Accounting experts recently converged at the J. F. Ade. Ajayi Auditorium, UNILAG to discuss ways to empower accounting students as future accountants in a technologically changing world.
This convergence was at the fourth (4th) edition of Accounting and Entrepreneurship Summit for Students (ACCESS 4.0) organised by the executives of the Nigerian Universities Accounting Students’ Association (NUASA), UNILAG Chapter.
Held on Thursday, May 9, 2024, the summit tagged: “BEYOND THE LEDGER: Empowering Accountants as Business Innovators and Industry Leaders in a Changing World” officially commenced with a brief welcome address by the President of the Association, David Oparinde. The fully packed event featured three (3) keynote speeches, three (3) panel sessions, an inter-school quiz competition and a Business Case Study Challenge.
Keynote Speeches
The First Keynote address was from the 59th President of the Institute of Chartered Accountants of Nigeria (ICAN), Dr. Innocent Okwuosa, FCA who was ably represented by the Chief Executive, ADRAC Professional Services Limited and Council Member, ICAN, Dr. Awobotu. The address emphasised the importance of continuous learning, adding that gone are the days when accountants were only known as book keepers, as “the role of the accountant transcends ledgers and tax forms”. He mentioned that the accounting profession has evolved immensely. He urged students to “collectively harness the spirit of entrepreneurship and innovation. Let the insights you gain today inspire you to transcend traditional roles and explore new vistas of opportunities. Remember, the ledger is merely the beginning, beyond it lies a universe of possibilities ready for the bold, innovative and relentless.”
Speaking in his capacity as the second keynote speaker, Dr. Deji Awobotu, highlighted the changing Accounting landscape; emerging trends and disruptive forces; as well as the need to leverage technology for competitive advantage while adapting to digital transformation. He added that “as the accounting profession evolves, it is imperative that accountants develop a strategic mindset that transcends the traditional confines of their roles”.
Dr. Awobotu he urged the accounting students to embrace a holistic view, anticipate emerging trends, embrace collaborative problem-solving and drive business transformation. He also charged the students to embrace data analytics and cultivate an entrepreneurial mind-set through identifying and capitalising on opportunities.
Another speaker, a Professor of Accounting & Finance at Nasarawa State University, Keffi, Adebayo Paul Adejola representing the President & Chairman of Council, Association of National Accountants of Nigeria (ANAN), Dr. James Ekerare Neminebor, FCNA, spoke on “Digital Tools for Accountants – Beyond the Ledger”. He explored the concept of the “multi-versatile accountant” and stressed the need for accountants to embrace various digital tools to enhance their efficiency and effectiveness. While pointing out beneficial digital tools such as Blockchain and Cryptocurrency technology, which can revolutionize financial transactions; and Artificial Intelligence (AI) tools like Chat GPT which can streamline tasks like data entry and analysis, Prof. Adejola explained factors to consider when selecting the correct tools as well as the use of trial periods and demos to completely analyse a tool before implementing it.
Panel Sessions
The first panel session was centred on “Navigating the Future of Accounting: Beyond Numbers, Unlocking a World of Opportunities through Digital Technologies (AI, Blockchain, Automation) and Sustainability”. The panellists: Founder, of The Techy Accountant, Oluwatoyin Olufon; Head, Drilling Cost Control, Total Energies, Amobi Oleka; Governance Specialist, Oando Energy Resources, Toluwalase Adeyemi and Senior Associate Deals Advisory, PwC, Philip Bakare, took turns expounding on the important skills accountants must develop in order to flourish in a technologically driven future. The session called for a forward-thinking mindset, skills development, building a strong accounting foundation and the importance of taking ownership of one’s professional development.
The second panel session was on the theme: “Students’ Empowerment, Capacity Building & Career Development for economic advancement: Prospects and Challenges”. The panellists were Technical Specialist, Dangote Industries and Founder, AccountingJobHub, Oyindamola Adeleye; HR Generalist, Emmanuel Faith; 2023 Summer Intern, The World Bank Treasury, Precious Ozegbe and Head of Partnerships, RLabs Nigeria, Elijah Moses. This session provided valuable insights for students in the early stages of their accounting careers. Key takeaways from this session included the importance of students identifying areas of interest and career aspirations so as to tailor their studies and experiences towards their desired path; vision and goal setting; engaging in proactive activities that enhance their skills and knowledge such as internships, workshops, or student-led accounting organizations and identifying/using the right tools and resources to achieve their career goals.
“Becoming a Driver of Change – How Entrepreneurs are Championing Change and Growth in their Industries” formed the crux of discussions during the third panel session. The panellists, Managing Partner, Dbrown Consulting Nigeria, David Brown; Founder and Lead Strategist, Caladium Consulting, Ayo-Bankola Akintujoye and Founder/CEO, Wilson’s JuiceCo. Ltd., Seyi Abolaji; and Boston Consulting Group (BCG) Aspire 2023, Amarachi Nkwoala, explored the essential qualities needed to become a change maker in the Accounting industry. These qualities include: passion & perseverance, talent & skill development, creative thinking, lifelong learning, and integrity & ethical conduct. The panellists emphasized that these qualities were not only valuable for individual success but also crucial for driving innovation and progress within firms.
Inter School Quiz Competition and Case Study Business Challenge
The summit boasted of two competitions – an Inter School Quiz Competition and ACCESS 4.0 Case Study Business Challenge.
- The Interschool challenge
The Inter School Quiz Competition was among 5 tertiary institutions: Covenant University, Lagos State University (LASU), Olabisi Onabanjo University, Yaba College of Technology (Yabatech), and University of Lagos. Contestants from these institutions were tested on their knowledge of strategic financial management, cost accounting, corporate reporting, performance management, financial accounting/reporting, auditing and taxation.
The contestants from LASU smiled home with a prize of N100,000 for taking first place, followed by Covenant University which took home a prize of N60,000 in 2nd place and Yabatech going home with N 40,000 in 3rd place.
- The Business Case Study Challenge
The Business Case Study Challenge was a competition aimed at testing students’ ability to craft winning solutions to business problems using their general knowledge of Entrepreneurship, Ethics, AI, and Sustainability. University of Lagos students in teams of 2s or 3s vied for the coveted prize money of N 300,000 for winner, N 200,000 and N 100,000 for the 1st and 2nd runner-ups.
Team GI Joe consisting of three students of the University of Lagos, Eunice Randle, Oreoluwa Gbokoyi, Jolaade Amodu carted home the prize of N300,000 for their presentation of a Disney Case Study Challenge, while Team Ace comprising Abraham Onadokun, Aminat Giwa and Bisola Alade and Team KMN comprising Miriam Odeyiany, Kemi Mosuro and Naomi Odeyiany clinched the second and third prizes respectively.
Conclusion
All in all, the full day event addressed the significance of continuous learning and adaptability for accountants to succeed in a technologically driven future. It also emphasized the long-term need for a solid foundation in accounting principles and ethical behaviour. Students learnt that their success in the accounting profession and in their future workplaces is dependent on embracing digital tools while remaining true to their basic values.
About ACCESS
ACCESS is an acronym for ACCounting and Entrepreneurship Summit for Students. It is an event created to celebrate Accounting and Accountants in top universities across Nigeria and creating awareness of significant innovations in the profession. Formerly known as Global Accounting Summit, ACCESS seeks to educate existing and upcoming professionals on what it takes to be relevant in the field of Accounting today. It brings together the best professionals in the Accounting field to share their experiences— how they dealt with the transitions in Accounting and still maintain their relevance to date. ACCESS goes beyond the Accounting profession to encourage Entrepreneurship, Innovation, and Creativity among youths.
Reporters: Ndidi J. Odinikaeze and Shadrach Donatus
Photographs: Islamiat Akanni and Korede Sobayo
