Nigeria’s accounting sector lacks proper regulation – Expert

A United Kingdom-based Financial Expert, Folorunso Ajayi has said that Nigeria’s accounting profession is not being properly professionalised.

Ajayi, who is the Chief Executive Officer of Accountants At First Horizon Limited, made this statement known to Tribune Online on Wednesday.

The 20 years of experience as Chartered Accountant noted that an accountant does not have to bid for anything in the United Kingdom, unlike the way it does in Nigeria.

He stated that the government and organised business groups bid for services instead.

Folorunso said there is no penalty for the inability to file tax returns in Nigeria due to no or weak form of regulation, urging redress of the situation.

According to him, things will be put in proper shape if the practice is done according to global standards.

“The Accounting profession in Nigeria is not being properly professionalised.

“In fact, it is not just accounting alone. It cuts across all professionals.

“You dont have to bid for anything here in the United Kingdom.

“It is the government and the organised business groups that push for services.

“You dont have to bid for anything in the United Kingdom.

“You have been trained as an Accountant. You come up with honesty and full openness in your practice because there is a requirement that in the company’s house, all companies must submit accounts. All companies must submit corporation tax return. Pension scheme must be properly delivered.

“Even if you are a small company, you need to make a return that you are exempted from pension and every other. You cannot just fold your arm and refuse to comply.

“Nobody does any form of regulation in Nigeria. There is no consequence if companies dont submit accounts in Nigeria.

“It is going to be a win-win for everybody if things are done right- The Banks will have customers.” He said.

READ MORE FROM: NIGERIAN TRIBUNE