The ceremony marked the induction of 1,851 new members into the prestigious institute, with a gender distribution of 53 per cent female and 47 per cent male inductees.
Speaking on the theme, “Financial Leadership for Sustainable Development: Best Practices and Future Directions,” Chukwudozie underscored the profound impact of accountancy on bolstering corporate governance, fostering investor confidence, ensuring adherence to regulations, and ultimately shaping robust economies. Drawing from her experience at Keystone Bank, she acknowledged the pivotal role of skilled chartered accountants in the bank's turnaround and return to profitability.
Chukwudozie emphasized that financial leadership transcends mere balance sheet analysis or audit trail interpretation. Instead, she defined it as the capacity to guide systems, institutions, and even governments through sound financial judgment grounded in ethical principles. She highlighted the critical understanding that financial figures represent more than just monetary values; they reflect the well-being of individuals across various societal strata, from workers and farmers to pensioners and the vulnerable. In a nation like Nigeria, where resources can be strained and systems are still developing, the role of an ethical and competent financial leader becomes even more paramount, she asserted. Looking ahead, Chukwudozie stressed the necessity for accountants to move beyond traditional methodologies and embrace innovative perspectives and strategies to drive progress.
A significant portion of her address focused on the urgent need to address the digital skills deficit within the profession. Chukwudozie pointed out that the ongoing fourth industrial revolution is fundamentally reshaping industries worldwide, and accountancy is no exception. She highlighted the imperative of embracing data analytics for deeper insights, blockchain technology for secure and transparent record-keeping, and artificial intelligence for enhanced efficiency and fraud detection. Furthermore, she stated that cloud-based accounting platforms are no longer a future aspiration but a present-day requirement.
To effectively navigate this digital landscape, Chukwudozie advocated for digital literacy to become a fundamental competency embedded within the ICAN curriculum and its continuous professional development programs nationwide. Equipping accountants with these skills, she argued, would empower them to provide more insightful analyses and contribute significantly to data-driven economic decision-making. She specifically mentioned the need for today's accountants to master tools such as QuickBooks, SAP, Oracle, Power BI, and blockchain auditing tools.
Highlighting the current deficiency, Chukwudozie cited that as of 2024, less than 12 per cent of accountants in Nigeria possess training in blockchain and auditing. She warned that this gap must be closed to maintain global competitiveness. To address this, she proposed that ICAN spearhead the development of a national digital competency framework for accountants in collaboration with the National Information Technology Development Agency (NITDA) and the Ministry of Communications. Additionally, she called for nationwide capacity building initiatives and continuous professional development programs that go beyond mere formality. These programs, she suggested, should strategically prepare accountants to respond to the evolving regulatory landscape, increasing market complexities, and other emerging economic challenges. Chukwudozie recommended that ICAN collaborate with universities and professional training institutions across the country to offer specialized certifications and workshops in crucial areas like forensic accounting, tax management, and International Financial Reporting Standards (IFRS) updates.
In his address to the newly inducted members, the 60th President of ICAN, Davidson Alaribe, congratulated them on achieving this milestone but urged them to view their Associate Chartered Accountant (ACA) qualification as merely the initial step in a lifelong journey of learning and professional development. He implored them to embody the highest standards of accuracy and integrity, emphasizing that becoming chartered accountants requires them to transcend the title and continuously strive for growth beyond their comfort zones. Alaribe encouraged the new members to aim for further qualifications and professional advancements.
Drawing inspiration from global examples, Alaribe advised the inductees to be mobile and fearless like an American soldier, organized like an Egyptian soldier, disciplined like a Moroccan soldier, combat-ready like an Israeli soldier, and undaunted like the lions of Cameroon, urging them to apply these historical attributes to their professional journeys.
Dr. Etofolam Osuji, the second Deputy Vice President and Chairman of the Membership Affairs Committee, in his welcome address, also charged the new members to be keenly aware of and master emerging trends impacting the accounting profession. He specifically highlighted the critical importance of cybersecurity in safeguarding sensitive financial data against evolving digital threats, emphasizing that it is no longer solely an IT concern but a fundamental financial imperative. Osuji also underscored the significance of cloud computing, which enables real-time, collaborative, and borderless financial operations, facilitating informed decision-making. Furthermore, he stressed the power of data analytics in uncovering patterns, forecasting trends, and providing strategic value.
Dr. Osuji concluded by reminding the new accountants that these technological advancements are integral to their modern toolkit. While their qualification provides a strong foundation, their future success will depend on a commitment to lifelong learning, building trust, inspiring confidence, and making a meaningful impact in their professional endeavors. He encouraged them to step into their careers with confidence, curiosity, and conviction.