…says accountability, record-keeping essential for business success, national development
By Abdullahi Alhassan, Kaduna
A Professor of Accounting at the Nigerian Defence Academy (NDA), Kaduna, Professor Terzungwe Nyor, has called on Nigerians, particularly owners of micro, small and medium-sized enterprises (MSMEs), to adopt proper record-keeping practices, stressing that accounting is indispensable to personal success, business sustainability and national development.
Professor Nyor made the call on Thursday while delivering his Professional Inaugural Lecture at the Nigerian Defence Academy. The lecture, titled “Accounting is Everybody’s Business,” highlighted the importance of accounting as a tool for informed decision-making, transparency and sustainable growth.
According to the accounting scholar, businesses and individuals who fail to keep proper financial records operate without the information required to evaluate performance, measure profitability or make sound economic decisions.
He explained that accounting provides the foundation for tracking business progress and determining whether enterprises are growing or declining.
“You cannot measure the progress of your business. You do not know whether it is moving forward or backward. The primary objective of business is profit, and without proper accounting records, it becomes difficult to determine whether that objective is being achieved,” he said.
The professor noted that the lecture was deliberately designed to reach individuals, entrepreneurs and public institutions because accountability remains a fundamental pillar of national progress.
He described accountability as the willingness to accept responsibility for one’s actions, insisting that no meaningful development can take place in the absence of transparency and responsible financial management.
“Accountability involves being answerable for your actions and taking responsibility for your activities. It is fundamental to national development. Without accountability, we cannot make meaningful progress as a nation,” he stated.
Professor Nyor further observed that accounting extends beyond bookkeeping, saying it equips individuals with reliable financial information needed for prudent decision-making since virtually everyone engages in financial transactions daily.
He maintained that accurate financial records enable individuals and organisations to make informed choices rather than relying on assumptions.
The accounting expert also argued that the discipline cultivates essential leadership qualities, including integrity, discipline, attention to detail and probity.
According to him, maintaining financial records naturally promotes self-discipline and accountability, qualities that are indispensable for productivity and effective leadership.
“You need discipline to keep proper records. If you lack discipline and attention to detail, you cannot maintain accurate accounts. Accounting instils discipline, accountability, probity and even leadership because wherever leadership exists, financial resources are involved,” he added.
Speaking on the challenges confronting the profession, Professor Nyor expressed concern over what he described as the growing obsession with academic certificates at the expense of genuine knowledge acquisition.
He lamented that many students focus more on obtaining certificates than mastering the skills and knowledge required for professional competence.
While acknowledging the importance of academic qualifications, he stressed that certificates without knowledge offer little value to individuals or society.
The inaugural lecture attracted members of the Nigerian Defence Academy community, academics, professionals and other stakeholders, who gathered to discuss the role of accounting in promoting financial literacy, accountability and national development.
