***harps on closing digital gap in accounting
By Comfort Olayinka
The Chairman of Keystone Bank PLC, Lady Ada Chukwudozie, has emphasised professionalism, integrity, and the need for digital skills and innovation among accountants.
During her keynote address at the 75th induction ceremony of new members of the Institute of Chartered Accountants of Nigeria (ICAN), on Wednesday in Lagos, Lady Chukwudozie urged the newly inducted members to perform their duties with “dignity, courage, and character.”
She emphasised that “accountancy in Nigeria goes beyond mere recording of financial transactions; it is the very foundation upon which financial integrity, economic transparency, and sound governance are built.”
Speaking on the topic ‘Financial Leadership for Sustainable Development: Best Practices and Future Directions,’ the Chairman of Keystone Bank, who doubles as a Special Guest of Honour, explained that the future of financial leadership requires practitioners to evolve beyond traditional approaches and embrace new perspectives and strategies to drive progress.
Lady Chukwudozie, who is also also the Chairman, Manufacturers Association of Nigeria (MAN), Anambra, Enugu and Ebonyi Zone; urged ICAN to address the digital skills gap within the accounting profession to empower accountants in providing more insightful analysis and contributing to data-driven economic decision-making.
She said, “Today is not just a formality but a rite of passage and a declaration that you are now part of something larger than yourself – a network of professionals bound not just by skill but by principle. You have earned a seat at the table. I charge you to always occupy that seat with dignity, courage and character.
“I am speaking on a topic that is not only timely but also pivotal to our national discourse; Financial Leadership for Sustainable Development: Best Practices and Future Directions which resonates deeply with the current realities and aspirations of our dear country Nigeria. As the Chairman of Keystone Bank, who is equally actively engaged in the private sector, I understand firsthand the transformative power of accountancy in strengthening corporate governance, building investor trust, ensuring regulatory compliance and shaping resilient economies.”
She continued, “On Ethical Governance and as professionals, ethics must be our north star. ICAN must continue to sanction misconduct and celebrate excellence. According to a KPMG Nigeria survey (2023), 42% of financial fraud cases involve collusion between internal staff and external consultants. This must end.
“ICAN’s commitment to enforcing a zero-tolerance policy against professional misconduct must be encouraged and consistently applied nationwide. Integrity is the non-negotiable currency of trust in the financial world, strengthening disciplinary mechanisms and promoting a culture of ethical behavior from the moment of induction throughout a member’s career are crucial. ICAN’s collaboration with regulatory bodies like the Financial Reporting Council of Nigeria (FRCN) is vital in ensuring adherence to these standards.”
On closing the digital gap, Lady Ada Chukwudozie said, “Currently, the fourth industrial revolution is reshaping industries globally. Accountancy is no exception. Embracing data analytics, blockchain technology for secure and transparent record-keeping, artificial intelligence for enhanced efficiency and fraud detection, and of course, it is important to note that a cloud-based accounting platform is no longer a futuristic concept, but a present-day necessity. Digital literacy must become a core competency embedded in the ICAN curriculum and continuous professional development programmes across Nigeria. This will empower accountants to provide more insightful analysis and contribute to data-driven economic decision-making. Today’s accountants must master tools like QuickBooks, SAP, Oracle, Power BI, and blockchain auditing tools.
“As of 2024, less than 12 per cent of accountants in Nigeria are trained in blockchain and auditing. This gap must close if we are to remain globally competitive. It is my suggestion that ICAN should champion a national digital competency framework for accountants in collaboration with NITIDA and the Ministry of Communications. The next area will be nationwide capacity building and continuous professional development. And this should not be a mere formality, but a strategic necessity, as ICAN must prepare to respond to the evolving regulatory landscape, market complexities, and other emerging economic challenges. So ICAN should collaborate with universities and professional training institutions across the country to offer specialised certifications and workshops in areas like forensic accounting, tax management, and IFRS updates.”
While inducting the new members of the institute, the 60th President of ICAN, Davidson Alaribe, encouraged them to view the achievement of Associate Chartered Accountant as the initial step in their lifelong learning journey.
“Now that you have become chartered accountants, you must become high-flying professionals who are disciplined and committed to upholding the highest levels of accuracy and integrity. You are now chartered accountants, you have to go beyond the appellation, you have to leave your comfort zone. This is just the beginning. By next year, when I see you, you should not be parading ACA alone, add something to it,” he said.
ICAN inducted a total of 1851 new members, comprising 53 per cent females and 47 per cent males.
