A past president of the Institute of Chartered Accountants of Nigeria (ICAN), Dr Comfort Eyitayo, says accountants, as custodians of financial information, have a role to play in ensuring the financial and economic stability and resilience of any economy.
Dr Eyitayo stated this in an investiture lecture titled, ‘Empowering Financial Stability and Resilience,’ presented at the investiture of the eighth chairperson and inauguration of the executive committee of the Society of Women Accountants of Nigeria (SWAN), Ibadan Chapter, on Saturday, August 17.
In her acceptance speech, the eighth chairperson of SWAN, Sileola Akinbowale, pledged to uphold the tenets of SWAN and the institute.
She noted that her tenure would centre around seven key pillars of membership growth, membership empowerment, collaboration, community support, innovation, infrastructure development and digital presence.
Akinbowale said: “We will introduce innovative ideas to attract new members and retain our existing ones by creating a welcoming and inclusive environment. We will ensure that SWAN Ibadan Chapter continues to grow and thrive in leaps and bounds.
“On membership empowerment, we will empower our members through bi-monthly technical sessions, providing opportunities for continuous learning and professional development. Additionally, we will establish a robust support system to ensure the happiness and wellbeing of all members.”
Eyitayo, in her lecture, noted that the role of accountants extends beyond the numbers as members of the profession must deploy viable strategies to ensure efficient allocation of resources.
She said: “Our role extends far beyond the numbers. We are the architects of financial stability, the strategists who ensure that resources are allocated efficiently, risks are managed prudently and organisations, whether in the public or private sector, remain resilient in the face of economic turbulence.
“In today’s rapidly changing global economy, the importance of financial stability cannot be overstated. It is the foundation upon which economic growth is built, the bedrock of investor confidence and the lifeline of every enterprise. Financial stability is not just about maintaining balance sheets; it is about creating a sustainable future, where businesses can thrive, jobs can be created and communities can prosper.
However, financial stability does not happen by chance, it is cultivated through strategic planning, disciplined execution and continuous learning. As accountants, we are the custodians of these principles. We must lead by example, empowering our clients, organisations and communities to achieve and maintain financial stability.”
On financial resilience, Eyitayo noted that a proactive approach to risk management is required from individuals and organisations alike.
She said: “It demands that we, as accountants, go beyond traditional roles and embrace innovation, technology and continuous learning. It calls for a commitment to ethical standards, transparency and accountability. It involves diversifying income streams, creating emergency funds and having contingency plans in place. Most importantly, it necessitates a mindset of flexibility, adaptability and of good leadership, with which we can guide our organisations and clients through uncertainty with confidence and clarity. It means, being open to change and ready to pivot when necessary.
“As leaders in the accounting profession, it is our duty to promote these principles of resilience. We must encourage our clients and communities to think beyond the immediate future, to prepare for uncertainties and to embrace the opportunities that change presents.”
The National Chairperson of SWAN, Mrs Hilda Ozoh, in her keynote address, charged the eighth chairperson and the executive committee members on membership drive, innovation, entrepreneurship and women empowerment.
Ozoh said: “You have to influence every member to pursue a common goal and ensure SWAN’s impact is felt in Ibadan and its environs. You have to ensure your chapter soars and keep the flag flying higher.
“Your focus must not be limited to the following but you must inculcate them: you must enhance the status of women via training programmes and empowerment; you must continually promote and uphold ICAN’s image; you must enhance the associative machinery of SWAN; financial and technical support for SWAN members; you must continue to assist the less privileged and the handicapped in Ibadan and its environs.”
The event also had goodwill messages from attendees including the President of ICAN, Chief Davidson Alaribe; Chairman of ICAN, Ibadan and District Society, Alhaji Babatunde Kilani; the paramount ruler and Osemawe of Ondo Kingdom, Oba Adesimbo Kiladejo, who was represented by High Chief Simon Oguntimeyin; Chairman, Committee of Past Presidents, ICAN, Ibadan, Timothy Oyelami, among others.
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