EKITI STATE UNIVERSITY, ADO-EKITI

46th INAUGURAL LECTURE

Delivered by

PROF ANTHONY IGE ADEKUNLE OWOJORI

Dip Sec (Ibadan), B.Sc (Hons) (Nsukka), MA (Ohio-State, USA), PhD (Zaria), ACTI, FCA

PROFESSOR OF BUSINESS & ACCOUNTING EDUCATION

Date: Tuesday, 25th April, 2017

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 © PROF. ANTHONY IGE ADEKUNLE OWOJORI

First Published, 2017

All rights reserved

ISBN: 978-978-959-844-1

Published and Printed by

Ekiti State University Press
Ado-Ekiti, Main Campus
PMB 5363, Ado-Ekiti
Ekiti State, Nigeria.

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 The Vice-Chancellor,
The Deputy Vice-Chancellor (Academic)
The Deputy Vice-Chancellor (Development)
The Registrar, Bursar and Librarian
Provost, College of Medicine
Provost, College of Postgraduate Studies
Dean of Education
Deans of Faculties and Heads of Departments,
Directors of Units
Other Academic and Non-Academic Staff
Your Excellencies
My Lords, Spiritual and Temporal
Great Nigerian Students,
Gentlemen of the Press
Distinguished Ladies and Gentlemen

1.0 Preamble
Vice-Chancellor, Sir,
Like any other person that I witnessed mounting this rostrum,
and as a Catholic, I give glory to Jesus and honour to Mary. They
are worthy of praises, for, it has pleased God Almighty to
strategically and culturally plant the seed that culminated into
this man, who is humbly standing before you today, fulfilling
destiny; nurtured him to come to the world circumstantially,
assured him as early as age ten that "my son, fear not, I am with
you always, where you think the road is closed, my Angels would

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 pave the ways to fulfill my promises to you". Glory be to His
Holy name.

2.0 Introduction
When, in 1990, I was thinking of whom I should dedicate my
PhD dissertation to, several names came to my mind. To my
father, who left me when I was barely seven years old? My
mother, who stayed a little longer to see me pass West African
School Certificate Examinations? My beloved wife, who
weathered the storm with me through the travails of this world?
Or, like many others, to God Almighty,” the author and finisher
of our faith"?
After much rumination, an inspiration from the "Pilot" of my
ship, eventually directed me to dedicate the work to "those who
had, and will still positively and negatively affect the eventual
realization of His will for me" (Owojori, 1990).

This inaugural lecture, therefore, is again, inspirationally

dedicated to those who had contributed positively and
negatively to the ultimate realization of His will for me to be
counted worthy to be endowed with this professorial chair of
Business and Accounting Education, the first in Ekiti State
University, the first in the Faculty of Education and the first in
the Department of Vocational and Technical Education. May His
name be praised.

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 Vice-Chancellor, Sir, I was initially employed as a Senior Lecturer
in the Department of Accounting, Faculty of Management
Sciences in 1998 but was transferred to the defunct Department
of Educational Foundations and Management, Faculty of
Education in 2003, “without any loss of status and salary”
(Ogunniyi, 2003).

I took that transfer as a challenge of life. As a human being, it

almost demoralized me, though I had my Bachelors, Masters
and PhD degrees in Business Education with accounting option.
At a point in my life, I needed a post-doctoral study. My interest
was to take another degree in Law or study for the professional
examinations of the Institute of Chartered Accountants of
Nigeria. I opted for the latter. I studied and wrote the
professional examinations of the Institute of Chartered
Accountants of Nigeria from Foundation to the final Professional
III level then.

In other words, I have already passed the Professional

Examinations of the Institute of Chartered Accountants of
Nigeria, becoming an Associate member, had my articleship
with Akinleye Martins & Co (Chartered Accountants &
Management Consultants) and obtained a practicing license as a
Chartered Accountant in practice before I joined the Department
of Accounting. These, in addition to my doctoral degree,
qualified me to be employed to the Department of Accounting

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 for both NUC and ICAN accreditation purposes in the first
instance.
In 2004, providence turned the transfer to benefits for me.
Capitalizing on my presence as someone with a doctoral degree
in Business Education, the Faculty of Education and the defunct
Department of Educational Foundations and Management
asked me to prepare a curriculum for undergraduate Business
Education programme. I adapted the same experience I offered
to the Sandwich programme in preparing the same curriculum
for Business Education in 1998/1999 when Dr. (now, Professor)
E.B. Kolawole, was in charge as Acting Director. I prepared the
three options in Business Education, which are, Accounting,
Marketing and Office Technology & Management for Faculty
Board's consideration and approval. Only Business Education
(Marketing option) got the approval of the Faculty and that of
the Senate of this University at that time.

In spite of this, I continue to be relevant in the Department of

Accounting at the Faculty of Management Sciences where I
teach International Accounting, Financial Reporting and
Multidisciplinary Case Study in Accounting to both regular and
part-time students till now. I also continue to be relevant to the
two professional bodies: The Institute of Chartered Accountants
of Nigeria (ICAN) and Chartered Institute of Taxation of Nigeria
(CITN).

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 Business Education has become a challenge to me since 2005
when the first set of the students were admitted. How time flies!
We have graduated seven sets already!
It is important to state that there is diversification strategy in
Business Education because Business Education is education
about business and education for business (Nannasy in
Owojori, 1979). Business Education is education for life and
education about life. The multidisciplinary nature in Business
Education curriculum not only makes it a gamut for courses like
Accounting, Business Administration, Banking, Finance,
Insurance, Marketing, Transportation, Small Business
Management, Entrepreneurship, Purchasing and Supply,
Auditing, Taxation, Business and Company Law but also makes
Business Education to be a course for everybody irrespective of
the field of study.

No matter the type of course that is studied in Arts, Sciences,

Engineering, Architecture, Technology, Agriculture, Medicine,
Pharmacy, Nursing, and other professional courses in the
Universities, Colleges of Education and the Polytechnics, the end
product is to turn it into business venture and eventually gain
profit from the venture for sustainable personal and national
growth and development. It will not be out of place to say that
whatever course that is read in the University or whatever
business venture that one embarks upon, the ultimate aim is to
make profit in monetary terms either through being employed
in the private or public sector or through being self-employed.

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 I applied the diversification strategy in Business Education and
the fact that I am a Chartered Accountant and Chartered Tax
Practitioner, with practicing licenses from both Institutes, to
accept the challenge which afforded me an opportunity to focus
my post-doctoral research interests on "Business, Accounting
and Governance"

Vice Chancellor, Sir, this informed the title of this 46th inaugural
lecture as: Business, Accounting and Governance:
Quintessential Change Agents for National Development.

3.0 Interrelatedness of Business, Accounting and

Governance
How then do Business, Accounting and Governance interrelate
to become “Change Agents”? In accounting, there is a concept
which is called "Research and Development" (R&D). This is a
systematic activity combining both basic and applied research
and aimed at discovering solutions to problems of creating new
goods and knowledge. R&D may result in ownership of
intellectual property such as patents and copyrights. In
accounting for R&D costs, the development costs may be
carried forward but the basic and applied research costs are
often written-off as incurred.

Practically, every product or service that is useful for human

consumption passes through scientific "Research" either in the
laboratory or the world of work to determine its usefulness

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 and/or marketability. If the outcome of that research is positive,
the prototype of the product or service is then subjected to
"manufacture" and test marketing for consumers' acceptance;
positive outcome of which may lead to mass production and
manufacturing, which in turn, will lead to development of the
product or service.

When the product or service is in the market for sale, the

ultimate aim is to make profit after defraying the cost of
production, finance and administration. The role of Accounting
is to ensure that adequate funds are sourced for the company to
manufacture or produce goods or services and ensure that
"money" realized from the sales is judiciously accounted for, to
ensure adequate returns on investment.

For effective and efficient realization of the objectives of

investing funds in a business venture that will produce goods
and services and account for all costs incurred and revenue
generated, there should be good governance, both corporately
and nationally as both the individuals and the nation will benefit
from the output of this interrelatedness. Here lies the
quintessentiality of these three elements as change agents for
national development.

4.0 Business
People, however simple they may live, require at least food,
clothing, and shelter. To some extent, we can satisfy our wants

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 by growing our food, but for the most part, we rely on others to
provide our other wants in return for Money.
According to Williams (1967) in Owojori, Akintoye and Adidu
(2008), those who satisfy wants by providing goods and services
are producers, and those who use these goods and services are
consumers. Producers include not only workers who make
goods or grow crops, but also those who give services in offices,
banks, hospitals, airports, etc. A factory worker may think clerks
and motor drivers are not producers because they do not make
goods which can be sold for the MONEY required to pay their
wages. But without the railway men, the lorry drivers, the typists,
and many others, the factory would soon come to a standstill,
unable to obtain supplies and to sell what it had already made.
We are consumers, for all of us want goods and services from
others. We are also producers, earning our living by selling what
we can provide.

From the above simple scenario, it is not out of place to say that
everybody is in the BUSINESS of producing goods and services
and in the BUSINESS of consuming goods and services. In other
words, whether you are an engineer, architect, scientist, medical
doctor, pharmacist, chemist, or teacher, you are in the business
of making MONEY.

Whatever course of study that is offered in any tertiary

institution, it is suggested that students should offer business
education as a compulsory elective. (Owojori, 1990) This

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 recommendation has metamorphosed into the introduction of
Entrepreneurship course in all tertiary institutions today in
Nigeria. Entrepreneurship is a major course in Business
Education and has become a major antidote in alleviating
unemployment in Nigeria.

4.1 Business Entrepreneurship

In order to produce goods and services, four factors of
production, i.e. Land, Labour, Capital and Entrepreneurship
are traditionally required. These factors are combined to make
the operation of a business possible. An entrepreneur is a
person that decides to go into business and is regarded as: (a) a
provider of capital (equipment and money) and brings together
all the other three factors of production; (b) a risk bearer; (c) a
decision-maker on what shall be produced; and (d) a person
who ensures that the routine responsibilities of the organization
are performed either by himself or by people appointed to act
on his behalf.

It is important to note that many big business conglomerates in

Nigeria today and all over the world started as a small business!
Unfortunately, majority of the small businesses concentrate on
buying and selling otherwise called trade. Trading has been
regarded as the basis of many small businesses from where they
metamorphose into producers of goods or products. A good
example of a small business that has become big is Dangote
Group of Companies,

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 4.2 Types of Business
There are different types of business. They are Sole Trading,
Partnership, Private Limited Liability Company, and Public
Limited Liability Company. It is important to note that these
types of business are now being regulated by Law of the Federal
Republic of Nigeria, Companies and Allied Matters Act of 2004
as amended.

The word "business" is all encompassing. It includes the business

of both public and private governance that exchange goods and
services to generate money. For any nation to develop, its
business structure must be seriously overhauled and legally
policed. (Owojori, Akintoye & Adidu, 2008)

4.3 Feasibility Study and Business Plan

Feasibility Study and Business Plan are important requirements
for business success and it is advised that adequate business
plan is put in place and followed so that the business can survive
as a going concern.

4.4 Business Management

Business Management is the activities associated with running a
company in order to achieve defined objectives. It consists of
interlocking functions of creating corporate policy and
organizing, planning, controlling and directing an organization’s
resources in order to achieve the objectives of that policy.

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 While considering the theory of Douglas McGregor on human
side of enterprise, leadership, motivation and the application as
well as the importance of these theories to managers and
administrators in Nigeria, Owojori (1987) recommended,
among others, that supervisors and administrators should
develop an atmosphere of approval through, developing a
honest personal and friendly interest in the performance,
abilities and goals of those who work with them. In
transformational leadership model in management, leaders set
direction and help themselves and others to do the right thing
to move the organization forward. To do this, they create an
inspiring vision and then motivate and inspire others to reach
that vision. Leadership is a process of social influence, which
maximizes the efforts of others, towards the achievement of a
goal.

Distress is a function of organizational behaviour. It shows that

companies, like natural human beings can also show signs of ill-
health and would need the services of a medical team of
management specialists, financial and investment analysts,
accountants, marketing specialists, technology and human
resource psychologists and trainers.

Contributing to the challenge of management and leadership in

Corporate Governance, Owojori (1997) examined companies
that were in distress along with their managing directors and
applied the accountants' ways of determining whether a
company is in distress or not through examination of when last

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 it paid dividend, its earnings per share and price earnings ratio.
He concluded that companies on the stock market official list
that had zero dividends, zero earning per share and zero price
earnings ratio were inherently in distress one way or the other
and should these conditions persist; their audited financial
reports and accounts were likely to be qualified by their external
auditors.

5.0 Money
In business, accounting is often referred to as the language of
business but money, in actual sense, is the language of business;
whether the business is that of national governance or business
of corporate governance. Money is any item of verifiable record
that is generally accepted as payment for goods and services
and repayment of debts in any country (Owojori, 2008). Money
serves as a medium of exchange; a unit of account; a store of
value; and, sometimes, a standard of deferred payment.

Money is an emergent market phenomenon, usually called

commodity money. However, contemporary money systems in
all the countries of the world are based on fiat money, like any
cheque or note of debt, which is without intrinsic use value as a
physical commodity. It derives its value by being declared by a
government to be a legal tender; that is, it must be accepted as
a form of payment within the boundaries of the country, for all
debts, i.e., public and private debts.

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 The money supply of a country, therefore, consists of currency
(bank notes and coins) and bank money (the balance held in
current accounts, fixed deposits and savings accounts). Bank
money, which consists only of records (mostly computerized in
modern banking), forms by far, the largest part of broad money
in developed countries.

5.1 Functions of Money

Four functions of money are usually identified as: a medium of
exchange, a common measure of value (or unit of account), and
a standard of value (or standard of deferred payment), and a
store of value.

Money has even become a source of prayers where someone

irrespective of his or her religious belief will pray to Money to
have it on hand but not as a debt. (Owo, je ki n ni e lowo, ma je
ki n ni e lorun).

Money has different names. In churches, it’s called offering, In

Schools, it’s fee, In marriage, it's called bride prize, In divorce,
it’s alimony, When you owe someone, it’s debt, When you pay
the government, it’s tax, in Court, it’s fines, for Civil Servant
retirees, it’s pension, from boss to workers, it’s salary. When you
borrow from bank, it’s loan, when you offer after a service, it’s
tip, to kidnappers, it’s ransom, Illegally received in the name of
service, it’s bribe, and when a husband gives it to his wife, it is an
allowance.

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 5.2 Money Laundering
Money laundering entered into the vocabulary of business and
accounting dictionary recently when politicians, government
functionaries and criminally minded persons started trafficking
raw and physical cash out of the shores of their nations to other
countries where investment opportunities abound and the
environments are considered a safe haven for their loots. Money
laundering is also viewed as the process in which the proceeds
of crime are transformed into ostensibly legitimate money or
other assets. However, in a number of legal and regulatory
systems, money laundering has been linked to other forms of
financial crimes, and sometimes used more generally to include
misuse of the financial system involving things such as
securities, digital currencies, credit cards, and traditional
currency, including terrorism financing, tax evasion and evading
of international sanctions.

6.0 Accounting
Accounting is the practice and body of knowledge concerned
primarily with methods for recording transactions, keeping
financial records, performing internal audits, reporting and
analyzing financial information to the management, and
advising on tax matters. It is a systematic process of identifying,
recording, measuring, classifying, verifying, summarizing,
interpreting and communicating financial information. It reveals

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 profit or loss for a given period, and the value and nature of a
firm's assets, liabilities and owners' equity.

With the increase in the complexities of the world environment

and technologies, the field of accounting is expanding and new
courses are being proposed in the curriculum of accounting.
Now that we have Environmental Accounting and Forensic
accounting as a result of global audit report unreliability with its
attendant business and company failures, accountants are now
thinking of mounting courses in "Corruption Accounting",
"Terrorism Accounting" and "Political Stewardship
Accounting". Perhaps, this would put paid to the financial
solutions to some of the envisaged problems that are
characterized by the negativism associated with each "vice" in
the culture and environmental melee in both developed and
developing nations.

6.1 The Impact of Computerization of Accounting Functions

on Organizational Productivity
Owojori (2010) examined the impact of computerization of
accounting functions on organizational productivity and
recommended employment of computer literate workers by the
government so as to improve efficiency and effectiveness. There
is need for constant review of new accounting software
packages introduced by the government in accounting activities
to accommodate the changes in organizational systems.

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 6.2 Compliant Appraisal of Accounting for Corporate
Property, Plant and Equipment in Nigeria
Owojori (2003) examined some major accounting problems
associated with plants and equipment such as determination of
cost, allocation of cost against revenue and treatment of
expenditure for repairs and maintenance. The findings revealed
that companies are aware of relevant accounting standards but
did not comply with them and the values of companies’
properties, plants and equipment published in the annual
reports did not sometimes express their true and fair views.

6.3 Computerized Accounting and Auditing Systems

Owojori (2000) examined the curriculum issues in
computerized Accounting and Auditing systems with a view to
identifying their implications for business education curriculum
offered in tertiary institutions in Nigeria.
The issues raised were:
(a) Whether Companies in Nigeria computerize their
accounting and auditing systems.
(b) Whether Accounting Teachers in the Universities,
Polytechnics and Colleges of Education teach Accounting
and Auditing courses with computerized Accounting and
Auditing software packages.
(c) Whether there is any company using computer Audit in its
internal control Audit system, and

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 (d) Whether company executive prefers to employ
Accountants that were trained with Computer Accounting
and Auditing software packages

Owojori (2000) identified the following implications for

Business Education:
(a) Promotion of effective teaching and learning of
computerized Accounting and Auditing courses in the
post-secondary institutions through cooperation of
Business (Accounting) educators, computer vendors and
software package programmers;
(b) Encouragement of accounting educators as well as
computer programmers to design computerized Data
Processing Accounting and Auditing Systems software
packages that may be used in the teaching and learning of
computerized Accounting and Auditing courses;
(c) Provision of computers in the Business Education
(Accounting) Laboratory to teach computerized
Accounting and auditing courses; and
(d) Retraining of the present faculty members in pedagogical
and methodological use of computer programming,
accounting and auditing software packages.

6.4 Technical Accounting Education In Tertiary Institutions

In Nigeria: Issues And Problems.
Owojori (2004) identified some of the issues and problems in
technical accounting education in the tertiary institutions in

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 Nigeria that required urgent attention of government, private
sector, employers of labour and non-governmental
organizations:
(a) Many Nigerian Polytechnics, Colleges of Education and
the Universities do not have enough classrooms and
laboratories that are suitable for the training of
accountants.
(b) Students of Accounting in these institutions are not
trained with equipment such as cash register, fax
machines, scanning machines, computers, automated
teller machines, accounting software packages, etc, that
they are likely to work with in companies in the future.
(c) There are few qualified Chartered and Certified
Accountants and Tax Practitioners and Administrators
with appropriate academic qualifications (a minimum of
MSc in Accounting or related discipline) and professional
experience in these higher institutions to inculcate the
thinking and the manipulative habits suitable for the
accountancy profession.
(d) Higher institutions in Nigeria are bedeviled by strikes of
both teaching and non-teaching staff to the extent that
the period left for meaningful academic work is
insufficient for the training of the students to write
professional accounting examinations.
(e) Many institutions cannot retain lecturers with appropriate
experience in the application of skills and knowledge.

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 Many of them are lecturers that have not worked in
companies before joining the academics.
(f) There is a conflict of curriculum contents for the training
of accountants in Nigeria. The National Universities
Commission (NUC) has approved benchmark academic
curriculum contents while the Institute of Chartered
Accountants of Nigeria has its own approved professional
curriculum content in compliance with the International
Education Standards (IES) as recommended by
International Federation of Accountants (IFAC).
(g) Accountancy does not have a harmonized body of
contents, as the subject content for the Polytechnics,
Colleges of Education and the Universities are not only
different but also various professional curriculum
contents are designed by the Institute of Chartered
Accountants of Nigeria (ICAN), Association of National
Accountants of Nigeria (ANAN), Institutes of Certified and
Public Accountants of Nigeria and Association of Internal
Auditors of Nigeria.
Based on the above issues and problems, Owojori (2004)
recommended, among others, that:

(i) The National Universities Commission, National Board for

Technical Education, Institute of Chartered Accountants of
Nigeria, Association of National Accountants of Nigeria,
Chartered Institute of Taxation of Nigeria, Institute of
Certified and Public Accountants of Nigeria and the
Nigeria Institute of Internal Auditors should organize a

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 syllabus writing workshop for the harmonization of the
syllabus of Accounting in tertiary institutions in Nigeria.
This would not only erase the inferiority complex and
insufficient preparation for professional examinations but
also streamline the knowledge content for professional
accountancy in Nigeria and
(ii) Sabbatical leave of lecturers in Accounting should be
spent in companies and internationally recognized audit
firms. This would provide the needed experience required
of them.

7.0 Cost and Management Accounting:

Cost accounting is the recording of all the costs incurred in a
business in a way that can be used to improve its management.
It is a process of collecting, recording, classifying, analyzing,
summarizing and evaluating various alternative courses of
action and control of costs. Its goal is to advise the management
on the most appropriate course of action based on the cost
efficiency and capability (Wikipedia). Management accounting
is a branch of accounting that produces information for
managers and forms an important integral part of the strategic
process within an organization. (Horngreen, Sundem, Stratton,
Burgstahler & Schatzberg, 2007)

Owojori (2004) conducted a research into the management,

profitability and means of increasing profit of business
undertakings in Nigeria. The findings revealed that, while poor

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 knowledge of cost reduction strategies affects the profitability of
business enterprises, cost reduction increases profitability.
Owojori (2004) recommended that there should be standard
cost reduction strategies in small business enterprises in Nigeria
and a proper preparation of cost reduction system by a cost
accountant would go a long way in helping the business
enterprises.

7.1 Effect of Accounting and Regulatory Framework on

Nigerian Accountants
Owojori (2002) critically reviewed the content of accounting
principles, conventions, and concepts as well as legal and
institutional regulatory framework with a view to determining
their implications on the Nigerian Accountants. The study
revealed that accounting theory greatly impacted the
operational activities of practicing accountants and that
accountants in Nigeria respond positively to observation of
accounting rules and regulations. He recommended that the
professional bodies should ensure high professional efficiency
through compliance with accounting regulations.

8.0 Tax and Tax Accounting

Tax accounting consists of accounting methods that focus on
taxes rather than the appearance of public financial statements.
Tax accounting is governed by the Internal Revenue Code which
dictates the specific rules that companies and individuals must
follow when preparing their tax returns (Investopedia). Tax and

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 Taxation existed before the birth of Jesus Christ and has long
been rebuffed for payment. The Philistines collected tax from
Jews and Samson and his people rebuffed it. (KJV). Caesar’s
government enforced its payment and Jesus Christ encouraged
his disciples to give what is Caesar’s to Ceaser and what is God
to God (Matt. 22:17-22). He even brought out money from the
mouth of a fish to pay tax (Matt.17:27).

The question today is whether Nigerian government will

become Caesar’s government by taxing religious organizations
and believers will wait for Jesus Christ to command them to pay
taxes.
Taxation, worldwide, has become a major source of revenue to
governments for funding their capital and recurrent
expenditures. In recent times, there has been the urge for tax
authorities in Nigeria to carry out spontaneous and sporadic tax
audits and investigations on taxpayers, especially corporate
bodies, suspected of tax evasion or tax delinquency.

8.1 List of Approved Taxes and Levies for the Three Tiers of
Government

8.1.1 Taxes Collectible By the Federal Government

These are Companies income tax; Withholding tax on
companies; Petroleum Profit Tax; Value-added tax (VAT);
Education tax; Capital gains tax - Abuja residents and corporate
bodies; Stamp duties involving a corporate entity; Personal

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 income tax in respect of Armed forces personnel; Police
personnel; Residents of Abuja FCT; External Affairs officers; and
Non-residents.

8.1.2 Taxes and Levies Collectible by State Governments

These are Personal Income Tax: Pay-As-You-Earn (PAYE); Direct
(self and government) assessment; Withholding tax (individuals
only); Capital gains tax; Stamp duties (instruments executed by
individuals); Pools betting, lotteries, gaming and casino taxes;
Road taxes; Business premises registration and renewal levy;
Urban areas (as defined by each state): *maximum of N 10,000
for registration and N5 ,000 for the renewal per annum; Rural
areas- Registration N2,000 per annum- Renewal N1,000 per
annum; Development levy (individuals only) not more than
N100 per annum on all taxable individuals; Naming of street
registration fee in state capitals; Right of occupancy fees in state
capitals; Rates in markets where state finances are involved.

8.1.3 Taxes and Levies Collectible By Local Governments

These are Shops and kiosks rates; Tenement rates; On and off
liquor license; Slaughter slab fees; Marriage, birth and death
registration fees; Naming of street registration fee (excluding
state capitals); Right of occupancy fees (excluding state capitals);
Market/motor park fees (excluding market where state finance
are involved); Domestic animal license; Bicycle, truck, canoe,
wheelbarrow and cart fees; Cattle tax; Merriment and road
closure fees; Radio and television (other than radio/TV

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 transmitter) licenses and vehicle radio license (to be imposed by
the local government in which the car is registered); Wrong
parking charges; Public convenience, sewage and refuse
disposal fees; Customary, burial ground and religious places
permits; and Sign board and advertisement permit. (Ojo 2003,
Bassey, 2013, Somorin, 2015). Joint Tax Board has tried to
harmonize the various taxes for all the States and Local
Governments in Nigeria.

9.0 Auditing and Assurance

The practice of auditing commenced on the day that one
individual assumed stewardship over another’s property. In
reporting on his stewardship, the accuracy and reliability of that
information would have been subjected to some sort of critical
review i.e. an audit (Anderson, 1977:6)

Auditing refers to a systematic and independent examination of

books, accounts, documents and vouchers of an organization to
ascertain how far the financial statements present a true and fair
view of the concern. It also attempts to ensure that the books of
accounts are properly maintained by the concerned as required
by law (Owojori, 2008). In relation to providing credibility to
Corporate Responsibility information, an ‘assurance
engagement is an engagement in which a practitioner expresses
a conclusion designed to enhance the degree of confidence of
the intended users (of information about a subject matter) other
than the responsible party (for the subject matter) about the

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 outcome of the evaluation or measurement of a subject matter
against criteria (Porter, Simon & Hatherly, 2016).

Auditing represents the cornerstone of good governance.

Auditors help public sector organizations to achieve
accountability and integrity, improve operations and instill
confidence among citizens and stakeholders by strengthening
governance, responsibility, oversight and foresight of the
management.

10.0 Financial Management:

Financial Management refers to the efficient and effective
management of money (funds) in such a manner as to
accomplish the objective of the organization. It is the specialized
function directly associated with the top management.
Public Financial Management is the system by which financial
resources are planned, directed and controlled to enable and
influence the efficient and effective delivery of public service
goals (Omolehinwa & Naiyeju, 2015)

10.1 Financial Distress Prediction in Financial Institution

The lesson of the earlier bank failures appeared not to have
been forgotten as generalized distress swept the banking sub-
sector and systemic distress gripped the finance house sub-
sector. Owojori, Akinbuli & Dada (2008) assessed the distress
phenomenon and analyzed the extent of distress in the industry.
The major factors causing distress are institutional, economic,

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 political, poor management, credit policy, and ineffective
machinery for debt recovery, insider dealings, abuses, fraud and
poor credit administration.

10.2 Re-Engineering Cooperative Society for Sustainable

Small and Medium Business Growth and Development
in Nigeria
Various strategies have been adopted by the Nigerian
Government in promoting the SMEs in the country to facilitate
economic development process. The Nigerian Government has
not fully utilized the potentials of cooperative societies in this
regards. Cooperative Society is often regarded as one of the
Micro-finance Institutions (MFIs) that promote entrepreneurship
and rapid industrialization. However, Cooperative Society of
today suffers a lot of setbacks in performing their economic
functions.

Owojori and Oladejo (2009) examined the potentials of

cooperative societies as a micro-finance strategy and
investigated the problems militating against their performance,
which call for its total reengineering. They identified the major
problems of cooperative societies as lack of adequate working
capital, bad leadership and succession problems, characterized
by mismanagement, bad record-keeping, shortage of
supervisory staff, corruption and embezzlement of cooperative
fund by leaders and paid workers.

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 11.0 Public Sector Accounting
Public sector is the part of the economy concerned with
providing basic government services. Public Sector Accounting
is an accounting method which is applied to non-profit pursuing
entities in the public sector including Federal, State, Local
governments and quasi-governmental special corporations, for
which the size of the profits does not provide an effective
measurement for evaluating performance. (Fumiki, 2002)

In most countries the public sector includes such services as the

police, military, public roads, public transit, primary education
and health care for the poor. The public sector might provide
services that a non-payer cannot be excluded from; such as
street lighting services which benefit all citizens of the society
rather than just the individual who pays for the services; such as
public education and services that encourage equal opportunity.

11.1 Treasury Single Account

In Nigeria, recently, governments and their parastatal are
mandated to operate Treasury Single Account where all incomes
and expenditures are channeled for effective and efficient
accountability of funds.

Jubril (2016) explained that the Treasury Single Account (TSA)

policy of the federal government partially commenced in
February 2015 under the administration of ex-president
Goodluck Jonathan. It was however the Muhammadu Buhari-led

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 administration that began its full implementation in September
2015, with the presidential directive to all Ministries,
Departments and Agencies (MDA) of the Federal government.
He identified some benefits from its implementation: (a) the
federal government could know where its funds held by various
MDAs were kept…at 0% interest rate, (b) more than N3 trillion
has been mopped up from the over 17,000 bank accounts
formerly maintained by MDAs in commercial banks (c)
Government is now aware of how much it has per time and can
plan better for the citizenry and, of course, Civil Servants and
Bankers can no longer “chop” 10% and more of Interest on
Government Funds:

11.2 Bail-out Funds

In spite of the efforts of States and Local Governments to
increase their Internally Generated Revenue (IGR), it has become
relatively impossible for almost all the States of the Federation
to pay salaries of their workers for upwards of six to seven
months in 2016. The Federal Government has, therefore resorted
to granting States a kind of Bail-out fund to meet their
obligations to their workforce.

However, the Governor of each State of the Federation is

required to meet some stringent conditions in order to access
the bail-out funds, such as:

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 1. Publishing audited annual financial statements within 9
months of financial year end.
2. Introduction and compliance with the International
Public Sector Accounting Standards (IPSAS).
3. Developing standard IPSAS compliant software to be
offered to States for use by State and Local
Governments.
4. Setting realistic and achievable targets to improve
independently generated revenue (from all revenue
generating activities of the State in addition to tax
collections) and ratio of capital to recurrent
expenditure, and
5. Implementation of centralized Treasury Single Account
(TSA) in each State.

12.0 Forensic Accounting

Forensic accounting is an area of accounting that describes
engagements that result from the actual or anticipated disputes
or litigation by Forensic accountants, forensic auditors or
investigative auditors, who often have to give expert evidence at
the trial of a financial crime suspect.

Financial forensic engagements may fall into: economic damage

calculations, whether suffered through tort or breach of
contract, post-acquisition disputes, bankruptcy, security fraud,
tax fraud, money laundering, business valuation, computer
forensic and electronics discovery (Owojori and Asaolu 2009)

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 13.0 Corporate Social Responsibility Accounting
Social Responsibility Accounting or Sustainability Accounting is
a concept of integrating non-financial measures into financial
reporting. Sustainability accounting involves reporting a “triple
bottom-line" of a company's economic vitality and social
responsibility.
Social responsibility accounting reports on:
(a) Employee health and job-related accidents.
(b) Emission rates, spills and volume of hazardous waste
generated.
(c) Use of scarce resources such as water and lumber
(d) Information about ethical initiatives within the company,
such as labour practices, education, philanthropic efforts
and human rights diversity.

14.0 Pension Accounting

Pension Accounting is accounting for retirement. There are two
types of pensions:
(1) defined contribution and (2) Defined benefit

14.1 Defined Contribution: Whatever a retiree puts in during

his/her working period's pot is what he/she gets out of the pot.
It is a savings account which is tax deferred. Usually, either the
individuals administer their own account or they use an advisor.

14.2 Defined Benefit:

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 This is usually for government employees or in workplaces that
are heavily unionized. Employees love this type of pension while
employers hate it. Basically an employee is guaranteed a certain
level of pension for the rest of his/her life once he/she retires.
Note that the retirement age for a civil servant in Nigeria is 60
years or 35 years of service but that of a University Professor is
70 years of age, irrespective of years of service!

14.3 Risk Consideration in Pension Fund Administration in

Nigeria
The Pension Fund Reform Act of 2004 in Nigeria is a
contributory one that is managed by the pension fund
administrator, with the pension fund customers. Unlike other
industries, pension fund industry faces different types of risks
which call for an effective and efficient risk management
process. Risk management, being a process of planning,
organizing, leading and controlling of activities and resources is
to minimize the impact of all risks. Owojori (2010) took a
critical look into the different types of risks that are peculiar to
pension funds industry. Before 2004, pension scheme was left
out in the financial reform in Nigeria. The failure of the
Administrators to pay contributions after retirement has been a
major setback that discourages contributors, employee,
employers and Nigerian government. With the Reform Act of
2004, the risk has been mitigated by the Act, directing where
Administrators should invest their assets. In spite of this, many
companies and government agencies have not keyed into the
implementation of the Act.

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 15.0 The Role of Professional Bodies in Accounting
Education in Nigeria
Several professional bodies contribute to the growth and
development of Accounting Education in the world generally
and Nigeria in particular. While Universities, Polytechnics and
Colleges of Education in Nigeria offer courses leading to an
academic degree, diploma, higher diploma and certificate in
Accounting, professional bodies use these academic
qualifications as a base-line to prepare candidates for
professional certification. Notable among these professional
bodies are the Institute of Chartered Accountants of Nigeria,
Chartered Institute of Taxation of Nigeria, and Association of
National Accountants of Nigeria.

National Universities Commission (NUC), National Board for

Technical Education (NBTE) and National Commission for
Colleges of Education (NCCE) provide a minimum benchmark
for accounting programmes in the Universities, Polytechnics and
Colleges of Education.
Each of those professional bodies equally provides professional
syllabus in compliance with the requirements of International
Education Standard (IES) of the International Federation of
Accountants for professional accounting education.

15.1 Professional Accountants in a Changing Environment

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 Owojori (2005) examined the role of a professional accountant
in a changing environment with strong implication for
curriculum development in accounting education in the
Universities, Colleges of Education and the Polytechnics in
Nigeria. He identified the change indicators as increase in
population, expansion in business and banking sector, growth in
educational sectors, inflation, computer technology, politics and
economics.

The role of the professional accountant is hinged on accuracy

and integrity. He advised that the professional accountant
should not contend himself with the provision of effective
financial information for decision-making only, but should rather
aspire to be in charge by eventually becoming the decision
maker himself or playing a frontline role in corporate and
national governance.

16.0 Governance
The concept of Governance is usually divided into two:
(1) Private/Corporate Governance, which refers to
administration of private companies and corporations that
are owned by government and its agencies, and
(2) Public Sector Governance, which refers to administration of
government of a country and its parastatal (Owojori,
2008)

16.1 Corporate Governance

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 Corporate Governance is the system of rules, practices and
processes by which a company is directed and controlled.
Corporate governance essentially involves balancing the
interests of the many stakeholders in a company - these include
its shareholders, management, customers, suppliers, financiers,
government and the community. (Owojori, 2008)

A governance structure identifies the distribution of rights,

responsibilities and the rules and procedures for making
decisions in corporate affairs, among different participants in the
company, such as the board of directors, managers,
shareholders, creditors, auditors, regulators, and other
stakeholders.

16.1.1 Corporate Financial Reporting In Nigeria

Owojori and Ola (2001) examined the adequacy of information
disclosed in the financial reports of public limited liability
companies. Annual Reports and Accounts of Public Limited
Liability Companies were examined with a view to assessing the
general and financial information included in the corporate
financial reports and the adequacy of information disclosed to
the shareholders. Opinions were also sought from users of the
financial reports.

The results indicated that the Chairman's statement, Notice of

Annual General Meeting, Corporate profile and the use of
graphs, as well as Proxy forms and/or details of unclaimed
dividends have become a common practice among companies

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 to disclose as part of the financial reports. It also showed that in
lieu of the statement of source and application of funds, PLCs
publish cash flow statement.

16.1.2 Corporate Governance in the Management of

Mortgage Institutions in Nigeria
Housing or shelter is among the most basic needs of human
beings, perhaps, second to food. However, it has not been easy
for people in less developed countries to afford quality houses
due to undeveloped or the absence of a mortgage system.
(Owojori, 2008). The housing challenges in the country could
be controlled through a good adherence to corporate
governance in the mortgage sector of the financial market in
Nigeria. Not only would the system engender rapid housing
delivery within a short time, it would most certainly deliver those
houses to those who are most in need of them at affordable
cost.

16.2 Public Sector i.e. National Governance

A nation is governed through three major organs: the
Legislature, Executive and the Judiciary at the three-tiers of
government: Local, State and Federal levels. Specifically,
National Assembly, i.e. House of Representatives and Senate
make laws at the Federal level while State House of Assembly
makes laws at the State level. The President and the Governors
execute the laws made at both Federal and State levels while the

70
 court system and judges are considered collectively as the
judicial branch of government.

16.2.1 Public Funds Accounting

The public sector is that part of the economy that is controlled
by the government. Nigerian Constitution also stipulates that all
revenues or other moneys raised or received by the Federation
shall be paid into and form one Consolidated Revenue Fund of
the Federation. An Auditor-General for the Federation who is
appointed in accordance with the provisions of section 86 of this
Constitution, is vested with the power to audit the account of
the Federal Government.

All revenues or other moneys raised or received by a State is

also paid into and form one Consolidated Revenue Fund of the
State. No moneys shall be withdrawn from the Consolidated
Revenue Fund of the State except to meet expenditure that is
charged upon the Fund by the Constitution or where the issue
of those moneys has been authorised by an Appropriation Law,
Supplementary Appropriation Law or Law passed in pursuance
of relevant section of the Constitution.

No moneys shall be withdrawn from any public fund of the

State, other than the Consolidated Revenue Fund of the State,
unless the issue of those moneys has been authorised by a Law
of the House of Assembly of the State. No moneys shall be
withdrawn from the Consolidated Revenue Fund of the State or
any other public fund of the State except in the manner
prescribed by the House of Assembly.

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 The Governor shall cause to be prepared and laid before the
House of Assembly at any time before the commencement of
each financial year estimates of the revenues and expenditure of
the State for the next/ following financial year.

The Federation maintains a special account called "the

Federation Account" into which all revenues collected by the
Government of the Federation are paid, except the proceeds
from the personal income tax of the personnel of the armed
forces of the Federation, the Nigerian Police Force, the Ministry
or department of government charged with responsibility for
Foreign Affairs and the residents of the Federal Capital Territory,
Abuja. (Constitution of the Federal Republic of Nigeria,
1999: Section E120-129, 162-168)

Government provides services such as infrastructure, healthcare

for the poor and aged, public transportation, the police and
other defense agencies, and public education. These services are
subjected to the annual budget process.

Issues facing the public sector are like some issues facing
multinational companies but on a broader scale. Each budgetary
decision that is made impacts various sectors of the society that
rely on governmental programmes. Some programs are
guaranteed, while others are not. When there are tough
economic decisions to be made, the effects of budgetary
constraints are felt on those programmes considered
"discretionary”.

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 For example, Adelanwa (2016) aptly submitted the perceived
consequences of the removal of subsidy and deregulation of oil
sector in Nigeria and increase in pump price of fuel from N86.50
to N145 per litre as: continuous fall in the value of the Nigerian
Naira, permanent lack of electricity, cumulative unpaid salaries
by governments, increasing rate of unemployment, rising debts
and falling foreign reserves, incessant strikes by government
workers as a result of failed promises by governments,
continuous loss of man-hour as a result of long stay at fuel
stations, and increase in the costs of running business.

Yet Akogwu (2015), while congratulating APC party for winning

Nigerian election, reminded the Government of the expectations
of the masses: Our Electricity must be on, 24/7; Our Railways,
buzzing with electric trains; Our Road Networks, tarred; Our
Unemployment rate, at a single digit; Our Inflation rate, down to
an all low; Our Deserts and Creeks, free of Terrorists and
Militants; Our Schools, UK standard; Our Streets, Crime Free; Our
Non-Oil Industries, 100% functional; Our Medicare, Indian
Standard, Our Society, Corruption Free; Our Politicians, really
accountable to us; Our Oil & Gas, fully accounted for; Our
Regions, accommodating each other; Our Public Information
Bill (PIB), signed into law and effective; Our Seaports, none
congested; Our Presidential Cabinet, modest and small; Our
Presidential Air Fleet converted to commercial use on Nigeria
Airways; and Our Sick Executives, banned from foreign medical
trips,”

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 16.2.2 Planning and Financing Education for Social-
Economic Growth and Development in Nigeria
Education has attracted a sizeable amount of investments over
the years with only little level of development to show for it. It,
however, indicated that certain short comings attended the
administration of the formal and the non-formal education
systems. Government failed to provide education the needed
allocated budget according to contemporary global
development requirements which is 26% of the National budget.
Owojori and Iwarere (2011) noted the error in wrong
manpower deployment to duties that are not relevant to area of
skill training. The study examined the planning of education with
particular emphasis on the Nigerian experiences vis-a-vis
previous educational programmes and policies, implementation
and financial implications. They also noted that lack of adequate
preparation; foresight and inaccurate projection were mainly
responsible for the failure of educational plans and policies in
Nigeria. They, therefore, suggested some measures to enhance
improved results, such as:
(a) Adequate monitoring of funds,
(b) Improved attention to planning and funding of pre-
schools and vocational skill training centres,
(c) Improved understanding between the politicians and
academics, and

70
 (d) Regular facilities inspections in schools for accurate
action.

16.2.2 Political Stewardship Accounting for Good

Governance in Ekiti State, Nigeria
Owojori, Akintoye and Adidu (2009) analyzed the importance
of stewardship accounting in government ministries in Ekiti
State and causes of mismanagement in government sector
finance. The findings showed that stewardship accounting
promotes good management of public funds, increases
accountability and probity in the public sector, discourages
embezzlement of public funds and promotes economic growth.

16.2.3 Emerging Economic Policies on Investment in Nigeria

Owojori (2011) carried out a study to determine the effect of
the emerging economic policies on investment in Nigeria. The
need for this arose from the concern that huge resources were
being expended on public enterprises with little or nothing to
show for it and that regulation has discouraged private
investments. It was found that pricing of petroleum products
had significant impact on local investment and that corrupt
practices also affected the deregulation and privatization
process.

16.2.3 The Effect of Insurance Business on Economic

Development in Nigeria

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 Insurance is a form of risk management which is primarily used
to hedge against the risk of a contingent loss. Insurance is an
intricate economic and social device for the handling of risks to
life and property. It is social in nature because it represents the
cooperation of various individuals for mutual benefits by
combining together to reduce the consequences of similar risks.
Owojori & Oluwagbuyi (2011) recommended that Nigeria
needs a comprehensive and up-to-date insurance policy and the
Nigerian Insurance sector which was over regulated, is supposed
to have been deregulated. The role and powers of National
Insurance Corporation of Nigeria (NAICON) need to be
redefined. NAICON should be restructured to make it more
independent so it can play the role of an umpire.

16.2.4 Cost of Governance In Nigeria

Punch (2016) reported that in the 2016 budget, a sum of
N3.9bn was budgeted for the maintenance of presidential villa
and another N282.9m has been set aside for the general
maintenance services of state house (Headquarters) and the
N41.8m budgeted for general maintenance services of state
house operations (Vice- President).

A breakdown of the N3.9bn which is tagged annual routine

maintenance of villa facilities revealed that state house
operations (President) got N1.7bn while state house operations
(Vice-President) got a total allocation of N289.6bn.

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 Out of the N282.9m budgeted for general maintenance services
of state house (Headquarters), N182.1m would be spent on
maintenance of motor vehicles and transport equipment;
N11.5m for the maintenance of office furniture; N27.8m for the
maintenance of office and Information Technology equipment;
N13.6m for the maintenance of plants/generators and N47.8m
for "other maintenance services."

The breakdown of the N41.8m budgeted for general

maintenance services of state house operations (Vice President)
shows that N27.1m is for the maintenance of motor vehicles and
transport equipment; N1.4m for the maintenance of office
furniture; N4.4m for the maintenance of plants and generator;
and N8.8m for "other maintenance services."

Also, N103.5m was budgeted for foodstuff and catering

materials supplies; N321.070m for miscellaneous; N276.8m for
honorarium and sitting allowance; while N44.2m was allocated
to publicity and advertisement. N32.4m was allocated to General
Consulting and Professional Services. Financial consulting got
N25.1m; while N2.7m was allocated to legal services; and N4.6
budgeted for budget preparation.
The Federal Government would also be buying recreational
materials worth N12.1m for the Presidential Villa during the
year. (The Herald, 2016)

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 This is just an example at the Federal level. If we replicate such
at both State and local Government, the cost of governance
could be better imagined.

Soetan (2016) thought the government also needed to live by

example such that all the excesses of the past must be shunned
by the present. This is because the cost of governance is too
heavy on the populace. The President and his men should as
much as possible think of how they would reduce the cost of
governance, so that the money reduced can be used for
developmental purposes.

16.2.5 Corruption in Governance

Corruption has been a phenomenon that pervades all facets of
human endeavor in both personal and national lives. It is
negatively perceived that it has become a vice that nobody
wants to publicly be associated with, yet, it occurs in the homes,
in business and in public governance. It also has both national
and international dimensions.

Many people believed that corruption hinders personal and

national growth and development. It depletes profitability in
business and it erodes the benefits of agents against the people
in society, teachers against the students and government
officials against the governed.

Corruption has been preached against in churches, mosques

and social gatherings. It takes a central place in business,
personal and national ethics and moralities, yet, there are

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 unethical practices in the society that form the baseline for
corruption that leads to the term, "that's Naija for you"

'That is naija' here connotes all the 'fantastically' unethical ways

of contracting and recruiting, even against established and
available norms, laws and best practices. These unethical ways
include the recent secret staff recruitment embarked upon by
both CBN and FIRS wherein relatives of cronies, ruling party
members' children and the likes were employed in processes
that denied opportunity for a level playing ground to children of
peasant farmers or the 'no-bodies' who may even be more
qualified for such job positions.

However, Mohammed (2016) reported the efforts of the

Federal Government of Nigeria in enabling Nigerians to know
the cost of corruption as the stolen money deprive the people
of the benefits that would accrue to them if the funds had been
spent for the purposes they were meant.
But sarcastically, Ìnikori (2016) said:
1. Corruption is when you brandish people as criminals and
guilty when you've not even concluded your
investigations.
2. Corruption allows national economy to become docile
and without direction even after several months of take
over.
3. Corruption is all about painting the opposition black and
dirty even when you have criminals among you.

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 4. Corruption is when criminals become "saints" by
defecting from one political party to another.
5. Corruption is when campaign promises are denied.
6. Corruption! Corruption!! Corruption!!! is everything
about losing focus.
7. Corruption is when political and ministerial
appointments are all about settlements.

Johnson (2015) believed that there are benefits from

Corruption. He opined that:
1. There would be free flow of money in the economy and
this brings about development.
2. There would be jobs for skilled and unskilled labours as
most of the money would be invested in properties.
(Bricklayers, furniture makers, interior decorators,
carpenters etc would all be earning a living)
3. Banks would have enough money to give out as loan, and
this would indirectly boost the economy.
4. Corruption also boosts donations. Churches, Mosques,
institutions, etc would all benefit..
5. Corruption increases and boosts commerce.
6. Corruption encourages political campaigns as there
would always be money for the “boys”. This indirectly
reduces armed robbery and people can sleep well in the
nights.

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 7. Corruption commands international respect as foreign
nations including America and UK are ever ready to
receive corrupt people and their loots.
8. Corruption encourages Parents to pay for special centers
for their children writing JAMB or WAEC.
9. With Corruption, Students can easily pass exams they
didn't even sit for. Even foreign institutions (Toronto,
Chicago etc) are not exempted and a lot of people have
benefited from this.
10. Corruption gets documents processed speedily. Like
getting of court injunctions even on a Sunday, getting of
vehicle particulars without the sighting of the vehicle,
affidavits are made easily etc.

The popular acceptance and even admiration for corruption was

highlighted in Chinua Achebe's novel about the politicians of
the First Republic, A Man of the People.(1966) "The people had
become even more cynical than their leaders and were apathetic
into the bargain. “Let them eat, was the people's opinion . . . It
may be your turn to eat”[tomorrow]..

Cost of corruption at the poll was also sarcastically

demonstrated by Rabiu (2016) when he advised Nigerians
whose individual share of N123.53 out of N21, 000, 000, 000
(that is, N21, 000, 000,000 divided by 170, 000, 000 Nigerian
population) borrowed by a political party to prosecute 2015

70
 election to be as cheap as they want to be but they should know
their worth because they may likely mortgage:
1. Four years school fees of their children.
2. Four years upkeep of their family.
3. Four years hospital bills of their family.
4. Four years security maintenance for their family
5. Four years electricity provision for their family.
6. Four years water supply for their family.
7. Four years payment for the needed good roads they always
dream of.
8. Four years provision to restore the productivity of their
farmland.
9. Four years cost of restoring their lost businesses.
10. Four years allowances that would make them feel like a
human being.
11. The cost of purchasing an annual budget averaging N4trn
which translates into N23,529.41 per 170m Nigerian mostly
to be pocketed by selected few. In simpler terms the party
is buying N23, 529.41 from a voter at a discount rate of
N123.52.
12. Four years cost of lawlessness that would sustain the near
zero life expectancy in Nigeria.
13. Four years cost of watching suspected criminals parading
your streets with blaring siren and Military/Police escort -
harassing you off the roads you purchased with your
meager share of N123. 52

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 14. Four years cost of watching a minister who just supervised
the murder of your child in a stampede at an interview
center for nonexistent jobs sleeping before an investigative
panel to find out what happened because he knew nothing
was going to happen.
15. Four years cost of watching thieves going after people who
blew whistle on them.
16. Four years cost of watching $20bn growing wings and flying
away where nobody could find it.
17. Four years cost of watching thugs and fake men of God
buying private jets, building multibillion mansions and
private universities.
18. Four years cost of watching a handful insurgents operating
with better weapons than a federal army supposedly
operating within an annual budget of N1trn.
19. Four year cost of watching the voter’s dignity depreciating
in airports across the globe because everybody hates a
Nigerian.
20. Four years cost of watching that voter’s child/wife dies for
as little as N5000 because he can't afford to go to India or
even Ghana for better health care.
21. Four years cost of watching his children rot away at home
because universities are permanently on strike.
22. Four years cost of watching a political party insulting his
sensibility by telling him all the above is his imagination.

16.2.6 Proposal for Accounting for Corruption

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 From the above submission, and until the cankerworm called
corruption is eradicated, the accountants should help in devising
or formulating an accounting concept for providing for cost of
corruption.

In business, because of concept of conservatism, accountants

assume that in all the business transactions, there is every
possibility that some of the debts owed by debtors become bad,
which is called bad debts. There is an accounting concept that
advises accountants to provide for bad debt and doubtful debts
called "provision for bad and doubtful debts". But if the debt
that we thought was bad or would be bad is recovered, we post
it to bad debt recoverable account, which is eventually added to
income statement at the end of the accounting period.

"Bad and Doubtful Debts" have negative effects on business

profitability. Yet bad debts are recognized in business and even
provided for, as a result of the concept of conservatism in
accounting.

"Corruption and Doubtful Corruption," like "bad and doubtful

debts" even though not only have negative effect on business
but also on the nation at large should be provided for in
personal and national lives.

This opinion is exemplified by public vehicle drivers from Lagos

to Ado-Ekiti, having five hundred Naira changed to twenty or

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 fifty Naira, which he gives to the police or other law
enforcement agencies as he comes across them on his way to
smoothen his journey home or few Naira given to clerks by
contractors to get his file quickly processed. The colonial
masters indirectly called it "Cost of living allowance" (COLA).

17.0 Contribution to knowledge and capacity building

Vice Chancellor, Sir, My academic contributions to knowledge
have been reported at the appropriate sections of this inaugural
lecture. However, in the area of capacity building, I have
produced two Masters of Science in Accounting from the Olabisi
Onabanjo University, Ago-Iwoye, and several MBA students
from Federal University of Technology, Akure. I have had
opportunities to teach in the MSc/MEd/PhD programmes in
Business Education, Accounting, and Banking and Finance in this
university, Ahmadu Bello University, Zaria, Leadcity University,
Ibadan and Olabisi Onabanjo University, Ago-Iwoye.

I have served as External Examiner to MSc and PhD Accounting

candidates at Babcock University, Ilishan-Remo, Covenant
University, Otta and Kogi State University, Anyingba.
I have also assessed papers of some candidates for promotion
to the ranks of Reader/Associate Professor and Professor at
Babcock University, Covenant University, Leadcity University and
Igbinedion University, Okada.

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 I contributed immensely to the restructuring of the current
syllabus of the professional examinations of the Institute of
Chartered Accountants of Nigeria and was involved in the
accreditation team for BSc degree in Accounting in tertiary
institutions.

I am a member of the Students Affairs Committee of the

Institute of Chartered Accountants of Nigeria. I served as a
member of the Professional Examinations Committee and was
the Chief Examiner for Multidisciplinary Case Study in
Accounting for over ten years.
I am a member of the Tertiary Education Relations Committee of
the Chartered Institute of Taxation of Nigeria, where I
contributed immensely to the introduction of BSc, MSc and PhD
programmes in Taxation in some Universities in Nigeria.

I served as an Acting Head of Department of Accounting, Faculty

of Management Sciences in 2001 and 2002, the Head of
Department of the defunct Educational Foundations and
Management in 2013/2014 and the current Head of Department
of Vocational and Technical Education (a multidisciplinary
department of eight programmes) in the Faculty of Education,
Ekiti State University, Ado-Ekiti.

11.0 Summary and Conclusions

70
 In this inaugural lecture, I emphasized the importance of turning
one’s professional involvement to business of making money to
be invested for personal growth and development.

I have also highlighted the correlation among business of

private and public sector, keeping effective and statutory
documents and records for accountability and stewardship
purposes, and the need for government to create conducive
environment and infrastructure through appropriate Federal,
State and Local governments’ governance.

The role played by tax and taxation in the governance of any

nation was given prominence and the need to bring taxable
adults and corporate bodies into tax net through Tax
Identification Number (TIN) and Bank Verification Number (BVN)
was brought into fore.

A proposal for provisions for corruption and doubtful corruption

was theoretically formulated as an interim measure to hedge
against the devastating cost and effect of corruption in personal
and national governance. This however is not an attempt to
condone corruption but to technically bring to record any
corruption-related expenses

12.0 Recommendations
1. Individuals should have at least two sources of income
for stability, sustainability, growth and development.

70
 2. Individuals should key in to the benefits derivable from
several cooperative multipurpose societies and insurance
policies in order to generate additional source of capital
for a small business venture for sustainability.
3. Government should comply with all the requirements of
IPSAS and IFRS in order to prove accountability and
probity in the use of public funds.
4. Due process should be followed in the generation and
disbursements of government revenue in order to
promote good governance and accountability.
5. The issue of Internally Generated Revenue (IGR) should
not be limited to Government alone. It should extend to
individuals for survival, especially in the era of unpaid
salaries for an extended period of time to government
employees.
6. Government should revisit the issue of "immunity" for
the President, Vice-President, and State Governors in
order to prevent them from using their positions and
privileges to embezzle public funds during and after
their tenure.
7. Does the power to investigate any person (including the
President, Vice-President and Governor) include freezing
the person's personal account rest with the EFCC? The
law establishing the EFCC, FIRS, ICPC and CCB should be
amended by the National Assembly to add freezing of
personal account to power to investigate.

70
 8. Government, FIRS, EFCC, ICPC and Central Bank of
Nigeria should device a means of linking Tax
Identification Number (TIN) and Bank Verification
Number (BVN) together in order to use them to bring all
taxable adults and corporate bodies into tax net.
9. Government should not use EFCC, ICPC and CCB to
victimize political figures that are not in their party but
happened to win election through the acceptance of
their electoral constituencies.

13.0 Acknowledgments
I am much more grateful to the Almighty God for giving me life
and for making this day a reality.

I sincerely appreciate our indefatigable Vice Chancellor,

Professor Samuel Oye Bandele and his management team for
giving me the opportunity to deliver this inaugural lecture.

I also thank my Dean, Prof T.T. Olofintoye, under whom I enjoy

good working relationship.

I wish to profoundly acknowledge the management and

Councils of the Institute of Chartered Accountants of Nigeria
(ICAN) and the Chartered Institute of Taxation of Nigeria (CITN)
for supporting the cause of this lecture morally, professionally
and financially.

70
 Mr. Vice-Chancellor Sir, permit me to quickly say that many
personalities happened to be Angels that God had used to
reassure me that He is with me always. I joined the services of
this university, then known as Ondo State University, Ado-Ekiti in
1998 as a Senior Lecturer, after my sojourn at The Federal
Polytechnic, Idah (1979-1984), The Federal Polytechnic, Kaura-
Namoda (1984-1988), The Ahmadu Bello University, Zaria (1989-
1995) and Adeyemi College of Education, Ondo (1995-1998).

My Readership position was recommended in 2005. That

recommendation passed through three Vice-Chancellors for six
years, until when "atonkote" (the one that rights the wrong)
came in the person of Professor Patrick Oladipo Aina, the former
Vice Chancellor, in 2011.

Vice Chancellor, Sir, let me thank this man of honour, for his
singular action in "restoring the dignity of man" (University of
Nigeria, Nsukka motto, my alma mater). I pray that God should
bless him abundantly.

Let me, in addition, at this juncture, thank Professor Isaac O.

Akindutire, the then Dean of the Faculty of Education and Dr. J.
A. Kupolati, the then Acting Head of the defunct Department of
Educational Foundations and Management, for accepting my
being "imposed" on the Faculty of Education and the
Department of Educational Foundations and Management in

70
 2003, where I needed to pay my "dues". The rest is now history. I
thank you once again Sirs and I pray that the reassuring God
that has kept me on, will continue to provide a source of
vindication for all of you and your children in any vicissitude of
life.

I equally thank the following former Vice Chancellors, Professor

W. O. Ibukun, who was the Chairman of the panel that actually
interviewed me for employment here, Professor Israel
Orubuloye, Professor Dipo Kolawole and Professor Dada
Adelowo (Acting Vice Chancellor) of this University for touching
my destiny and their individual roles in shaping my academic,
social and spiritual life.

I thank Alhaji Muhammed Ango (former Rector of The Federal

Polytechnic, Kaura-Namoda) for approving my sponsorship for
the PhD programme at the Ahmadu Bello University, Zaria and
the late Professor Babatunde Ipaye, whose never- to-be-
forgotten prayer for me when I was leaving Adeyemi College of
Education, Ondo was prophetic.

I thank my father and mother, Pa Jacob Oni Owojori and Madam

Adedewe Agbeke Owojori, of blessed memory, for the union
that produced me.

70
 I thank my brother, Mr. Titus Akindun Owojori, who bravely took
the responsibility of becoming my surrogate father since I was
seven years old!

I thank my sister, Madam Olaronke Kareem-Akinlabi, who

assumed the role of my mother after the demise of my mother.
I thank my cousin, Engineer Soji Sunmboye, who, early in life to
me, became a mirror of academy and industry.
I appreciate Late Mr. Arabambi, my teacher and friend at The
Apostolic Modern School, Modakeke, who advised me to pursue
a career in commercial education.

I also appreciate Late Mr. Oyegoke Abimbola, who was my

teacher and friend at Major Commercial Training College (now
Fakunle Comprehensive High School), Osogbo. He was also my
private lesson teacher and mentor.

Late Mr. Anyaduba and Late Professor Agusiobo, who were my

lecturers, friends and mentors at the University of Nigeria,
Nsukka, deserve my recognition.

I thank Mama Olubukade. A. Oyedele, my teacher and academic

mother at The Polytechnic, Ibadan, who eventually launched me
into lecturing when she was Head and Dean of School of
Business Studies at the Federal Polytechnic, Idah in 1979

70
 Professor Anthony Porrica, Professor Anthony Olinzock and
Professor Otto Santos Jr, who were my teachers, friends and
mentors at the Ohio State University, Columbus, Ohio, USA, and
Ms Gisila Mechstroth my friend and course mate,, who made my
stay in the States much more comfortable and interesting.

I thank Professor Titi Oladunjoye, Dr. J. A. Oladipo and late Dr.

(Mrs.) Carrie Davies, who were my PhD thesis supervisors at the
Ahmadu Bello University, Zaria

I equally thank my friends, Barrister Adeboye Olatunji, Mr. Sola

Ajiboye, Professor Rufus Akintoye, Professor Richard Abiola,
Professor Laseinde, Mr. J.B. Folarin, late Dr. J. A. Familoni and
Late Professor Felix A. Adidu.

I thank Mr. S.A. Mibiola, mni, Rtd Permanent Secretary, Ondo

State
I thank the three jolly friends, Professor Taiwo Asaolu, of
Obafemi Awolowo University, Ile-Ife, Professor Patrick O.
Oladele and Professor Ifedayo Akomolede of EKSU. My
association with these fine gentlemen since 1999/2000 has
benefited me tremendously and I thank them so much for
believing in me.
I also thank Professor Chris Ajila, of the Obafemi Awolowo
University, Ile-Ife, for helping me to conquer the "animosity of
fear" of offshore/international publications,

70
 I sincerely acknowledge my bosom friend of about fifty years, Dr
(Omooba) Adekunle Aromolaran, (of Ijesha dynasty), through
whom I found my soul mate and he eventually became my in-
law.
I thank my in-laws, especially the Aromolarans, the Akintayos,
and the Ogunbiyis for complimenting my being.

I appreciate the love, guidance, counselling and camaraderie

shown to me by my former Dean, Late Professor (Mrs.) Bimbola
Kemi Odu, my former Dean, Professor I.A. Ajayi, Professor Akin
Ogunlade, Professor M.F. Alonge, Professor J.A.Adegun,
Professor M. Borode, Professor T. F. Jemiriye, Barrister S.K.
Iyaniwura, Dr. S. Adeusi, Professor Owa Afolabi, Professor Bayo
Oloyede, Professor J. A. Olaogun, Professor and Professor (Mrs.)
D. O. Owuamanam, Professor J. B. Ayodele and Professor O. V.
Adeoluwa (the former Deputy Vice-chancellor (Development).

I thank Mr J. Olaofe Ajayi, and Mr. M. O. Odeyemi, for their

individual roles, prayers and encouragement.

Mrs. Dupe Ogundare, Ms Bimbo Adetuyi, Ms Bose Amusa, Ms

Damilola Oluwalana, Ms Sikeade Mercy Adegboyega, Mrs.
Abimbola Tolani Oso, Ms Adepeju Aderonke Dada, Professor
Mrs. J.O. Ogunsanmi and Dr Mrs. Adedokun deserve special
thanks for their individual roles and encouragement at every
point of the moment.

70
 I thank the staff and students of the Departments of Vocational
and Technical Education and the Department of Accounting for
their love and acceptance.

I thank my students, old and new, undergraduate and

postgraduate, who made my job as a lecturer pleasurable. Some
of them are Associate Professor Titus Umoru, Kwara State
University, Malete, Ilorin, and Mr. Lawal, my dependable
teaching assistant at EKSU, Mr. Òlayemi, College of Education,
Ikere, Mr. James Oladejo, Dr. Morufu Oladejo of LAUTEC,
Ogbomosho, Mr.Jide Dada, Mr. Kayode Ojo, Mr. Frank Ajuan
and others.

I thank Mr. Kayode Adewunmi, my business associate and

others, too numerous to mention that I have either crossed their
path or they have crossed mine.

Please, permit me Mr. Vice-Chancellor, Sir, to confess that I like

women so much, because I was raised by my mother, having
lost my father at barely six years old. But this woman I met
about 40 years ago captured my fancy when I was actually
looking for another mother, having also lost my mother
immediately after my secondary school education. She
eventually became my best friend, lover, confidant, girlfriend
and darling wife of 35 years now.

She is Princess (Mrs.) Christianah Abosede Owojori (nee

Aromolaran of Ijesha dynasty). I want to publicly apologize to

70
 her, for this woman of excellent virtues and consideration has
accommodated my “excesses” over the years in the pursuits of
my career and vision for life. From the bottom of my heart, I say,
I love YOU.
I equally thank God for our children, Mrs. Atinuke Oluwabukade
Akintayo, Mr. Adefopefoluwa Adeyanju Owojori, Mrs.
Oluwafadekemi Adejadesola Oyebiyi and the baby of the house,
Mr. Adedotun Oluwakanyinsola Owojori, who eventually
assumed the philosophical names of Patience, Perseverance,
Contentment and Hope. These names (PPCH) became my
guiding angels during the period of storms.

Let me thank my little flowers, Delight, Akin and AdeOluwa for

making me a grandpa.

Vice-Chancellor, Sir, please permit me to end this inaugural

lecture with an excerpt from a speech at the investiture of the
52nd President of the Institute of Chartered Accountants of
Nigeria, Deacon Titus Alao Soetan, FCA:
"Ready or not, someday it will all come to an end. There
will be no more sunrise, no minutes, hours or day. Our
wealth, fame and temporal power will [become]
irrelevant. It will not matter what we owned or what we
were owed. Our grudges, resentments, frustrations and
jealousies will finally disappear. So too, our hopes,
ambitions, plans and to-do lists will expire.

70
 So what will matter? How will the value of our days be
measured? "What will matter is not what we bought but
what we built, not what we got but what we gave. What
will matter is not our success but our significance. What
will matter is not what we learned but what we taught.
What will matter is every act of integrity, compassion,
courage or sacrifice that enriched, empowered or
encouraged others to emulate our example. What will
matter is not our competence but our character….not how
many people we knew but how many will feel a lasting
loss when we're gone. What will matter is how long we
will be remembered, by whom and for what. Living a life
that matters doesn’t happen by accident. It's not a
matter of circumstances…. but of choice."

Vice-Chancellor, Sir, distinguished ladies and gentlemen, thank

you for listening and may the Almighty God bless you all.

70
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