PAN-ATLANTIC UNIVERSITY

th 9Inaugural Lecture

THE ACCOUNTING PROFESSION: Throw Back, Throw In and Throw Out

By Professor Onafowokan O. OLUYOMBO B.Sc. (Ago-Iwoye), MBA, M.Sc. (Nsukka), Ph.D (Leicester), FCA, ACTI, AMNIM Professor of Financial Accounting, and Head, Department of Accounting School of Management and Social Sciences Pan-Atlantic University Lagos, Nigeria Thursday, 31st January, 2019 The Accounting Profession: Throw Back, Throw In and Throw Out

Inaugural Lecture delivered on Thursday, January 31, 2019

by Professor Onafowokan O. OLUYOMBO School of Management and Social Sciences Pan Atlantic University Lagos, Nigeria

Copyright@2019 Onafowokan O. Oluyombo TABLE OF CONTENTS

Introduction...... 2

The Throw Back: Encounter with Accounting and Journey into the Accounting Profession...... 4

The Throw In: Professional Contribution...... 6

The Throw In: Academic Contribution...... 10

The Throw Out: Contribution to Banking and Finance...... 20

The Throw Out: National and International Landmarks...... 21

Conclusion...... 24

Appreciation...... 25

References...... 28 LECTURE OF PROFESSOR ONAFOWOKAN OLUYOMBO 9th INAUGURAL 1 Protocols The Vice Chancellor, Pan Atlantic University, The Registrar, Other Principal Officers of the University, The Dean, School of Management and Social Sciences, Other Deans and Directors, Heads of Departments, Members of the Senate and other Colleagues, Professors and Captains of industries, Fellow Academia and Professional Colleagues, Distinguished Guests and Friends of the University, Great Pan Atlantic University Students, Members of the Press, Distinguished Gentlemen and Ladies,

Good afternoon. I welcome you to Pan-Atlantic University.

1. Introduction I agree absolutely with the word of God as written in the International Standard Version of the Bible in Ecclesiastes 9:11. “I considered and observed on earth the following: The race doesn't go to the swift, nor the battle to the strong, nor food to the wise, nor wealth to the smart, nor recognition to the skilled. Instead, timing and circumstances meet them all”.

Definitely, at Pan-Atlantic University (PAU), I may not be the swiftest, strongest, wisest, smartest, and most skillful, but God's mercy brought me this far. “Therefore, God's choice does not depend on a person's will or effort, but on God Himself, who shows mercy” (Romans 9:16). It is with great pleasure and delight that I therefore deliberately, sincerely and passionately offer my special heart-felt gratitude and appreciation to the Almighty God, to Jesus Christ – The Son of the Living God and my saviour, and to the

2 Holy Spirit – my Comforter and Director – for this uncommon privilege to deliver the 9th inaugural lecture of this great University in 2019, titled “The Accounting Profession: Throw Back, Throw In and Throw Out” as a Professor of Financial Accounting.

Before I proceed, I would like to acknowledge the other eight erudite and distinguished scholars who have presented their inaugural lectures from this podium. They are Professor Juan Elegido, the Vice Chancellor of PAU, Professor Pat Utomi, Professor Emewvo Biakolo, Professor Chantal Epie (The Dean, School of Management and Social Sciences, PAU), Professor Olawale Ajai, Professor Fabian Ajogwu SAN, Professor James Tsaaior and Professor Chris Ogbechie. I am glad to follow their paths and look forward to seeing more inaugural lectures in the near future.

This lecture reveals the summary of my major contributions to the field of Accounting based on my experience in the industry, and more importantly as an academic. I chose to follow this path because of the privilege I had to read Uche (2007) which got me fascinated. True, I am not here as a Historian, but it is important to put this lecture in the right context of the happenings within this University because 'if the foundation be destroyed, what can the righteous do?” It is on this premise that I seek your permission, Mr. Vice Chancellor Sir, to use this medium as the story of my career in Accounting that led to my elevation and appointment as the first Professor in Accounting in this University, the first Professor in the Department of Accounting of PAU, and of course the first Chartered Accountant to be appointed a Professor by the University.

Being the first sitting HOD in the School of Management and Social Sciences (SMSS) to be appointed as Professor, as the longest serving staff of the Department of Accounting and also as the Head of the Department, I feel a sense of duty to start within my constituency as my noble contribution to the growth of Accounting profession, academically and professionally.

This lecture is divided into seven sections. Section two is my encounter with Accounting as a subject and my journey into the Accounting Profession which is the throw back. In sections three and four, I explained my professional and academic contributions in the field of Accounting respectively as the throw in. The throw out in sections five and six captures my contributions to the field of Banking and Finance, and my inputs into National and International landmarks respectively. The conclusion is in section seven.

3 2. The Throw Back: Encounter with Accounting and Journey into the Accounting Profession

Some people find themselves in the profession they seem not to have prepared for as revealed in Aina (2014) and Rabiu (2015), but my case is different. It has been my one and only desire to be an Accountant from secondary school.

Financial Accounting as a subject was introduced to me in class three, by a “Youth Corper Teacher”, Mr. Enilolobo, in 1983, who stirred up my interest in the subject. It was not because I scored the highest mark in the first term examination, but I saw a good future in Accounting. One good turn should deserve another. My interest in Financial Accounting received a further boost that same year, when my uncle, Barrister Titilayo Banjoko, bought and gave me my first Financial Accounting textbook called “Business Accounting for West Africa” by J. O. Omuya.

While basking in this new-found love for Financial Accounting, the shocking news came on resumption for second term in January 1984. Our admirable Accounting “Youth Corper Teacher” had left the school. It was as if Financial Accounting was a “spirit subject” that came and refused to stay for long. While with our heads bowed, not knowing what the future held for our Accounting subject, the cheering news came same January, 1984. Mr. Noah Adeliyi, a tall, stern looking, amiable but no-nonsense man was introduced as the new Accounting Teacher.

My first major encounter with him goes thus: 'Who is the best student in Accounting in this class?' 'It's me sir'. 'Who taught you accounting, that you scored 97% in first term? It's not possible, and it can't happen again'. I knew that his statement was not to undermine the former teacher, but I didn't know what to do or say. It seemed as if my love for Accounting would suffer a major setback. But by the end of the second term, under the watchful eye of Mr. Adeliyi, this Professor of Financial Accounting before you repeated the same feat with a score of 92% in Financial Accounting. From that term result, I knew that the relationship I had developed with Financial Accounting was more than classroom engagement. Mr. Adeliyi eventually taught me Accounting till I completed my West Africa School Certificate (WASC) O'Level at Ijaye Ojokoro High School, Agege, Lagos. He painstakingly nurtured and encouraged me further in my quest to be an Accountant.

4 On completion of my secondary school, my parents were unable to finance my tertiary education. But my desire to be an Accountant remained clear in my mind despite financial constraints. I made up my mind that none of my secondary school mates that went to Tertiary Institutions would qualify as a Chartered Accountant before me. The reason was very simple. I had the best WASC result with three distinctions and four credits. It was very tough, struggling to survive while swimming in extreme poverty with malnutrition. Balanced diet was a grammar of the classroom and examinations, but was never tested nor seen at home. Not because balanced diet could not be tested empirically, but the main variables 'money and food' to test it were in short supply. Per-adventure, this explains my unreserved research interest in relating Poverty, Cooperative and Rural finance with Financial Accounting which include Asset, Income and Profit.

In order to become an Accountant, and to commence Institute of Chartered Accountants of Nigeria (ICAN) examination, within four years, I worked as Soap factory labourer, Construction site labourer, Peasant farmer, Office Assistant (Messenger cum Cleaner) and later as a Clerk. With God's grace and help, I decided to pursue ICAN professional examination in 1990 with minimal financial resources from a clerical job. It gives me great pleasure and happiness to report that I didn't regret my decision. But like a wounded lion, I put all of my efforts into it. I started with ICAN foundation examination in November 1990, and I passed all subjects. This was the era of 'fail one subject, fail all'. Six months later, I wrote and passed the professional level 1 in May 1991. I wrote and passed the final level of ICAN professional level 2 in May 1992. The end result was that my initial goal was met, as I eventually, by God's grace, became the first Chartered Accountant from our Secondary School set. I therefore set an enviable record of qualifying as a Chartered Accountant at the youthful age of 24 without seeing the wall of any Tertiary Institution. By this time, I was already an Assistant Accountant. Four years later, I became the Chief Accountant of one of the Nigerian leading Engineering Consulting Firm.

During my ICAN studentship of two years, I met great Chartered Accountants teachers whose names and pictures are always clear in my mind. The likes of Mr. M. B. G. Oduyoye, FCA, that taught me Financial Accounting at foundation and professional 1 levels. Mr. Seyi Katola, FCA, the Cost Accounting and Management Accounting guru at professional 1 and 2 levels respectively. Mr. Osinuga, FCA, also taught me Management Accounting very well. Chief Oye Akinsulure, FCA, gave me the required dose of 5 Financial Management at professional 2, and Dr. Zaccheaus Solomon taught me Economics. These people orchestrated my professional exposure in the field of Accounting.

My encounter with Accounting and the journey to the Accounting Profession led to the introduction of my siblings to the same field. To the glory of God, the family has three Chartered Accountants who are Fellow of ICAN. My drive for the academia was 'if I don't teach them, who will?' This made me to resign from the exalted height as Chief Finance Officer of one of the biggest five ICT Companies in 2002. To many of my friends and associates, it was as if I made a wrong decision, because of the major reduction in my remuneration as lecturer. Although many of you were not privy to that decision to join the academia, I know you will agree with me, that this decision was not a mistake. And I have never regretted it once.

3. The Throw In: Professional Contribution

My contribution to accounting at professional level started in 1994 when I was called to teach ICAN-ATS 2 Financial Accounting. Since then to date, I have been teaching Financial Accounting. This justifies my appointment as Professor of Financial Accounting. Hence, we are celebrating today twenty five years of teaching Financial Accounting at Professional, Academic and Managerial levels.

My professional contribution in this section consists of different research publications and other services rendered to the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institute of Bankers of Nigeria (CIBN). I would like to start with the academic contribution to their journals, conferences and other publications namely Journal of Accounting and Finance, Journal of Banking, CIBN Occasional Paper and ICAN Students' Journal.

The academic inroad was a comprehensive review of my book 'Non-Interest (Islamic) Banking: Principles and Practice by Abioye (2004). It was reported by him as the first book published in Nigeria by a Nigerian on interest-free Banking. A follow up to this was Oluyombo (2005) that was published prior to the introduction of interest free banking in Nigeria. After examining the need for proper supervision, regulation and inspection of profit and loss sharing banking in Nigeria, the paper calls for flexibility and alertness on 6 the part of the regulators, given the emerging nature of the industry. Its need to adapt to the needs of the market it intends to serve, and the likely competitive pressure from conventional banks, put extra demands on the regulatory authorities.

At the instance of CIBN, Aina and Oluyombo (2014) waded into financial inclusion in Nigeria. We investigated empirically the extent to which adults in Nigeria participate in financial inclusion; measure as access to and use of bank accounts, mobile money and insurance services. Though access to bank accounts is high, bank account ownership penetration ratio of 1.4 accounts to an adult including inactive accounts is very low. The study reveals that use of bank accounts in receiving money from, and sending money to family members living far away helps to service and maintain good family bonds typical of Africans where family ties are held in high esteem. Most adults use their accounts between one and five times in a month but 24.01% of the accounts are inactive in receiving deposits while 6.91% are inactive for withdrawal in a month. The most popular non-cash payment methods are ATM/Debit card and wire transfer/on-line payment. 59.58% of those who save use a bank account, 32.5% save with cooperative societies while 26.25% use daily contributors and rotational savings scheme. The use of insurance services is very small among account holders. We emphasize increase in public enlightenment campaigns to low income earners to reveal the benefits of financial inclusion to everybody using different languages, rather than just the middle class and the elite as it is currently done. The study identifies the need for stable electricity supply to drive the infrastructural facilities provided by banks, telecommunication companies and other related service providers such that fluctuation in internet and other network communication is reduced to the barest minimum if not fully eliminated.

In the interest of professional collaboration and integration via CIBN link, Oluyombo (2014a) focused on Talent Management in Nigerian Banks. The multi composition of Nigerian banks employee and the relaxed banking environment in employing people from diverse academic background and professionals to form the core human resource team of the bank created a niche for the use of appropriate talent management procedures, process and skills. This is imperative in order for banks to be able to recruit, employ, train, retain and promote the right caliber of employees that fit appropriately with the banks' strategic goals. However, the highly competitive nature of banking business, especially in developing nations, poses a challenge to banks' management to reduce staff poaching from their bank to another to the barest minimum. Discussion on talent management 7 centred more importantly on Chambers, Foulton, Handfield-Jones, Hankin and Michaels' (1998) submission that “better talent is worth fighting for”. This exposes clearly the need to keep and retain dedicated and competent employees in an organisation such that the employee is not enticed to leave or be poached from the employer by another company. The 'fight' for talent is not a physical combat between two banks, but it involves a strategic plan by each individual bank that guarantees maximum tenure in residence for faithful employees. The growth of Nigeria banks with the subsequent expansion to other nations created global competitive advantages for these banks, but it also leaves a critical challenge of talent management. The increasingly high competition among banks for deposits which necessitates the use of unhealthy competitive methods poses a challenge. The effect of the global financial challenge and resultant effect of the incursion of international banks into different countries could lead to shortage of good talents. There is a likelihood that some banks will face difficulties in filling crucial human resource positions in the nearest period.

To fulfill one of the conditions for the PhD research grant I won from ICAN, Oluyombo (2013a) empirically investigated the roles played by cooperative societies' loans services on members' economic condition, standard of living and in meeting participants' financial needs. The study reveals a positive relationship between participation in rural cooperative societies and increase in acquisition of enterprise assets. The paper concludes that cooperatives need to be developed with access to cheap fund from the government for on-lending to their members at reduced interest rates. There are three distinct novelties in this study which are not found in any other study: (i) Cooperative study with result analysed with social capital theory. (ii) Concept of physical capital introduced and explored in the study (iii) The finding leads to physical and financial capitals which are found in the circle of social capital theory I developed.

One of the follow-up papers to the above assessed the impact of informal microfinance schemes on the socio-economic well-being of the participants' children in rural areas of Ogun State. The study (Oluyombo, 2014b) shows that access to cooperative loans among the members led to improvement in household welfare through the number of children in school and level of education completed by members' children. The results brought to the fore the need for a completely free education system by the government, especially in rural areas, to alleviate the plight of rural dwellers that may not have the 8 financial resources to enroll their children in a fee paying school because the members took loans in order to enroll their children in school.

Theory and practice need to be harmonised. As a result, Oluyombo (2016) linked rural financial service providers and five theories of poverty to explore rural finance in order to entrench theories into policy decision making process. The study postulated that socially integrated associations which recognise clans and groups in the creation and financing of enterprises can be established to change the focus of the poor from their cultural poverty to a better future of generating additional income. Poverty emanating from geographical disparity requires a direct solution to the affected areas. The establishment of product processing zones in disadvantaged locations to enhance the quality delivery of their products and an improvement in their income is an option to grow the local area and improve the economic development of locations that lag behind in poverty.

My contribution to the field of Accounting and Finance at professional level is not limited to the above publications. It is pertinent to let you know that: i. Since 1994 till date, I have been practically involved in the training of ICAN Students at ATSWA and professional levels. This includes recommending, coordinating, teaching and signing students forms for ICAN examinations, exemptions and inductions. My textbook 'Financial Accounting With Ease' which I will talk about later, serves as a good companion for ICAN students since the first edition in 2004 to its current edition of 2018 with many testimonials and referrals. ii. I originated and developed ICAN – Mandatory Continued Professional Education (MCPE) for Information, Communication and Technology sector in 2002.

This was my initiative while in the industry for ICAN to start MCPE for the ICT sector via a letter written to ICAN. ICAN accepted and approved the idea, and I was privileged to suggest the papers/topics that were covered during the first training, including the facilitators. I am glad that the MCPE for the ICT sector has been running since then. iii. I was an ICAN Team Member, Pan-Atlantic University Undergraduate Accounting Curriculum Development 2013. 9 Being a member of the ICAN team that wrote the B.Sc Accounting Curriculum for this University is the foundation for this inaugural lecture. Otherwise, this lecture would not hold in this University, and if it did, it may not have been me. I arrived at PAU before 7am on that fateful Monday all the way from Ogun State for an assignment that was to commence by 8am. That was my first time in this University, and fortunately, that was also the first assignment on behalf of ICAN as an academic. It seems like yesterday, but I never knew that two years later, I would be a Faculty member of PAU to implement the B.Sc Accounting Curriculum we wrote for the University. I think ICAN was impressed with our delivery on the assignment, because it led to more representations on behalf of ICAN. iv. I served on the ICAN B.Sc Accounting Accreditation Team to Federal and Private Universities in Lagos State, Ogun State, Osun State and Enugu State, from 2014 to date.

4. The Throw In: Academic Contribution

I cannot explain all that I have contributed academically to the field of Accounting. However, in order not to create a vacuum, I will summarise a few of my/our studies in Financial Accounting, Taxation and Auditing. This includes text books, published conference proceedings and journal articles such as Journal of Accounting and Management, International Journal of Development and Management Review, DLSU Business and Economic Review, Applied Economics Journal, African Journal of Management and Journal of Co-Operative Studies.

Text Books: Financial Accounting With Ease

My first book on accounting titled 'Financial Accounting With Ease' was published in 2004 prior to the adoption of the International Financial Reporting Standards (IFRS) in Nigeria. The nineteen chapters' book has been revised several times in line with appropriate IFRS on those topics covered. The present third edition (Oluyombo, 2018c) was released in October 2018 which shows how current the author is on Financial Accounting. 10 Many people have heard about accounting before, but a majority of such people are scared to take accounting as a course. However, it is not possible for any social and/or management science students not to have a taste of financial accounting during their first or second year in higher institutions. My experience over the years has shown that it is easier to pass financial accounting examinations than any other social and management science courses because financial accounting is based on principles that are generally applicable.

The motive for writing the book (Oluyombo, 2004) was to 'dissect', 'simplify', and 'breakdown' financial accounting to an elementary level so that a novice would understand the subject easily, and this has been achieved. The book follows a progressive pattern in chapters, contents and questions layout. The book does not give room to assumptions, but it provides all necessary guides and information needed to master financial accounting. Each chapter consists of appropriate notes to the topics discussed and questions solved so that users can find complete knowledge in using the book. According to a reviewer of the book, “in the second edition of the 430-page publication, Onafowokan once again focuses on those aspects of financial accounting that are difficult for students of the discipline. Financial Accounting With Ease also addresses those elements of accounting that are part of our day-to-day experiences” (Bilewomo, 2007:11).

This book is written for those who are just being introduced to financial accounting at different levels, and those writing professional examinations of local and foreign bodies. The current edition (Oluyombo, 2018c) is a further in-depth study and revelation of those areas that students find difficult on daily basis based on my 25 years of teaching financial accounting. Therefore, more topics that are rare to find in other text books were added to the relevant chapters for comprehensive coverage and for the benefit of the users. The 2018 edition of my book 'Financial Accounting With Ease', contains 138 worked examples and 108 practice questions with solutions (Oluyombo, 2018c). That is an average of 13 questions per chapter, which no other financial accounting text book has achieved.

In chapter one, I introduced the readers to accounting history, definition and branches of accounting. I discussed uses and users of accounting information, qualities of good accounting information, accounting concepts and conventions, source documents and 11 their uses, and capital and revenue expenditure. Chapter two focused on the nine books of original entries and cash security Double entry system and trial balance (which include the ledger accounts) were covered in chapter three. Chapter four explore causes, types and correction of errors; while reserves, provisions and bad debt were considered in chapter five. Final accounts of a sole trader was treated in chapter six while chapter seven was devoted to causes and methods of calculating depreciation and assets disposal. Chapters eight, nine, ten and eleven on bank reconciliation, control account, single entry and incomplete records, and accounts of non-profit organisation respectively are my favourite topics from the secondary school days. Chapter twelve is on manufacturing accounts while partnership accounts which include profit or loss appropriation account, partner's capital and current accounts, partnership with guaranteed minimum share, valuation and accounting for goodwill, admission of new partner, changes in profit sharing ratio of existing partners, retirement/death of a partner, dissolution of partnership, and piece meal realisation, were thoroughly examined in chapter thirteen. Chapter fourteen focuses on joint venture while chapter fifteen is on royalties, including minimum rent, short working and sub-royalties. The book treats consignment account and departmental account in chapters sixteen and seventeen respectively. Chapter eighteen consists of issue and redemption of shares and debentures. The chapter considers types of companies; types, issue and pricing of shares; shares issued at par, at premium, at a discount and forfeited shares; bonus and right issues; issue and redemption of redeemable preference share, and debentures. The last chapter focuses on final accounts of limited companies, including statement of changes in equity.

There are many novelties in the book. I would like to mention one of such in chapter four on types and correction of errors.

Where trial balance totals do not agree and to avoid any delay in the preparation of final accounts, a suspense account would be opened to record the difference in the trial balance totals pending the time the errors are located and corrected. Suspense account, therefore, is a temporary account opened to record errors that cause the trial balance totals not to agree pending the correction of such errors. For examination purposes, students are not permitted to create a suspense account if their trial balance does not agree for whatsoever reasons, except the examiner asks for it. Many students become jittery when faced with questions involving suspense account because of its technicality. However, any student who follows the simple steps laid down in the chapter will see suspense account as bonus 12 mark in any examination. It is very important for me to state in clear terms that I have never heard, seen or read of this step from any source, but it came from my sincere desire to help my students to understand the topic.

Steps: 1. What is supposed to be done? 2. What was done? 3. How do I correct what was done? (i.e. to correct step 2 and arrive at step 1 above).

Question Cash of N10,000 received from a debtor was recorded in the cash account only.

Solution Step 1: What is supposed to be done? Debit - Cash Account N 10,000 Credit - Debtors Account N 10,000

Step 2: What was done? Debit - Cash Account N 10,000 Credit - No entry was made -

Note: The fact that debtors account was not credited means that suspense account must have been credited because the error will affect the trial balance total.

Step 3: How do I correct what was done? Debit - Suspense Account N10,000 Credit - Debtors Account N10,000

Note: Suspense account is debited because it was earlier credited in step 2. With this entry in step 3, the error is corrected. (Oluyombo, 2018c:57-58)

The Financial Accounting With Ease text book is the most popular of my publications in Nigeria among students and academia, and is found in most university libraries. Some of the academics present here today can confirm this without any iota of doubt, because the book is widely used in the teaching of Financial Accounting from year one to year three in 13 many Universities.

Text Books: Introduction to Financial Accounting

Introduction to Financial Accounting (Oluyombo, 2017a) is my second accounting text book. It is a twenty-one-unit book that covers Introduction to Financial Accounting I, course of the National Open University of Nigeria (NOUN). It is a simplified self study material written with simple and clear English without losing focus on necessary accounting terms and rigour. It is also available online for free!

The content consists basically of the treatment of accounting transactions according to the provisions of relevant accounting standards. Specifically, the nature and scope of accounting, the functions of accountants in business organisations, the accounting function and its relationship with the information system of organizations, users and uses of accounting information, basic accounting concepts and conventions, source documents and subsidiary books, double entry book-keeping systems, trial balance, correction of errors, capital and revenue expenditures, final accounts of a sole trader, control accounts and bank reconciliations were the main focus of the book.

Journal articles and published conference proceedings

Instead of writing generally on financial accounting, my research focuses on key items in the statement of profit or loss, and statement of financial position which include income, profit, asset, loan, saving and taxation.

My two interrelated longitudinal studies (Oluyombo, 2010a; Oluyombo, 2011) used financial statements of all microfinance banks in Nigeria for fifteen years on rural sustainable and economic development. In order to identify any positive effect of microfinance banking on the socio-economic well-being of rural areas, the paper carried out an analysis of the pattern and the value of loans, advances and credit disbursed by government approved microfinance banks to people in different segments of the rural economy. With the increasing rate of poverty in the nation, I raised some essential questions in the two papers as to the economic importance of microfinance banks since they are meant to be catalysts for economic development. The studies contributed significantly to both theory and practice because they determine if microfinance banks 14 have contributed to the long run growth of the economy; they identify the relationship that exists between deposit mobilized and credit disbursed by microfinance banks as a source for capital formation and they ascertain if microfinance banks loans and advances penetrate into the economy. The studies found a weak positive relationship between microfinance banks finance and long run economic growth in Nigeria, and between microfinance banks finance and capital formation. There was large positive correlation between microfinance banks finance and penetration ratio. A major downward trend in the value of credits to rural people compared to the deposits mobilized from them was found. There is a net outflow of finance from the rural poor jeopardizing the sustainable development of the rural areas. There is the need for policy framework that constrains microfinance banks to channel a minimum percentage of their deposit to productive sectors of the economy in form of credit. And the productive sector must be properly defined and classified for easy compliance by the microfinance banks and monitored by the regulatory authorities. I asserted that the increase in the proliferation of microfinance banks in Nigeria, with a majority located in the urban centres instead of rural areas, created a wide gap in the delivery of financial services to the rural dwellers and especially to the entrepreneurs, leaving them with no other option than the non-conventional financial institutions.

Financial accounting includes proper record and application of loan at different level. Loan is an item in the statement of financial position, while interest on loan is reflected in the statement of profit or loss. Series of my studies (Oluyombo, 2013b; Oluyombo, 2013c; Oluyombo, 2013d) considered income, assets and loans at the household level in rural areas. There were four distinct novelties in these studies which are not found in any other study. (i) Rural finance providers that are not registered with the government or regulated by the government were used. (ii) The rural finance providers were located in rural communities and villages outside the state capital and local government headquarters. (iii) I re-defined rural areas as rural communities and villages where there is no electricity, water, and tarred road. (iv) 'Effect size' calculation was used in data analysis for the first time in rural finance study in Nigeria.

Specifically, in Oluyombo (2013b), participation in cooperative societies' loans services 15 is associated with increase in household income. The use of cooperative loan increases household income level of the borrowers because the loan serves as additional investment and therefore helps to improve economic position for better living standards of the members. Oluyombo (2013b) extended further to household assets acquisition in Oluyombo (2013c) with three distinctive contributions. (i) A questionnaire was interpreted to the local language of the respondents. (ii) The study introduced control group (non-members of cooperative societies) to the respondents. (iii) Effect of respondents' demographic variables such as age, marital status, gender were tested on the study results.

Oluyombo (2013c) linked cooperative societies, assets acquisition and rural finance to determine the role of cooperative societies in providing rural finance services that may lead to ownership of household assets by the participants. Asset acquisition and ownership by the poor is important for poverty reduction and improvement in standard of living and economic status of rural dwellers that are not served by formal banking services. Moreover, the shift from income to assets accumulation is important for measuring household wealth (Grinstein-Weiss & Curley, 2003). The following assets – land, generator , television, radio and refrigerator – were more likely to be acquired by members than non-members (see table 1). Table1. Test of significance on individual assets Levene’s test for Asset equality of t-test for equality of means variance F Sig. t (df=300) Sig. Mean Standard error (2-tailed ) difference difference Motorcycle/Tric ycle .566 .452 .373 .710 .01374 .03684 Car/Lorry 4.156 .042 .994 .321 .03457 .03479 Plot of Land 25.103 .000 2.169 .031* .12931 .05962 Building 15.498 .000 1.778 .076 .10081 .05671 Generator 35.397 .000 2.478 .014* .15411 .06220 Television 31.817 .000 2.458 .015* .13351 .05433 Radio 13.535 .000 -2.31 0 .022* -.13969 .06046 Video/CD 6.814 .010 1.249 .213 .05489 .04394 Fans 2.194 .140 .716 .475 .03883 .05424 Fridge 45.453 .000 2.851 .005* .15513 .05442 Source: Oluyombo (2013c:64) * Si gnif icant at five percent My study (Oluyombo, 2013c) provided more evidence on the importance of land ownership, and how this is enhanced when rural communities have access to affordable loans. This is important because much of what happens in the rural areas is connected to the possession of land, which empowers people and gives them access to other resources. 16 The demographic variables which played significant roles in ownership of land in addition to the loan are membership duration (p<0.001), age (p=0.007) and household size (p=0.026). The result suggests that cooperative members who have been in the program for 6 years and above (M=0.3689, SD=0.48487) performed better in land ownership than other groups. This may be the outcome of the loan condition that makes it compulsory for members to access loan as a percentage of their savings in the program. The study did not find evidence that cooperative members took advantage of the program loan to acquire buildings and motor vehicles. The lack of government policy to aid in the accumulation of assets for rural dwellers and the provision of formal rural finance providers may necessitate the use of cooperative loan for asset building over time. This is not peculiar to rural areas only but is found among the elites because Oluyombo (2010b) revealed that participation in savings and credit cooperative organized by monthly income earners increased their purchasing power and thus assisted them to purchase household equipment and properties. Participants were also able to take advantage of loan facilities to engage in direct and indirect investment in business activities while still retaining their jobs.

The role of loan and interest on loan in rural finance was the focus of Oluyombo (2013d) with three significant contributions to knowledge. (i) The use of focus group discussion for data collection on cooperative study in Nigeria. (ii) Focus group discussion conducted in the local language of the participants was new. (iii) The use of 'content analysis' and 'quotation in their words' for data analysis were very significant and not common. The financial needs of the members were met through the giving of loans at reduced interest rates without the pledging of fixed and financial assets as collateral. The low interest rate on loan reduces the interest of members in patronising money lenders and possible loan default in the program. The personal guarantor arrangement greatly enhanced the inter-personal relationship among members which enabled them to provide support to members in trouble. I concluded in the paper that cooperative members are satisfied with the features and services offered by the program loan products because it meets their needs at various levels, not because there were no alternatives, but because the alternative financial service providers are more expensive to them compared with the benefits they would derive.

Having conducted studies on household income, asset, loan and interest on loan; I explored enterprise profitability in rural areas, in Oluyombo (2018a) to consolidate my 17 studies on key items on statement of profit or loss and statement of financial position. There is evidence that participation in a cooperative is associated with expansion in size of business facility, addition of new products/diversification and hiring of more workers. However, access to cooperative loans does not appear to contribute to making enterprise profit. The rural entrepreneurs require the immediate attention of the government to provide the necessary infrastructural facilities and training scheme in management, production, marketing and sales that will easily expose the rural dwellers to other economic information and modern equipment that may lead to reduction in cost of production and prepare them to make more sales.

If rural entrepreneurs found it difficult to make profit according to Oluyombo (2018a), would this lead to enterprise financial crises? If it does, would they cope with difficult times in their businesses? Would they survive periods of enterprise financial crises which many business face? These questions led to another study in Oluyombo (2018b) which found a significant association between participation in cooperatives and survival of periods of reduced enterprise cash flow. There is a positive association between cooperative loans and coping with enterprise financial crises. About 54.4% of rural entrepreneurs with enterprise financial crises depend on cooperative loans for meeting their businesses financial needs.

The intention behind auditing a financial record is to allow the auditor express an independent opinion on the financial statement whether it was prepared in all material aspects, in agreement with an accepted framework of financial reporting, whereby the auditor expresses an opinion as true and fair on all significant aspects. The auditor's report should show the 'true and fair' view of the financial statements audited and the scope of work carried out (Oluyombo, 2017a). Oluyombo and Okunola (2018) provided insight into the audit expectation gap in the public sector which hitherto had been muzzled-up. We provided the divergent opinions of auditors and users towards auditor's roles and responsibilities in the areas of effectiveness, economy and efficiency in the Nigerian Public Sector. We identified the skill gap as a major factor responsible for the lacuna between the auditors' roles and responsibilities, and the perspective of the users.

Emanating from audited financial statement is the tax liability for the enterprise. Companies are required by law to pay levies and taxes at different periods to the local, state and federal governments, depending on the nature of the organisation's business and 18 the sector the company belongs to. The calculation, preparation and remittance of appropriate tax payable to the government are the function of the accountant. Accountants therefore ensure that they are conversant and versatile in taxation in order to represent the interest of their organisation accurately so that the company will not be subjected to tax penalty for non-compliance with relevant tax laws either in full or in part. Taxation as the main revenue of the government is required for economic growth. Tax compliance has significant effects on boosting tax revenue generation, and tax default can cause significant variation in government revenue (Oluyombo and Olayinka, 2018). 88.8% of the total variation in revenue is accounted for by tax compliance. We (Oluyombo and Olayinka, 2018) called for improvement on leadership accountability at all levels of government, and for ensuring that tax revenue is transparently utilized so that taxpayers can see the benefits accruable from tax payment and take ownership of public infrastructures. The decline in Federal Government revenue from crude oil, which forms the bulk of the statutory allocation to the States, led to assessing the effect of internally generated revenue on the economic development of local governments in Oluyombo (forthcoming). The paper asserts that developmental efforts cannot be left exclusively to the internally generated revenue by the local governments. The need for consistent external funding was brought to the fore from the study. If local governments are starved of fund by federal and state governments, it will have a major negative impact on rural development because local governments internally generated revenues are not adequate to meet the rural economic development.

In addition to the above publications, I made other significant academic contributions to the accounting profession, thus: i. I served as M.Sc, Accounting external examiner and examined 17 M.Sc, dissertations. ii. I served as Ph.D external examiner and examined 2 Ph.D theses in Nigeria. iii. I served as reviewer to Heinemann Publishers Plc and Nigerian Institute of Social and Economic Research (NISER). iv. Currently, I serve as external examiner for M.Sc, M.Phil and Ph.D, Accounting in a university. v. I am also currently B.Sc, Accounting external examiner in another university. vi. I provide mentoring to other academics in Accounting and Finance. Two of my mentees completed their Ph.D in Accounting, and one in Finance. Six mentees 19 are currently on their Ph.D programs, five in Accounting, and one in Finance. Four of them will be completed this year. vii. Mentoring of other academics in research and publication led to joint papers in Palgrave Macmillan and other notable journals. The publications include: The Nigerian banking sector regulation and economic development (Oluyombo and Ikomi, 2008), Risk management in microfinance institutions (Oluyombo and Olabisi, 2008), and Microfinance impact assessment methodologies: Is it qualitative, quantitative or both? (Oluyombo and Iriobe, 2017), Audit expectation gap in the public sector: A conceptual analysis (Oluyombo and Okunola, 2018), and Tax compliance and government revenue growth in Nigeria (Oluyombo and Olayinka, 2018). viii. I am a Member, Editorial advisory board, Nigerian Management Review.

5. The Throw Out: Contribution to Banking and Finance

Shortly after the increase of banks' capital from N2 billion to N25 billion, Oluyombo and Ikomi (2008) filled a gap in the literature that revealed, in a chronological order the historical perspective of regulation and minimum paid up capital in Nigerian's banks. We clearly examined and reviewed all the legislation and directives regulating the banking sector in Nigeria from 1952 to 2006. We recommended that regulators should place particular emphasis on the monitoring of credit risk and provide incentives for prudent management of banks. Nine years after the initial study above, I (Oluyombo, 2017b) explored the history and political economy of banking sector reforms in Nigeria and Ghana. In view of the multiple reforms in the Nigerian and Ghanaian banking sector before and after the establishment of Bank of Ghana and Central Bank of Nigeria, which few articles in the literature have scratched without in-depth analysis of the reason, type and effect of different reforms including the political perspectives of different philosophical and conceptual issues behind the reforms. Oluyombo (2017b) provided the historical and political background to both capital and non-capital base reforms and the economic implications of such regulation. A closer look at the regular increase in banks' capital may suggest that the only and better form of banking reform is an upward review of banks capital but this has not proven to be the best at any time.

In three related papers, I/we waded into how to develop microfinance banking in Nigeria (Oluyombo, 2007a), regulatory and supervisory framework for microfinance institutions 20 (Oluyombo, 2007b), and risk management in microfinance institutions (Oluyombo and Olabisi, 2008). In Oluyombo (2007a), I postulated microfinance bank becoming a household name in Nigeria due to its global acceptance as a means of reaching those that were not served by the conventional big banks. It is now a reality. The paper suggested that the services and products of microfinance institutions should be tailored towards the poor masses in rural and urban areas as an economic tool. In this respect, I suggested that loans to be provided should be moderately priced and within the reach of the poor. However, the reality on ground as at today is contrary to this, as many poor people cannot pay the interest charged by many of the microfinance banks.

The greatest challenge faced by microfinance institutions is how best to manage its credit and risk exposures in comparison with the rising competition, sophistication and turbulent economic and social environment especially in developing nations (Oluyombo and Olabisi, 2008). There is the need to strike a balance between profitability and unhealthy risk exposure. We developed a microfinance sector risk model as liquidity risk, credit risk, operational risk, foreign exchange risk and ownership return risk. From an economic point of view, risk should be prioritized using a simple scale of preference in handling the risk. Although, all forms of risks should be managed, the impact of these risks on microfinance banks differs considerably, hence these risks should be analysed and given their appropriate scale. For example, ownership return risk must be given higher priority; if not, all other risks cannot be managed if the owners agitate for more return on their investment. Prioritization of risk will help the management to know the level of resources that will be deployed to each risk and the likely effect on their business. If this is done, the owners and management will not be caught unaware when these risks are about to occur and/or increase.

6. The Throw Out: National and International Landmarks

In 2008, I was involved in a comprehensive study of Y-PEER: Strengthening and expanding capacity for delivery of high quality peer education systems in Arab States, Eastern Europe and Central Asia, which comprises of eight countries. We (Oluyombo, Mohanty, and Lambert, 2008; Mohanty and Oluyombo, 2008; Debattista and Oluyombo, 2008) conducted on-the-spot assessment and evaluation of the impact of youth peer network of the United Nations Population Fund in three countries namely Serbia, Egypt and Turkey respectively. With the use of desk review, interviews and focus group 21 discussions, we found that the project had achieved its desired goals and represented a very successful and worthwhile intervention. Our report is available to the public on-line for free. The study in the nine countries involves international evaluators from different nations. However, I was the only African on the international evaluation team.

The United Nations declared 2012 as 'International Year of Cooperatives'. To celebrate this in the form of an edited book publication, I sought and received approval reference 20110809002 on August 9, 2011 from the International Year of Cooperatives Secretariat at the United Nations, United State of America. The approval enabled me to use the 2012 International Year of Cooperatives logo for call for papers, book cover and other documents for the book 'Cooperative Finance in Developing Economies' (Oluyombo, 2012) which I edited. Microfinance Gateway of the Consultative Group to Assist the Poor (CGAP) and the International Year of Cooperatives Secretariat at the United Nations hosted the call for papers for the book on their website.

The book covers both the theoretical and empirical research in different areas of cooperative and microfinance arrangements which include cooperative society, cooperative bank, informal microfinance, credit union, thrift and credit, multipurpose cooperative, farmers and traders cooperative. The specific topics covered are capital formation and loan administration, corporate governance, financial intermediation and social capital, financial sustainability, impact assessment and evaluation, integration into the formal financial system, management and members' relationship and conflict, micro and small scale enterprise development, poverty reduction and economic development, products and services delivery models, risk management and insurance, and women empowerment and gender issues.

There were conferences organized to celebrate the International Year of the Cooperatives. A fact that emerged in 2013 across the world was a very big surprise. The only book published to celebrate the 2012 International Year of the Cooperatives by individuals and institutions was 'Cooperative Finance in Developing Economies' that I edited. The book is available on-line for free. The book contains papers from four continents - Africa, Asia, Europe and North America. Twenty nine authors from Canada, France, Germany, Italy, Nigeria, Senegal, Spain, United Kingdom and Vietnam contributed to the book. The book addresses the need of students, researchers, practitioners and policy makers.

22 My edited follow-up book to the above was 'Cooperative and Microfinance Revolution' (Oluyombo, 2013e). The book provides a unique insight into different areas of cooperative and microfinance, examining if there had been any revolution or not using their services at the informal and formal levels, and for both rural and urban areas across developed and developing nations. The book contains papers from sixteen members of the academia from five countries, namely Germany, France, United Kingdom, Nigeria and South Africa. To determine if there has been revolution or not through the use of cooperative and microfinance programs, the book concentrates on three continents - Africa, Asia and Europe. The book covers: Climate change and natural disasters, cooperating for entrepreneurship and employment. Cooperative development, country comparison and analysis, credit delivery and practices, human resources and management approach, mentoring and women entrepreneurship empowerment, micro and small scale businesses, performance evaluation of cooperative and microfinance, poverty and informal finance providers, regulation, policy and control, as well as rural finance.

In addition to other contributions stated above, I have been privileged to grant interviews to the media on pressing national issue, some of which are: i Financial experts welcome postponement of cash-less policy, Business Day Newspaper, August 1, 2012. ii. Mixed reactions trail CBN directive on lending window, inter-bank market. Nigeria Pilot Newspaper, August 10, 2012. iii. FG urged to reduce poverty in 2013. Champion Newspaper, January 7, 2013. iv. Lecturers want FG to wisely utilise 2013 education budget. Royal Times, January 11, 2013. v. Experts express divergent views on FG's stance to borrow more. Vanguard Newspaper, May 20, 2013. vi. Another rising debt profile. National Mirror Newspaper, May 20, 2013. vii. Don tasks FG, NAICOM to enforce prompt payment of insurance claims. Daily Times Newspaper, June 6, 2013. viii. Experts say living standard in Nigeria has not improved. Premium Times, June 9, 2013. ix. Financial experts decry Nigeria's GDP rate, The Tide Newsonline, July 15, 2013. x. 3yrs validity of JAMB result: Senate's directive dangerous – Don. Vanguard 23 newspaper. October 15, 2016. xi. Senate JAMB directive: Nigeria's education sector will suffer, says Don. Punch newspaper. October 15, 2016. xii. 8 new private universities will increase intake of students. The Nation Newspaper. November 4, 2016. xiii. Why Nigerians shuns banks, keep money at home. Punch newspaper. November 17, 2016. xiv. Budget 2018: Financial experts task FG on liquidity surge. Newsverge. June 21, 2018.

7. Conclusion

An accountant can be defined from a broad perspective as a person who carries out accounting functions for or within an organisation. Since accounting includes financial accounting, cost accounting, managerial accounting and auditing, it means therefore that accountants also include financial accountants, cost accountants, management accountants and auditors. Accountants are those with necessary professional accounting qualifications who have been certified as fit and qualified to practice accounting by government-approved accounting professional bodies (Oluyombo, 2017a). Auditing and taxation are key areas of accounting. The postulation to separate taxation and auditing from the accounting profession is not an enviable position. Those who teach these subjects and other areas of accounting such as costing and management accounting are academics in the accounting profession. While specialization cannot be foreclosed, a dichotomy need not exist because of public expectations from the accounting profession.

In financial accounting, there is the need to follow a chronological order in the recording of transactions, and presentation of financial reports. Unfortunately, a majority of those with accounting knowledge do not follow this systematic recognition. Why? That will lead us back to the commencement of this lecture. At the beginning, I said 'gentlemen and ladies' instead of the conventional 'ladies and gentlemen'. It was not a mistake but a deliberate act, to follow the way we are created. Why should we change the order of God's creation by saying 'ladies and gentlemen'? Does it not contravene the chronological order of recording? Which type of accounting is this? Is it humanity accounting or divinity accounting? You be the judges!

24 Mr. Vice Chancellor Sir, from the summary presented, it is clear that I have made humble but significant contributions to the development and growth of accounting at both academic and professional levels. These accomplishments convinced this great University to appoint me to the Chair in Financial Accounting a month after my 50th birthday. In the course of making these notable contributions to theory, knowledge and practice, I attended numerous conferences and workshops, and made presentations both in Nigeria and abroad namely in Hammamet (Tunisia), Belgrade (Serbia), Cairo and Monofeya (Egypt), Ankara and Istanbul (Turkey), Leicester and Durham (United Kingdom), Kampala and Munyonyo (Uganda), Madrid (Spain), and Accra (Ghana). All the conferences I attended were made possible from grants and awards won from different institutions locally and abroad, including Pan-Atlantic University.

Appreciation

I wish to conclude by thanking the Most High God, the Giver of Life and the Author and Finisher of my faith, Jesus Christ, who redeemed me from death unto life and ensured that someone like me, whom men had written off, could leave the shores of Nigeria to obtain a Doctorate Degree in the United Kingdom. I experienced your favour, direction and help in the journey to becoming a Professor. Everything about me was done at God's speed that no man could ever imagine. You, the Author of authors, JESUS CHRIST, own my life. You showed yourself strong and mighty on my behalf several times. Thank you, the Owner of my life: to you alone is all the glory, honour, power, majesty and dominion for ever more.

I sincerely thank the Vice-Chancellor, Professor Juan Elegido, for his interest in my research, and for his simple and humble leadership style. I am grateful to the Dean, School of Management and Social Sciences, Prof. Chantal Epie, who encouraged me to join the University. Over the years, I find her to be a very trusted and simple personality. I appreciate the Senate members of PAU, my friends and colleagues in the School of Management and Social Sciences and the University. Thanks to colleagues in the Department of Accounting: Drs. Segun Vincent, Tola Owolabi, Ben Okafor, and Kola Fajuyigbe. Fredrick Ikpesu, Abisola Akinola, Olalekan Olayinka, Adesola Okunola and Japhet Imhenzenobe.

I appreciate all my teachers at secondary school, especially Mr. Enilolobo and Mr. Noah 25 Adeliyi who taught me Financial Accounting, and Mr. Ajileye who taught me Mathematics for a term. Thank you to those who taught me at the professional levels, including Mr. M. B. G. Oduyoye, Mr. Seyi Katola, Mr. Osinuga, Chief Oye Akinsulure, and Dr. Zaccheaus Solomon.

A special thank you to Prof. Oyewale Tomori, the pioneer Vice Chancellor of Redeemer's University, and Prof. Olumakinde Odugbemi, the pioneer Dean, College of Management Sciences, Redeemer's University. I was employed as pioneer staff into Redeemer's University by them and they made the environment very conducive which enabled me obtain a Ph.D and also served the University for ten years. I am grateful to my academic mentors: Professors. C. U. Uche, I. R. Akintoye, J. U. J. Onwumere, and Dr. Mrs. Modebe.

To my Spiritual Parents, the General Overseer of New Testament Life Mission (NTLM), Bishop Joshua Nissi & his wife, Dr. Mrs. Folake Nissi. All Pastors of NTLM. NTLM Lagos State pastors team of which I have the good fortune of being the Secretary. All members of NTLM Headquarters, Somolu, Lagos, where I serve as the Pastor.

I thank the Institute of Chartered Accountants of Nigeria (ICAN) for supporting this lecture with her Inaugural Lecture award.

I thank the Dairo's family. I would like to appreciate my mother, Mrs. Florence Anike Onafowokan, who toiled day and night in the interest of her children. I thank God that you are alive today at 76years of age to see, enjoy and partake of the fruit of your labour. Mummy, thank you very much for all you did for my siblings and I. Thanks to my wonderful siblings: Pastor & Mrs. Gbenga Onafowokan, Pastor & Mrs. Yemi Omilabu, Mr. & Mrs. Korede Onafowokan, Mr. & Mrs. Sonde, Mr. & Mrs. Adewunmi, and Debo Onafowokan.

I am grateful to God for my children, Oreoluwa, Toluwani and Erioluwa, who gave their necessary support and understanding all the time. Thank you, my royal family. What would I say of my wife, Oluwafunke Adebola Oluyombo? You are indeed a treasure from God, given to me forever. I will forever be grateful to God for bringing you into my life. Thank you for your consistent love, care and contribution to ensure that I fulfil my destiny. You are the only local government in my state, the only state in my nation, the 26 only country in my world, the only sugar in my tea, the only honey in my coffee, the only channel on my television, the only website on my internet, and you are the only appreciable asset in my statement of financial position.

On a lighter but appreciative mood, I would like to end this lecture by singing a common song I learnt in secondary school and also sang on our wedding day.

Chorus: All things bright and beautiful, All creatures great and small, All things wise and wonderful: The Lord God made them all.

1. Each little flower that opens, Each little bird that sings, He made their glowing colours, He made their tiny wings.

2. The purple-headed mountains, The river running by, The sunset and the morning That brightens up the sky.

3. The cold wind in the winter, The pleasant summer sun, The ripe fruits in the garden, He made them every one.

4. The tall trees in the greenwood, The meadows where we play, The rushes by the water, To gather every day.

5. He gave us eyes to see them, And lips that we might tell How great is God Almighty, 27 Who has made all things well.

Thank you for your time.

References Abioye, A. (2004). Book Review: Non-Interest (Islamic) Banking: Principles and Practice by Onafowokan Oluyombo. ICAN Students' Journal, 9(4), 23 Aina, S. (2014). Banking and Bankers: Looking Back, Looking Ahead. Lagos: Chartered Institute of Bankers of Nigeria. Aina, S. and Oluyombo, O. (2014). The Economy of Financial Inclusion in Nigeria: Theory, Practice and Policy. CIBN Occasional Papers Series. 1(1), i-32. Bilewomo, A. (2007). A Book for Debtors and Creditors. Tell Newsmagazine, July (2), 11 Chambers, E. G., Foulton, M., Handfield-Jones, H., Hankin, S. M. and Michaels Ill, E. G. (1998). The War for Talent. Mckinsey Quarterly, (3), 44-57 Grinstein-Weiss, M., & Curley, J. (2003). Individual Development Accounts in Rural Communities: Implications for Research. Center for Social Development Working Paper, No. 03-21 Oluyombo, O. O. (2004). Financial Accounting With Ease. Ogun: Kings & Queen Associates. Oluyombo, O. O. (2005). Regulatory Framework for Interest Free Banking in Nigeria. Journal of Banking, 1(1), 29-53. Oluyombo, O. O. (2007a) Developing Microfinance Banking in Nigeria. Babcock Journal of Management and Social Sciences, 6(1), 126-134. Oluyombo, O. O. (2007b) Regulatory and Supervisory Framework for Microfinance Institutions in Nigeria. Euro-Mediterranean Economics and Finance Review, 2(3), 301-308. Oluyombo, O. O. and Ikomi, F. M. (2008). The Nigerian Banking Sector Regulation and Economic Development. Journal of Business Management, 2(1&2), 83-96. Oluyombo, O. O. and Olabisi, J. B. (2008). Risk Management in Microfinance Institutions. Journal of Applied Economics, 1(1), 104-112. Oluyombo, O. O; Mohanty, B. P. and Lambert, S (2008). United Nations Population Fund Youth Peer Education Evaluation Report for Serbia. Being the outcome of the evaluation conducted in Serbia. January 21-25. Mohanty, B. P. and Oluyombo, O. O. (2008). United Nations Population Fund Youth Peer Education Evaluation Report for Egypt. Being the outcome of the evaluation 28 conducted in Egypt. January 27-29. Debattista, J. and Oluyombo, O. O. (2008). United Nations Population Fund Youth Peer Education Evaluation Report for Turkey. Being the outcome of the evaluation conducted in Turkey. January 30 – February 2. Oluyombo, O. O. (2010a). Assessment of Rural Sustainable Development by Microfinance Banks in Nigeria. IESD PhD Conference: Energy and Sustainable Development. 126-137. Oluyombo, O. O. (2010b). Assessing the Impact of Savings and Credit Cooperatives among Monthly Income Earners. Journal of Research in National Development, 8(2b), 407-415. Oluyombo, O. O. (2011). The Impact of Microfinance Bank Credits on Economic Development of Nigeria (1992–2006) International Journal of Development and Management Review, 6(1), 139-150. Oluyombo, O. O. (2012) Cooperative Finance in Developing Economies. Lagos: Soma Prints Limited. Oluyombo, O. (2013a). The Role of Cooperative Societies on Standard of Living in Ogun State, Nigeria. ICAN Journal of Accounting and Finance. 2(1), 133-142. Oluyombo, O. (2013b). Impact of Cooperative Finance on Household Income Generation. DLSU Business and Economic Review. 23(1), 53-65. Oluyombo, O. (2013c). Household Assets and Rural Finance in Nigeria. Applied Economics Journal. 20(2), 55-74. Oluyombo, O. (2013d). The Role of Co-operative Loans in Rural Finance: Evidence from Ogun State, Nigeria. Journal of Co-operative Studies. 46(1), 5-15. Oluyombo, O. O. (2013e). Cooperative and Microfinance Revolution. Lagos: Soma Prints Limited. Oluyombo, O. (2014a). Talent Management in Nigerian Banks. Bank Quest. 85(3), 132- 138. Oluyombo, O. (2014b). Co-operative Society Finance and Socio-economic Well-being of Participants' Children. Journal of Banking. 8(1), 77-92 Oluyombo, O. (2016). Poverty and Rural Finance in Africa: Moving Theories into Policies. ICAN Published Refereed Conference Proceedings. 711 – 724. Oluyombo, O. O. (2017a). Introduction to Financial Accounting. Lagos: National Open University of Nigeria. Oluyombo, O. O. (2017b). The History and Political Economy of Banking Sector Reforms in Nigeria and Ghana. In Enwere, C., Aytac, O. and Khalil-Babatunde, 29 M. eds. A Comparative Study of Nigeria: Lessons from the Global South. Abuja: Nile University of Nigeria. 99-120. Oluyombo, O. O. and Iriobe, G. O. (2017). Microfinance Impact Assessment Methodologies: Is it Qualitative, Quantitative or Both? In Cumming, D; Dong, Y; Hou, W; and Sen, B. eds. Microfinance for Entrepreneurial Development: Sustainability and Inclusion in Emerging Markets. United Kingdom: Palgrave Macmillan. 153-168. Oluyombo, O. O. (2018a). Cooperative Finance and Profitability of Rural Enterprises in Ogun State. Journal of Accounting and Management. 1(1), 162-176. Oluyombo, O. O. (2018b). Analysis of Cooperative Financial and Enterprise Financial Crises. African Journal of Management. 3(2), 11-26. Oluyombo, O. O. (2018c). Financial Accounting With Ease. 3rd edition (revised). Ogun: Kings & Queen Associates. Oluyombo, O. O. and Okunola, A. O. (2018). Audit Expectation Gap in the Public Sector: A Conceptual Analysis. LAPAI International Journal of Administration. 1(2), 205-215. Oluyombo, O. O. and Olayinka, O. M. (2018). Tax Compliance and Government Revenue Growth in Nigeria. LAPAI International Journal of Administration. 1(2), 245-253. Oluyombo, O. O. (Forthcoming). Internally Generated Revenue and Local Government Development. Baze Journal of Management and Social Sciences. Rabiu, A. B. (2015). Terrestrials and Extraterrestrials: Divine Nexus for Man's Comfort. Inaugural Lecture Series 70. Akure: Federal University of Technology. July 7. Uche, C. U. (2007). The Future of the Past in Banking. Inaugural Lecture. Enugu: University of Nigeria. August 30.

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