A renowned economist and Fellow Chartered Accountant, Professor Olayinka Adenikinju of Bowen University, Iwo, Osun State, has called on accountants to uphold the highest standards of integrity, transparency and professionalism to restore public trust and rebuild confidence in Nigeria’s economy amid ongoing economic reforms.
Speaking at the grand investiture of Elder Patterson Ariemuduigho as the second Chairman of the Lagelu and District Society of the Institute of Chartered Accountants of Nigeria (ICAN) at the UI Hotels, University of Ibadan, Adenikinju said the accounting profession remains central to strengthening public institutions, attracting investment and driving sustainable economic growth.
Delivering a lecture titled “Accounting: The Compass for Economic Navigation in Turbulent Times,” the professor said confidence is often the first casualty during periods of economic uncertainty, making the role of accountants more important than ever.
“In every turbulent economy, the first casualty is confidence. At such moments, accounting must be understood as more than bookkeeping, compliance or the preparation of annual reports. Accounting is a compass,” she said.
According to Adenikinju, accounting cannot eliminate economic challenges but provides reliable financial information needed to identify risks, prevent resource leakages, promote accountability and support sound economic decisions.
“Our duty in turbulent times is to convert uncertainty into reliable information, and reliable information into accountability and confidence,” she added.
Describing accounting as “the language of economic civilisation,” she said virtually every major economic decision – from budgeting and taxation to public expenditure, investment, auditing and corporate governance – depends on credible financial information.
She warned that distorted financial reporting often leads to poor policy decisions and corporate failures, citing the collapse of global firms such as Enron, Wirecard and Lehman Brothers as examples of the consequences of weak corporate governance and compromised accounting standards.
Adenikinju stressed that ethical conduct, professional independence and transparency remain the strongest pillars for rebuilding confidence in Nigeria’s economy.
She noted that ongoing reforms, including fuel subsidy removal, exchange-rate liberalisation, fiscal restructuring and tax reforms, require credible accounting systems, sound professional judgment and transparent financial reporting to achieve their objectives.
“Good accounting forces us to confront economic realities honestly. A country cannot chart a sustainable path to recovery using figures it does not trust,” she said.
The economist acknowledged improvements in some of Nigeria’s macroeconomic indicators but maintained that stronger financial reporting, fiscal transparency and public sector accountability are essential to sustain investor confidence.
She urged accountants to support evidence-based policymaking through accurate revenue forecasting, transparent tax administration, prudent debt management and effective monitoring of public expenditure.
Adenikinju also referenced research by accounting scholar Dr. Fatai Atanda, noting that poor-quality accounting information, earnings manipulation, weak internal controls and ethical lapses have contributed significantly to corporate distress.
However, she argued that the accounting profession has continued to evolve through stronger regulations, improved corporate governance and stricter ethical compliance.
“The accounting profession will continue to serve as the thermometer, but not the cure. It measures the health of organisations, but good governance, ethical leadership and sound management are required to prevent failure,” she said.
On emerging technologies, Adenikinju encouraged accountants to embrace artificial intelligence (AI), blockchain, cloud computing and data analytics while preserving the ethical values that define the profession.
“Technology can automate transactions, but it cannot replace professional judgment or integrity. Every signature on an audit report represents public trust, and every financial statement influences economic confidence,” she said.
She also urged young accountants to invest in continuous professional development, embrace digital innovation and protect their professional integrity, describing reputation as their greatest asset.
The professor also charged professional accounting bodies to strengthen ethical standards, promote sustainability reporting, deepen digital competence, encourage research and support government efforts aimed at improving transparency and accountability.
She called on the new leadership of the Lagelu and District Society of ICAN to champion continuous professional development on Nigeria’s new tax regime, support small and medium-sized enterprises (SMEs), mentor young professionals and defend members who uphold ethical standards.
According to Adenikinju, the accounting profession must remain one of Nigeria’s strongest voices for transparency, accountability and responsible governance.
“Leadership in accounting is ultimately leadership in nation-building. If we remain faithful to the principles of accuracy and integrity, accounting will continue to provide the compass that guides Nigeria towards resilience, prosperity and sustainable development,” she said.
