a minister from making temporarily liquidity for sol for solveny.

[00:29:16]Third, our discipline our profession it shows discipline. It disciplines decisions.

[00:29:24]Leaders in a crisis must cut costs, raise prices or abandon projects and that very quickly. Current books, rolling cash forecasts and scenario plans give those decisions a flaw of evidence. In uncertainty, cash is a fact and profit is just an opinion. Because when they're telling you, oh, they've made so so and so, if it does not translate to money in your pocket, it's just it's just an opinion.

[00:29:54]stewardship and the public pulse.

[00:29:58]Nowhere is it more urgent than in public finance. The IMF has called for faster reforms of Nigeria's budget process, fiscal reporting and risk framework, citing concerns about offbudget spending and complex financing instruments. and it rates the risk of sovereign stress as moderate while warning that weak revenue mobilization and contingent liabilities could raise it. Behind each of these findings sits an accounting question.

[00:30:30]What does our borrowing truly cost? What obligations sit outside the budget perimeter and who is accounting for them? Our institute's own study texts define public sector accounting around one area. stewardship over the receipt, custody and disbbursement of public funds. That word carries the whole argument. Public money is not ownerless money. It is money held in trust. This is why the IPSAS adoption, the treasury single account, GIF miss, procurement controls and audit follow-up matter far beyond the technical circles that discuss them. They are the practical conditions for trust between governments and citizens.

[00:31:17]The most consequential developments on this front is the tax reform that took effect this January 2026.

[00:31:26]The four acts signed in June 2025 that is the Nigerian Tax Act, the Nigerian Tax Administration Act, the Nigerian Revenue Service Act and the Joint Revenue Board Act, consolidates the major federal tax laws into a unified regime, transform the FIRS into the Nigerian Revenue Service, and introduce digital enforcement through an electronic fiscal system. It is the largest overhaul of Nigeria's tax reforms tax framework in deca in decades. But legislation only sets the frame. Implementation will run through accountants, registering taxpayers, updating systems, advising small and medium-scale enterprises through the transition guidelines, and ensuring that what is collected is honestly reported and is well spent. The success of this reform is in part an assignment handed to this profession. It is handed to us as accountants.

[00:32:32]So what happens when the compass breaks?

[00:32:34]The compass we said is supposed to be a guide telling us the way to go. The strongest evidence for the value of our work is what happens when the compass fails.

[00:32:46]The world supplies the famous cases. We remember the Eron. Eron, you know, Eron collapsed in 2001 after years of inflating revenue and hiding debt in structures built to keep liabilities off the balance sheet. WorldCom capitalized ordinary expenses and misstated revenue until the fiction could no longer hold.

[00:33:09]Layman Brothers fell in 2008 and made risk-taking its own governance never seriously challenged. And the OECD's postcrisis analysis found the same weakness across the system. Poor risk disclosure, risk management subordinated to profit centers and boards too weak to ask hard questions. Unless we think such failures belong to the past. Wirecard, one of Germany's most accelerated technology companies, collapsed in year 2020 when auditors finally conceded that 1.9 billion euros supposedly held in trust accounts did not exist.

[00:33:51]Two decades of reform after Enron and a listed company still vanished on a fiction. It seems unbelievable.

[00:34:00]Nigeria has its own chapters. The Cadbury Nigeria scandal of 2006 revealed years of overstated results and shook confidence in our capital market. The 2009 banking crisis exposed lenders whose published accounts concealed the true scale of bad loans at heavy cost to the nation. Across every case, one pattern repeats. The problem was never that records were absent. The problem was that the records did not reflect reality through fraud, wishful thinking or a failure of nerve to challenge convenient numbers. The lesson that matters most for us is this. Standards alone prevented none of it. Enron had auditors. Ward had clean opinions.

[00:34:48]Layman Brothers had rules. Rules do not produce trust. What produces trust is competence, independence, professional skept skeptism and timely disclosure applied by people with the courage to say when the numbers are wrong that someone must be us. It must be me, it must be you.

[00:35:10]So what has this profession already given us? It would be wrong in a week of celebration that is of the investature to speak only of risk since it found its founding by act of parliament in 1965.

[00:35:24]The chhatter institute of accountants of Nigeria has produced the professionals who carried Nigeria through IFRS adoption in 2012. the migration of IPSAS in the public sector, the roll out of the Treasury single account and the special examinations that brought the 2009 banking problems into the open [clears throat] in the first place. When Nigeria has chosen truer members, chartered accountants did the work. That record is worth honoring and it is the standard the next generation must exceed. They will exceed it on two frontiers. The first is digital artificial intelligence, data analytics, e invoicing and automated audit trails are changing how financial information is produced and verified. And the accountant of the next decade must interrogate systems, not just ledgers.

[00:36:23]Data controls, cyber security risk and the integrity of automated reporting.

[00:36:29]Machines will process the transactions.

[00:36:32]The judgment about whether the output tells the truth remains ours as accountants. The second is sustainability.

[00:36:41]The financial reporting council's road map for the IFRS sustainability disclosure standards sets early adoption of IFRS S1 and S2. Now mandatory application for applicable private entities from 2028 andmemes from 2030.

[00:37:00]risks that are not measured will be mispriced and mispriced risks misallocate a nation's resources is telling us that we need to do better.

[00:37:11]So what is the expanding role of accountants?

[00:37:15]Today's accountant is no longer simply a bookkeeper. The modern accountant is a strategic advisor. He is a risk manager, a governance expert, a technology professional, a sustainability advisor, a forensic investigator, a policy analyst. Increasingly, accountants participate in boardroom decisions rather than merely reporting on them after implementation.

[00:37:42]The profession has evolved from historical reporting to strategic forecasting, from compliance to value creation, from financial stewardship to organizational leadership. This transformation demands continuous learning, professional competence is no longer optional. It is essential.

[00:38:06]technology and the future of accounting.

[00:38:09]Artificial intelligence, blockchain, cloud computing, machine learning, big data analytics, and robotic process automation are transforming accounting practice. Routine bookkeeping tasks are increasingly automated. However, technology cannot replace professional judgment. Algorithms cannot replace integrity. Artificial intelligence cannot replace ethical responsibility.

[00:38:38]The accountant of tomorrow must combine technical competence with digital literacy. Future accountants must understand data analytics, cyber security, environmental reporting, predictive modeling, integrated reporting, reporting, digital auditing.

[00:38:58]Technology should empower accountants and not replace them.

[00:39:03]Ethics. The true north of a compass.

[00:39:07]Every compass has a true north. For accounting, that true north is integrity. Without ethics, accounting loses its credibility. Without credibility, markets lose confidence.

[00:39:21]Without confidence, investors, investment declines. Without investment, economic growth suffers. Integrity, therefore, is not simply a moral virtue.

[00:39:32]It is an economic asset. Professional accountants must remain independent even under pressure. They must resist manipulation of financial statements.

[00:39:42]They must protect the public interest above personal gain. Every signature and audit report represents a public trust.

[00:39:51]Every financial statement affects livelihoods. Every accounting decision influences economic confidence. This is why ethics must remain the heartbeat of the profession.

[00:40:04]Public sector accountability.

[00:40:07]Accounting is equally important in government. Citizens pay taxes with expectation that public resources will be managed responsibly. Transparent accounting strengthens democracy. It reduces corruption. It improves service delivery. It enhances investor confidence. It promotes fiscal discipline.

[00:40:29]Governments that embrace international public sector accounting standards generally enjoy better transparency and improved financial management. Nigeria has made important progress in public financial management reforms. Yet much remains to be done. The accounting profession must continue supporting transparency at all levels of government. I remember some years ago I went to see u um you know um somebody who is uh she's in the buying and selling business and she was telling me that okay I was then doing some work with the society for women in taxation and we were working on um on a journal for the society and we went to interview this mama and also the um chairman of uh the board of internal revenue venue and we were the mama told us that yes you say we should pay taxes we should yes I agree with you we must pay taxes that when she travels to see her children she see how much you pay tax for everything under the sun you even pay tax for you as a person you pay tax for using your television you pay you pay tax for everything but that they can see what their taxes were being used for. So if we are advocating that taxes should be paid, we should encourage people, then we must be able to see what those taxes are being used for.

[00:41:54]Sustainability accounting. The world is changing. Investors increasingly ask not only how much profits companies make but how these profits are generated.

[00:42:06]Environmental responsibility is one of the uh concerns. Yesterday also in the morning I attended online uh uh icon organized a free seminar uh discussing the issue of sustainability accounting and why we should avoid greenwashing.

[00:42:24]You know you're trying to explain that you know in in your annual reports. Yes you everybody is concerned about the environment say that all that's happening now the floods and things that are taking place is because we have ignored our environment. the ozone layer has been depleted and so on and so forth and that it's important for us as accountant also to begin to you know talk about sustainability accounting.

[00:42:47]The greenwashing thing is saying that okay in your financial statements as a responsible organization as a resp company you want to say that yes you take into consideration issues relating to the environment the chairman CEO puts it in the first page in the annual report but then you look through the financial statements and you can't see any figures telling you how they have taken care of that that environment. There's nothing that tells you that h you know uh okay I had a student who worked on something in this area and one of the things that she looked out for in the financial reports uh of quoted companies is the chairman MDC CEO's uh report you know every CEO wants to say something good about during my time this last year we did this we did this we did this so the things that we were looking out for in the financial statement to corroborate what the CEO is saying is that do we see anything in the financial statement that says that we have changed our type of uh source of energy for example moving from uh those generators that give a lot of emissions to something that is more sustainable to something that is more green more environmentally friendly. So greenwashing is saying that MD CEO says in his report this year we did ABC but you can't find anything in the accounts that shows you that they have uh done anything with regards to the environment.

[00:44:15]Sustainability accounting also talks about social impact talks about corporate governance climate disclosures carbon accounting these have become mainstream business issues. Accounting is expanding beyond financial capital to include natural, human and social capital. The accountant of the future must therefore understand sustainability reporting alongside financial reporting. Economic resilience depends upon sustainable development.

[00:44:48]Accounting and national development.

[00:44:52]Every successful economy is built upon strong institutions. Strong institutions require reliable financial systems.

[00:45:00]Reliable financial systems require competent accountants. Countries that maintain transparent accounting standards attract more investments. They enjoy lower borrowing costs, higher productivity, greater economic stability.

[00:45:16]ETC accounting therefore contributes directly to national competitiveness. It supports economic planning, capital market development, banking stability, revenue mobilization, business confidence and inclusive growth. So what are the lessons from the recent economic reforms that Nigeria has been through?

[00:45:39]Nigeria's ongoing reforms demonstrate why accounting matters. Fuel subsidy reforms require transparent fiscal accounting. Exchange rate reforms require improved financial risk management. Tax reforms require accurate financial reporting. Debt management requires reliable government accounting.

[00:46:00]Private sector reforms require stronger corporate governance without credible accounting systems. Reform outcomes become difficult to evaluate.

[00:46:11]Good accounting allows policymakers to distinguish between temporary adjustments costs and long-term economic gains. It helps separate facts from assumptions, evidence from speculation, reality from politics.

[00:46:28]I have a few words of advice to our young professionals and I'm glad that there are many people in this room that are quite young. Permit me to speak briefly to our young accountants.

[00:46:39]Your qualification is not merely a certificate. It is a license to build trust. Never compromise your integrity.

[00:46:48]Invest continuously in learning. Master emerging technologies. Develop communication skills. Understand economics.

[00:46:58]Understand finance. Understand public policy. Become solution providers rather than record keepers. Only remember that your greatest professional asset is not your technical knowledge. It is your reputation.

[00:47:13]A reputation built over decades can be destroyed in a single unethical decision. Guard it carefully.

[00:47:25]Next, I have a call to professional leadership.

[00:47:29]Professional bodies must continue strengthening ethical standards, updating professional education, supporting digital transformation, encouraging research, collaborating with governments, promoting public financial literacy, building capacity among small businesses, supporting sustainability reporting. The accounting profession should remain one of Nigeria's strongest voices for transparency, accountability and responsible governance.

[00:47:59]A charge to our new chairman.

[00:48:02]A district chairman inherits a platform at exactly the level where the profession touches real life. You are taking office at a moment when the nation needs its accountants more than it knows. May your tenure be marked by the two words that define us all.

[00:48:20]Accuracy and integrity.

[00:48:23]Four practical commitments can help to make this tenure count. And I know some of this we're already doing in uh in our district society. Number one, run a continuing professional development series on the new tax regime so that every member can guide clients and employers through implementation with that with confidence.

[00:48:46]Two, open anme clinic offering basic bookkeeping and compliance support to small businesses in this district because the enterprises that employ most Nigerians live or die by whether a lender believes their numbers.

[00:49:03]Three, pair experienced numbers with trainees and young graduates in a structured mentoring scheme so that technical skill and morage and moral courage are passed on together. Four, stand visibly behind members who raise uncomfortable findings because every accountant who declines to sign a misleading account protects savers, workers, and taxpayers who will never even know their name.

[00:49:34]In conclusion, Mr. Chairman, ladies and gentlemen, the world will continue to experience uncertainty as we have been seeing. Economic turbulence will not disappear. Markets will continue to fluctuate. Technologies will continue to evolve. Policies will change. But one principle remains constant. Reliable information produces better decisions. Better decisions create stronger institutions. Stronger institutions build stronger economies.

[00:50:06]Accounting therefore remains far more than a profession. It is a public good.

[00:50:12]It is a foundation of economic development. It is the compass that keeps governments, businesses, investors and societies on course. As we celebrate this week's investature, let us remember that leadership in accounting is ultimately leadership in nation building. May every accountant >> minimum viable.

[00:50:36]May every accountant continue to uphold the highest standards of competence, integrity, transparency, and service. If we remain faithful to these principles, then regardless of the storms ahead, accounting will continue to provide the compass that guides our economy safely towards prosperity, resilience, and sustainable development. The image of the compass endures because a compass does not shout. It does not flatter, neither does it panic. It simply points to true north. Nigeria's journey will continue to face inflationary pressure, fiscal constraints, currency uncertainty, and global volatility.

[00:51:19]Accounting will not calm every storm.

[00:51:22]But without it, we may not even know where the storm has taken us. With integrity as our true north, this country can chart a steadier cause towards resilience, accountability and shared prosperity.

[00:51:37]I congratulate the newly invested or those who be invested even on Saturday.

[00:51:43]Leaders, I congratulate you once again and wish the institute continued growth and greater relevance in advancing Nigeria's economic development.

[00:51:53]Congratulations.

[00:51:54]Thank you for your kind attention.

[00:51:58]God bless the accounting profession. God bless the Institute of Chartered Accountants of Nigeria. God bless the Federal Republic of Nigeria. Thank you.

[00:52:11]>> Go ahead and give it up for our own professor Adeniku FCA.

[00:52:19]I think you can do more. Give it up for her.

[00:52:25]Fantastic. Thank you so Thank you so much ma for that wonderful delivery. Um at this juncture uh if you have questions so we'd like to feel questions at this point. So if you have questions on that well detailed um lecture please come step up. Let's have your question.

[00:52:55]Let's have your question number one.

[00:53:00]>> Thank you very much, sir.

[00:53:06]A very big congratulations to our paper presenter professor Adamu FCA for that well delivered and well presented paper. Uh more grace onto you ma standing on the existing protocol. My name is Moses FCA.

[00:53:30]Here's my question.

[00:53:32]I'm bringing I'm taking from some of your words uh compass sustainability bringing this into practice especially into the auditing profession before you are we are talking about accounting as a compass so before you are an auditor you are first an accountant okay now my question is we are talking about sustainable reporting as an auditor or coming into the auditing profession. How do we strike a balance between auditors having every reason to give a qualified audit report based on the information available at his disposal and the management desiring an unqualified audit reports >> bearing in mind that if the auditor refuses to bend to the desire of The management by law according to KMA 2020 section 401 the auditor can only stay in office just for one year from the beginning of one AGM to the conclusion of the next AGM. So all your power all your whatever only last you one year. The management can the directors can refuse or the the directors can influence the shareholders especially for small and medium companies.

[00:55:07]refuse to give you another term of office. Okay. So, how do we strike that balance? So, this is bringing a case of theory versus reality. How do we strike a balance between integrity, sustainable reporting and faithful reporting without losing clients and going hungry in the face of competition and unfaithful business leaders? Thank you, ma'am.

[00:55:41]All right. Thank you very much. Our guest speaker has magn magnanimously nominate me to answer that question.

[00:55:56]And so thank you for your question. Uh dear Moses, you see you have a responsibility and your responsibility is to the profession is to your certificate.

[00:56:13]So anything that will go against you and that certificate avoid it. We know the stomach want to eat. We know that. We know that there is undue pressure to do that which is unethical. She spoke so much on ethic unethical practices. So if you know that at the end of the day aka will take you to a disciplinary committee for investigation and at the end of the day your certificate may be wed. Please avoid it. All that greater is not good.

[00:56:53]A good name is better than so please we know that things are difficult and we in practice we face it the question is a very very j question that we face in practice is glaring but you weigh the consequences and then by the time you come out and educate the client please even for your own sake the sake of the organization reputation You try to let them know the implication of what they asking you to do. If they say no that you must go ahead and give a clean report and is not right, please state it in your opinion. Say for so so and so reason I'm not able to do that.

[00:57:41]The worst is they ask you to go and I'm telling you there are people we have seen it I'm in practice where we have been say okay go but you may discover that some of them that even were there then they are the one that will now say oh these people stand for integrity let's appoint them you have lost a job today tomorrow that may open other doors for you thank you I have h my here I have two partners in my support here we are in practice Mr. Kab here Mrs. also a partner in Batish is here so I don't know whether you have anything you want to answer >> thank you professor an engagement because we discovered that is going to tarnish our reputation and integrity.

[00:59:36]They had given us part payment of our fee. We had to return the money and we said we refuse that engagement. So that is the height you can get to. There are safeguards where there are issues that you can explore. But if you discover that at the end of the day your reputation is at stake, please for the sake of your certificate like the chairman said because you are going to those who claim they want clean report today. If they discover you stand your ground, we come back tomorrow to say yes, we are getting you back because we discovered that they on wrong uh um path. And you see accountancy is is gone beyond uh what we used to do.

[01:00:28]Now apart from the icon Icon apart from Icon you have FRC financial reporting council and if you by any chance you are scrutinized by FRC every infringement is a cost not only to the company to you as the auditor if you are a team leader to the team leader to the partner who signs to the company that's your firm and also to the company the directors you have seen sanctions some of them are not published uh in Nigeria but abroad you see sanctions coming to partners some will be sanctioned that they should not sign any account or practice for a period of six years and so what will you be taking that means nobody will be able to engage you as an individual nobody will be to engage you. So which means so it it boils down to integrity and um uh I'm in practice and uh and I know but I have a principle one is that you cannot continue to be in business and say you are making losses.

[01:01:52]I don't know whether I'm saying something but because you will discover for how long will you be able to sustain your losses >> no >> and you'll still be in business. So these are this boils down to you now going down to begin to ask some damine questions. There are questions that you need to ask to begin to see what are the issues that have been coming up and that is why all these what the standard is asking us to do. The standards are there to guide us. When you really work on the standard you discover the flaws that are even in account in the in the papers presented to you will be very obvious and you can discover them. So I want to say for the sake of your reputation and your name and your certificates well now I think maybe it's easier to get icon certificate than before. So but don't ever trade it for anything. Thank you very much.

[01:02:58]Do we have online questions guys? Do you have online questions? No, not yet. So, let's take numbers so that we can lob the number the questions together. Number one.

[01:03:11]Number two, three. Not from that side. Three. Okay, I'll give to chairman first. Ah, chairman ask a question.

[01:03:23]I hope you will not answer this question. [laughter] Thank you very much for the paper.

[01:03:31]Honestly, it came at the right time and you have teach it out to us. We appreciate you and that is why we are proud of you. The icon in you is what is making the difference and not the professor. Thank you very [laughter] So on that note I want to you see like the compass somebody develop it is the pilot that use it to navigate a direction to go. We the accountants like you said the cases you cited Aaron Cabbury there were accountants that were there [snorts] even in the case of Tony Ani our former minister of finance who was the I think K president at the time on council me late the late minister under Abasha with all the fraud that happened that we have accountants and the question is People continue to ask auditors, accountants, were you not there?

[01:04:39]But my question is like you said now the tax law has come to place.

[01:04:47]Many at times we in practice you go for tax audit there are established liabilities. The next thing those who implement it are the one that I get to decide you theata you are finished and then they will say okay let's share it they go with the lion part and then the government take part and that is what you see so I don't know what the accountant can do in this case there are laws they try to implement but those who administering this process they are the one compromising it to what extent like my brother said to what extent can the accountant go in those cases thank you I don't know I'm clear what can >> yes other this system that is being managed by the those who the politicians those the government those that make the laws so number two thank you prof for the thoughtprovoking lecture you give to us in the course of the lecture and I know even the dayto-day news line and the rest of it the government will come out and say uh inflation rate is going down maybe by last month I think around 40% thereabouts the question is if you look at individual of us who patronizes markets are we actually seeing that inflation is really going down or being managed by government to present the economy as being booming. That's my question.

[01:06:36]Thank you ma'am. I want to go also by the already established protocol and I want to say a big thank you. My question is on sustainability accounting and it's also related to what uh my August has been saying in maintaining a sustainability accounting you know the new dimension is looking into ESG how would amemes be able to follow that sustainability accounting in the concept of ESG considering the requirements cost and the aftermath benefit thank you >> let's allow prof We take those three. Is anyone from his side?

[01:07:17]Question question. Okay, let's allow Okay, there's not.

[01:07:27]>> Okay, let's allow Prof to handle this.

[01:07:31]>> Thank you very much. Actually, I I asked our chairman to speak earlier because of his vast experience in audits and I felt that that would go a long way and I'm glad that even Mr. Elder Marcos has also contributed something. I believe we are better off for it. It's good to hear from them firsthand to see that it's actually possible to decline some jobs.

[01:07:57]uh anything that's going to stain you or malign you is better you move away. I remember some years ago there was uh something in our church at that time and I was discussing with someone and she then said that but people you don't have to take any job that they're going to ask you that a portion of it that look if your bill is 1 million make it 1.5 oh because the 500 on top is coming to us that you don't must you take the job it looks juicy it's nice but it's it's going to lead to some compromise and it's interesting to hear that I mean They even rejected a job that already certain deposits has been made. So that's why I actually wanted them to make that and I think they are very much in order.

[01:08:46]>> But you the YOUNG SHALL GROW. LET let me give you the example of someone this person they in the book uh industry and I think they there was a government advert out that people should bid for I think to supply books for maybe primary schools or secondary schools and they bided for it and they quoted a good I mean amount a reasonable amount because they knew they will import certain books and the ones that they were producing locally the two would give them something and somebody else some other companies quoted something far lower and the work was given to those other people because normally once the bid is open is given to the lowest uh the lowest bidder they gave them the job they couldn't do it because already they had undercut you know what they were so at the end of the day they came back to those other people so it's encouraging hearing testimonies like that for me I think is encouraging to know that sometimes when you you are a lone ranger you want to do things the proper way. In the short run, it may look at like you are losing out, but in the long run, it will work out. People want uh they want confidence. They want people they can trust really. Even those ones who were telling you to sign some not to give them a qualified there will be somebody amongst them that will feel that these people are good. We should work with them. They will not be people who will compromise uh in the future.

[01:10:13]Um the question is to what extent can accountants okay our chairman said that when you are in such a corrupt system you know we talked about whistleblowing some time ago unfortunately Prince has left I know he was championing that issue of whistle blower you know we if more and more of us desire to do what is right then there won't be other people that they will turn to because those so that nobody's going to compromise. I don't know whether that makes sense. So if more and more of us decide that let's do things the proper way, let's insist on that then over time may not be so in the short run. I was reading something recently. I can't put my finger on where exactly it was, but I think Elder Marcos mentioned it where uh some auditors, some accountants were fined. One was given was it 500 million that they were to pay because of uh because the company that they certified actually went down and uh they were asked to pay it was I had to look at the figures again. 500 million was the uh fine that was given to that uh auditing firm. Then another one the auditor the accountant himself was sanctioned I think for maybe three months another one for six years I I can't remember the particular place I would have wanted to know to quote it so that uh you can be but I saw it just in recent times telling you that uh prof Nigeria will get there too in the short run at least things are improving maybe they are better than uh the where we was where we were previously uh Mr. Y when he was talking or professor Yel now when he was talking some time ago I attended um an online meeting you know this sensitizing the public has been on for quite a while not just last I think since upper year and on the call I think I did ask him that sir when all these things come into place and more revenue comes into the pockets of government how will we ensure that that additional revenue will be to our advantage age. He told I didn't even know that I mean to the glory of God today he's where he is that he will get to that position. He said that from a very as a young accountant, it had been his dream, his passion that one day things would and you can go somewhere and do something and you will get it maybe later in the day or tomorrow morning.

[01:12:51]But he wasn't willing to do that. He was he went online and was feeling the things small small small ultimately he got it but you know it took quite a while. So as time goes on sir maybe all these things as more and more people uh God is placing us in in good places that are strategic things will change. So we should all buy into that uh future that things would improve things will change.

[01:13:17]Then the next question, inflation is going down. Are the markets show I think I actually mentioned it while while talking that uh one report says that the macroeconomic indicators actually look is showing that Nigeria were improving.

[01:13:31]2023 2024 they were all going down but from 2025 things have actually started improving and in our pocket maybe we're not feeling it 100% but it's not as bad as it used to be because I think 2024 was this cement or something that the price just kept increasing so nobody even to quote you know they give you a job you can't put a particular figure they will tell you it's assert today we wanted to buy a computer in one of our big uh stores here in Ibadu and the person put right clearly on top as at so so so and so that tomorrow you will now come and say that you told us h the computer is it it has changed that things are still uh changing but like I said I believe that there's a bit more stability now as opposed to the earlier years of 2023 or 2024 uh it's not perfect but there's some improvement Sustainability accounting is looking into ESG. How can uh small companies how can they cope with the cost? I think it was part of the challenge that I actually gave the chairman and the incoming executives that they should look into howmemes can be helped. Uh I know that the society for women in taxation in your state we did some sensitization I think sometime last year or was it early this year? We were we were a technical session >> number of >> on Thursday >> on Sunday >> on Sunday >> that was attended >> and number one >> over 700 people >> online on sustainability langu had a technical session on Sunday virtually that was attended by over 700 to do their business better. It's true those costs are there but that is the way to go really and we should encourage them h in that direction. Thank you.

[01:15:51][applause] Thank you so much Cr. We really appreciate you for this wonderful um delivery. Thank you so much. At this juncture, I'd like to invite our chairman, the man of the week as we as we are. So, and the celebration is on.

[01:16:09]Yes. So, the main event is in fact today is actually a main event for me because I've grabbed a lot. I've really got Please give Prof a big round of applause. She deserves a lot. [applause] I'd like to invite our own chairman, Elder Partisen, to please appreciate her and as to give the vote of thanks.

[01:16:34][applause] Thank you very much, our patron, Ed Maros Kodaki, our host Dr. You don't know him. A gentleman indeed.

[01:16:55]Reverend Dr. Taiwa or Lat FCA.

[01:17:01][applause] accounting has gone beyond debit and credit.

[01:18:02]Audit has gone beyond ticking and vouching.

[01:18:06]You have to upgrade of skill AI compliance erh what do you technological compliance and everything to do your work in order to be relevant we are talking about sustainability and accounting that is the if you know how much those who are competent in that area are charging I'm sure people like Mr. Moses where they hear that figure they may close shop one day. [laughter] I pray you will get there sir. So want to appreciate everyone for taking out time to attend this lecture.

[01:18:48]The audi of accounting department university of Ibador I don't know whether he's here. I just talked to him day before yesterday night and gladly he sent some students here. The same thing with the As of the accounting department uh the poly techchnic we appreciate you. Of course my whole constituency they are ablely represented here by partners by manager by all the staff. We appreciate you.

[01:19:29]I pray that uh on behalf of Beati will keep the flap flying. Uh I pray that I will not let you down. Don't shaking out. Don't run away. I saw you.

[01:19:45]H so that you not say I cannot recognize you again. I know you now. You are welcome. Indeed. everyone who have taken the time out of their busy time to attend this lecture we appreciate you h the essence of this lecture like priest h Dr said and our prof you see during the investition proper on Saturday that is when this lecture will have taken place but you discover that when we are doing investigure people pay attention to the social activity part and they hardly concentrate the way we have concentrated to hear what our dear prof just discharged and it has been wonderful. It is one of his first kind in the issue of icon by any district lagu and district society. They are always the force in everything needing others. So we are proud and on this note I want to also invite all of you to other coming up programs in the course of this investition. Tomorrow we'll be having a cy visit to the NYC at the secretary at Tagodi. We are expected to gather by 10:30 latest at the car park in front of that place. You are all invited. The more the merrier, the larger the number, the better for us to have a say there.

[01:21:15]Want to go there and showcase showcase the icon brand in us. Please join us.

[01:21:22]And if you're coming, if you have the t-shirt, you can put it on. If you don't have like me, you can also dress in any form. The icon in you will speak the difference. So please join us tomorrow.

[01:21:36]On Friday there is going to be a Juma service is not meant for the Muslims alone. If you want to join them join us the location that is the mosque we have written to the states mosque at the secretariat for approval on Friday for a thanksgiving if not for God won't be where we are today. Uh so please join the our Muslim brothers and sisters on Friday for the Juma service and to God be the glory on Saturday is going to be the ground finale and that is the investigation proper. It is expected to commence 11 sharp. You know in ICAN our prophet said accuracy and integrity no Africa time in ICAN. Please avail yourself so that you can take a very comfortable space. I can assure you if you come late to you may not have space because we discover late now that those who are willing to come may exceed that capacity. We are visiting 650 capacity but the people that are showing interest, people that are coming with buses from outside or your state are many. So please aail your make sure you you come you know as the shman the person they are going to investigate whether you like cond or not I will get space so [laughter] I must be seated otherwise there will be nobody to invest so please come early take your space and by the grace of god there's going to be a lot of fun a lot of activities a lot of interaction as we are here looking at this gathering I see men are women who are in positions who can help you to drive your destiny, who can help you to project your business, who can help you to showcase yourself to the world. But are you interacting? One of the purpose of that investition is for you to interact, business are coming, owners of business are coming, people who are driving the private sectors are coming, who are driving the government sectors are here.

[01:23:47]So please come that day release yourself build relationship exchange cards exchange uh contacts for your business for your consultants so please on Sunday come let's dine and wine together on Saturday sorry dine and wine together the military we have hired we pay for two set of military set banks that are there's going to be a ceremonial aspect There is going to be musical aspect to be handled by the Nigerian army. So please come and enjoy yourself. And on Sunday to God be the glory, we are going to return all the glory to the almighty God for the success of the activities that commenced last Saturday with the press conference and the venue is the new covenant church on ibador. You are all welcome. Come well dressed and come with money in your pocket to appreciate God for the good work he has done for us. We pray that on Saturday God will give us fair weather in this rainy season and by the grace of God those who are coming will come safely and they will return safely.

[01:25:01]There will be no evil report and all of us here that day by the grace of God none of us will be missing. Thank you all and we appreciate Almighty God.

[01:25:10]Thank you.

[01:25:14]You can do more for the chairman. No.

[01:25:18]Thank you, sir.

[01:25:20]So, we're wrapping up with the um the anthems. Immediately after the anthems, we are going to take group pictures. So, you don't have to rush out the anthem, the group pictures. Then afterwards, we will network. Just like the chairman has said, make sure you connect with somebody for the students. there are people here who can mentor you um to to greatness. So um let's have the media team give us the anthems as we wrap up the show. Thank you all for coming.

[01:25:49]Let's rise up for the anthems.

[01:25:59][music] [singing] Let us be on the street. [music] [singing] We live our way. We all [singing] stand as one with unity and strength.

[01:26:27]Our journey has begun. Integrity, [singing] accuracy, guiding us. Each day them with I can cover. [singing] We lead the way.

[01:26:44]We [singing] lift each other up. How we driving like yellow on the street. Every voice is together. We stand upon this strong with I can cover loop. We lead [singing] the way. We are like this free. Stand it all as one with unity and strength. Our journey has begun. Integrity, accuracy guiding us each day. With I [singing] can cover you. We lead the way.

[01:27:32]>> [singing] >> Never dim guiding us for one. Believe in the power of sh of every member [singing] shine through. We are like and the street stand it all as warm with unity and strength. Our journey has begun.

[01:28:01]Integrity accuracy guiding us each day with I can cover. [singing] We lead the way in district society. We unite. We collaborate with every >> Thank you everyone. So let's take our group photo.

[01:28:29]>> Yeah, exactly. Yes, sir. So the >> we're using here so that we can >> as so member we take it after the order.

[01:28:41]Just please hang on.

[01:28:44]>> Oh yeah.

[01:28:45]>> Yeah. Prof. Prof. No, no, don't worry, Prof. We'll remove it.