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