An economist at Bowen University, Iwo, Osun State, and Fellow Chartered Accountant (FCA), Professor Olayinka Adenikinju, has urged accountants to uphold the highest standards of integrity, transparency and professionalism to restore public trust and rebuild confidence in Nigeria’s economy amid prevailing economic uncertainties.

Adenikinju said the accounting profession remains indispensable to strengthening public institutions, attracting investment and supporting sustainable economic growth, particularly as Nigeria implements far-reaching economic reforms.

The professor made the call while delivering the lecture themed: “Accounting: The Compass for Economic Navigation in Turbulent Times,” at the grand investiture of Elder Patterson Ariemuduigho as the second Chairman of the Lagelu and District Society of the Institute of Chartered Accountants of Nigeria (ICAN), held at UI Hotels, University of Ibadan.

According to her, confidence is often the first casualty of economic turbulence, making the role of accountants more critical than ever in providing reliable financial information for governments, businesses, investors and the public.

“In every turbulent economy, the first casualty is confidence. At such moments, accounting must be understood as more than bookkeeping, compliance, or the preparation of annual reports. Accounting is a compass,” she said.
She explained that while accounting cannot eliminate economic storms, it provides the reliable information needed to identify risks, prevent resource leakages, promote accountability and support sustainable decision-making.

“Our duty in turbulent times is to convert uncertainty into reliable information, and reliable information into accountability and confidence,” she added.

Describing accounting as “the language of economic civilisation,” Adenikinju noted that virtually every economic decision – from budgeting, taxation and public expenditure to investment, auditing and corporate governance – depends fundamentally on credible financial information.

She warned that distorted financial reporting often results in poor economic decisions and corporate failures, citing the collapses of global corporations such as Enron, Wirecard and Lehman Brothers as evidence of the consequences of weak corporate governance and compromised accounting integrity.

According to her, ethical conduct, professional independence and transparency remain the strongest foundations for rebuilding confidence in Nigeria’s economy.

Adenikinju stressed that the country’s ongoing reforms, including fuel subsidy removal, exchange-rate liberalisation, fiscal restructuring and tax reforms, require credible accounting systems, sound professional judgment and transparent financial reporting to achieve their intended objectives.

“Good accounting forces us to confront economic realities honestly. A country cannot chart a sustainable path to recovery using figures it does not trust,” she said.

The economist noted that although Nigeria’s macroeconomic indicators have shown signs of improvement following recent reforms, the country must continue strengthening financial reporting, fiscal transparency and public sector accountability to sustain investor confidence.

She urged accountants to support evidence-based policymaking through accurate revenue forecasting, transparent tax administration, prudent debt management and effective monitoring of public expenditure.

Referring to a recent lecture by accounting scholar, Dr. Fatai Atanda, Adenikinju noted that poor-quality accounting information, earnings manipulation, weak internal controls and ethical lapses have contributed significantly to corporate distress.

She, however, maintained that the accounting profession has not failed, arguing that stronger regulations, improved corporate governance and stricter ethical compliance have continued to strengthen professional practice.

“The accounting profession will continue to serve as the thermometer, but not the cure. It measures the health of organisations, but good governance, ethical leadership and sound management are required to prevent failure,” she said.

Adenikinju also urged accountants to embrace emerging technologies such as artificial intelligence, blockchain, cloud computing and data analytics while preserving the ethical principles that define the profession.
“Technology can automate transactions, but it cannot replace professional judgment or integrity. Every signature on an audit report represents a public trust, and every financial statement influences economic confidence,” she said.

She urged young accountants to invest in continuous professional development, embrace digital innovation and guard their reputations jealously, describing integrity as their greatest professional asset.

The economist also urged professional bodies to strengthen ethical standards, promote sustainability reporting, deepen digital competence, encourage research and support government efforts aimed at improving transparency and accountability.

Charging the new leadership of the Lagelu and District Society of ICAN, Adenikinju urged them to champion continuous professional development on Nigeria’s new tax regime, establish support programmes for small and medium-scale enterprises, mentor young professionals and defend members who uphold ethical standards.

She said the accounting profession must remain one of Nigeria’s strongest voices for transparency, accountability and responsible governance.

“Leadership in accounting is ultimately leadership in nation-building. If we remain faithful to the principles of accuracy and integrity, accounting will continue to provide the compass that guides Nigeria towards resilience, prosperity and sustainable development,” she added.