General
Technology Can Help Rebuild Trust in Accounting Profession—Expert
By Dipo Olowookere
Following a series of high-profile scandals across the world, many accountants and accounting firms have come under heavy scrutiny by regulating bodies.
In this regard, one issue of immediate concern to practitioners is the need to regain public trust and an expert in the accounting business, Mr Michael Armstrong, has submitted that if properly utilised, technology can be used as a vital tool to help rebuild trust in the profession.
Speaking at the recently held 48th Annual Accountants’ Conference themed Securing Our Shared Future: A Collective Responsibility, Mr Armstrong said the accounting profession was set to witness exciting times ahead, in a changing world.
The accounting expert, who is the Regional Director of the Institute of Chartered Accountants in England and Wales (ICAEW) in the Middle East, Africa and South Asia, stated that, “Our profession is currently under a great deal of scrutiny with the media reporting corporate failures, criticism of accountants and auditors, and sanctions being imposed on what can sometimes feel like a daily basis. All Chartered Accountants are under scrutiny.”
Mr Armstrong, during his presentation titled Accounting Firms of the Future: Challenges and Opportunities at the event in Abuja, noted that, “As defined by our Royal Charter, the fundamental function of bodies like ICAEW and ICAN are the protection of public interest.
“Due to the loss of public confidence, the key challenge facing the profession and our most immediate concern is the need to rebuild trust.”
Mr Armstrong noted that the accountancy profession needed to recover its original purpose of assuring investors and the public of the truth, rebuilding trust and ensuring the sustainability of the profession.
The ICAEW director called on accounting professionals to act immediately. “In fact, our (ICAEW) CEO, Michael Izza, describes this as a “watershed moment” – a wake-up call for business leaders, regulators and auditors. As a profession, we have to be prepared to think and act differently in the future. If we don’t address this now, one wonders if we will still have a profession in 20 years’ time”, he said.
For Mr Armstrong, who was also a partner at KPMG, one way to improve the credibility of financial reporting is to boost audit quality. He noted that changes, driven by a range of factors, but most significantly technology, will transform all aspects of business and society in the coming years, and reshape the accountancy profession across Africa, Europe, the Middle East and the rest of the world.
“Over the years, our profession has moved from the use of spread-sheets, to computers and other more advanced technological devices.
“While the scale of the change today may appear more dramatic, this is not new territory for the profession which has a long history of adapting to changing regulatory and technological environments. It may seem more pressing and transformational now, but is the arrival of Artificial Intelligence (AI) or Big Data more significant than the arrival of computers into finance departments or the appearance of the spread sheet? Our profession has always been very adaptable in the past so there’s no reason to think it can’t adapt this time,” he added.
Mr Armstrong also emphasised the need for collaboration amongst Chartered Accountants more than ever before; and looks forward to working and collaborating with ICAN following the MoU signed earlier in the year.
In his presentation, Mr Armstrong noted that technology is the driving force behind change in the accountancy profession, as it presents countless opportunities for the profession to deliver more value to businesses through new and enhanced services. He also explained that accountants can save time – for themselves and their clients – from lower value tasks to focus on more complex and advisory work.
Other workshops held at the four-day conference were: ‘SMPS & SMES: Revving The Economy To Action’; ‘Securing Our Shared Future; Cyber Security Challenges’ and ‘Contemporary Issues in Digital Economy’.
The conference ended with a Gala Night and was attended by Chartered Accountants from across Nigeria.
By Adedapo Adesanya
Justice Emeka Nwite of the Federal High Court in Abuja has granted the former Attorney General (AGF) and Minister of Justice, Abubakar Malami and two others, bail in the sum of N500 million with two sureties.
The sureties, according to the judge, must have landed property in Asokoro, Maitama, or Gwarinpa.
The documents of the properties are to be verified by the deputy chief registrar of the court while the sureties are also to depose to affidavit of means.
Mr Malami was also ordered to deposit his travelling documents with the court and must not travel out of the country without the permission of the court.
The former AGF and his sureties were also ordered to deposit their two recent passport photograph with the court.
Meanwhile, Mr Malami has been ordered to be remanded in Kuje prison pending his perfection of the bail conditions.
Justice Nwite subsequently fixed February 17 for commencement of trial of the corruption charges.
The same bail were extended to Mr Malami’s son, Mr Abdulaziz Malami, and a listed employee of Rahamaniyya Properties Limited, Mrs Asabe Bashir, who is also believed to be Mr Malami’s wife.
The Economic and Financial Crimes Commission (EFCC) filed a 16-count alleged money laundering charge against Malami, his son and his wife.
In one of the counts, the anti-graft agency alleged that Mr Malami and his son procured Metropolitan Auto Tech Limited to conceal the unlawful origin of the sum of N1,014,848,500.00 in a Sterling Bank Plc account, when they reasonably ought to have known that the sum constituted proceeds of unlawful activities, thereby committing an offence contrary to Section 21(c) of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Section 18(3) of the same Act.
It also said they conspired to disguise the unlawful origin of the aggregate sum of N1,049,173,926.13 paid through the Union Bank Plc account of Meethaq Hotels Limited, Jabi, between November 2022 and September 2024, contrary to Section 21 of the Money Laundering (Prevention and Prohibition) Act, 2022, and punishable under Sections 18(2)(a) and 18(3) of the same Act.
Another count alleged that between November 2022 and October 2025, the duo indirectly took control of the aggregate sum of N1,362,887,872.96 paid through the Union Bank Plc savings account of Meethaq Hotels Limited, when they reasonably ought to have known that the funds constituted proceeds of unlawful activities, contrary to Section 18(2)(d) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
By Adedapo Adesanya
The Nigerian Maritime Administration and Safety Agency (NIMASA) has commenced special operational enforcement code named Operation Zero Tolerance for Non-Compliance in the Nigerian maritime domain.
The directive was issued through a Marine Notice, pursuant to the agency’s statutory mandate under the NIMASA Act 2007, the Coastal and Inland Shipping (Cabotage) Act 2003, the Merchant Shipping Act 2007, and other applicable regulations.
Under this operation, all Ship/Vessel Owners, Operators, Managers, International and National Oil Companies, Masters and Officers of Merchant Ships, Shipping Companies, Shipping Agents, Charterers, Offshore Installations and Platforms Operators, Vessel Operators at the Free Trade Zones (FTZ), and Maritime Stakeholders operating or intending to operate within Nigerian waters are required to ensure full compliance with statutory requirements contained in existing maritime laws and regulations.
These include proper vessel registration, valid certifications, updated ownership documentation, adherence to Cabotage provisions relating to vessel ownership, registration, manning, and build.
The notice also emphasised the importance of timely payment and remittance of all statutory levies and fees as prescribed by law.
As part of the enforcement process, NIMASA will conduct random and targeted vessel inspections, verify documentation against its databases, and carry out physical and documentary compliance assessments at ports, terminals, and offshore locations. Operators will also be required to present proof of payment of all applicable levies and fees upon request.
To allow stakeholders the opportunity to regularize their operations, NIMASA has granted a thirty (30) day window from January 5, 2026 for a self-audit and voluntary compliance.
The agency warned that failure to comply after the expiration of the grace period will attract enforcement actions, including vessel detention, monetary penalties, withdrawal of waivers or operational licences, and denial of port clearance until full compliance is achieved.
The Director General of NIMASA, Mr Dayo Mobereola has assured all stakeholders of the Agency’s commitment to promoting indigenous shipping development, enhancing maritime safety and security, protecting the marine environment, and ensuring strict compliance with Nigeria’s maritime laws.
“We therefore urge all stakeholders to do their part so that together, we can build on the gains of previous regulatory achievements, which is enhanced safety, a secure maritime environment and sustainable utilisation of our marine resources,” the DG added.
By Adedapo Adesanya
Nigeria’s private security firm, Tantita Security Services Limited (TSSL), has entered into an agreement with a United States–based Textron Systems for the supply of unmanned aerial vehicles (drones) in a move aimed at curbing crude oil theft in the country.
Textron Systems said the drones would support security operations around Nigeria’s oil and gas infrastructure, which has continued to face threats from crude oil theft, vandalism and sabotage.
The deal also includes provisions for training and the possible acquisition of additional aircraft as Tantita expands its operations, building on a previous US Foreign Military Sales delivery of Aerosonde drone systems to Nigeria.
The Aerosonde Mk. 4.7 is designed to operate without a runway, using a hybrid quadrotor system for vertical takeoff and landing before transitioning to fixed-wing flight. The system can carry multiple payloads and conduct extended surveillance missions.
Speaking on the development, Executive Director, Operations and Technical, Mr Waredi Enisour, said Tantita officials were in the United States to inspect the drone operations and understudy the associated technical processes.
Mr Enisour added that with the latest technological acquisitions by Tantita, incidents of crude oil theft are expected to decline significantly, as the drones will provide extensive surveillance coverage across the Niger Delta region.
He disclosed that Tanttia is the first private security firm in Nigeria to acquire the Aerosonde UAV which hosts ISR capabilities.
Tantita is a company owned by a former militant leader, Mr Government Ekpemupolo, commonly known as Tompolo. Over the years, the federal government has collaborated with the former militant leader for the protection of critical oil and gas infrastructure and securing permanent peace in the oil-rich Niger Delta Region.
Oil and gas remains Nigeria’s economic mainstay, contributing nearly 90 per cent of forex earnings and 70 per cent of national revenue. However, constant oil theft over the years has made it impossible for the country to hit its peak production of 2.5 million barrels recorded in 2005, although improvement has occurred in recent years, there have been more hands-on approach.
-
Feature/OPED6 years agoDavos was Different this year
-
Travel/Tourism9 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz3 years agoEstranged Lover Releases Videos of Empress Njamah Bathing
-
Banking8 years agoSort Codes of GTBank Branches in Nigeria
-
Economy3 years agoSubsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking3 years agoFirst Bank Announces Planned Downtime
-
Banking3 years agoSort Codes of UBA Branches in Nigeria
-
Sports3 years agoHighest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn