Laying off workers not solution to economic recession —Don

Public and private organisations in Nigeria have been advised that the keys to surviving in the current economic recession are to inspire employees, sustain customers and be brave in tackling any kind of challenges.

The guest lecturer at the 60th anniversary of one of the first indigenous chartered accounting firms in Nigeria, HLB Z.O. Ososanya & Co., Professor Rufus Akintoye, gave the advice in a lecture entitled: “Business Survival in Economy Recession,” during the event held at Jogor Centre, Ibadan, Oyo State.

He stressed that, “laying off workers is not the solution to survive the current downturn of the economy in the country. Rather it will add more problems which will not be [amenable to correction] even when the recession is over.

Akintoye, who commended the accounting firm’s impact on lives and companies for six decades, said it was important to adopt new strategies to survive recession. He also noted that it would take God’s grace for Nigeria to survive the current challenges because of its dependence on importation.

The don charged Nigerians to adjust by tasking their innovative capacities, reducing expenses, keeping an eagle eye on cash flow, developing new skills, among others.

In his opening remarks, chairman on the occasion, Chief Olu Akinkugbe, who said he was the first client of the firm, described the anniversary as vital, especially for the accounting firm to have survived generations despite challenges, He urged all partners to sustain the legacy which has made it stand out among its peers.

A senior partner in the firm, Lisa of Ondo Kingdom, Chief Simeon Oguntimehin, noted that he was delighted to witness the success story of the firm which he said was founded on truth and resilience.

He also advised the current management to be more proactive in the field and continue to be one of the leading accounting firms in Nigeria.

Some of the dignitaries that graced the event included the co-chairman, African Newspapers of Nigeria Plc, Ambassador (Dr) Olatokunbo Awolowo Dosumu; Pastor Segun Olatunji and acting Chairman, RCC, Mr Dayo Odeyemi; representative of Oodua Group, General Manager, Mrs Yinka Tunji-Ojo; Chairman ICAN, Ibadan Distict, Mr Samson Ayasanya, among others.

In his remarks, the ICAN president, Deacon Titus Soetan, said that Nigeria would not make progress if corruption was not dealt with, just as he urged all Nigerians including the religious institutions to jointly fight graft.

He also commended the commitment of the current Managing Partner, Mr Femi Ososanya, management and staff of the firm for sustaining the legacy of the pioneer, the late Pa Zacchaeus Ososanya.

In his response, the Managing Partner, Mr Femi Ososanya, acknowledged the support of the founding members, clients and management and staff of the firm for standing by the vision, just as he said that he would not relent in improving on the legacy of the accounting business.