▪️By Ferdy Agu
Egg heads associated with the accounting profession recently assembled in Enugu, the capital of the Coal City State, to brain storm over the survival of businesses in the country, with focus on the South East.
Welcoming invited dignitaries to the business education summit, the 15th Chairman of the Institute of Chartered Accountants of Nigeria, ICAN, Enugu and District Society, Mrs Ifeoma Otiji, FCA, noted that the training session was for all categories of people in different spheres of life.
On the theme of the summit: “Business Survival in Nigeria, the way forward, a case of the South East”, Mrs Otiji said that it was carefully selected by the committee set up to organize the summit in order to stimulate discussions and draw attention to the positioning of small and medium sized enterprises in an unstable business mindset, which will lead to business growth and development in the South East geographical zone and Nigeria in general.
She assured the participants that the summit will give them the unique opportunity for knowledge acquisition and sharing as well as networking with professional Accountants, financial experts and friends of the accounting profession stressing that “it promises to be informative, interactive, educative, impactful and motivational”.
According to her “it will also be another opportunity to explore and strategize on business plans, opportunities, strength and weaknesses”.
However, Mrs Otiji regretted that the business education summit planning and implementation process has been very hard and stressful due to the harsh economic conditions that affected sponsorship and attendance of delegates.
Delving into the crux of the day’s event, the Chairman Business Education Summit Committee, Agana Ogagaoghene John PhD, ACA, said that successive Nigerian governments across the country have shown interest in financing small and medium enterprises, SMEs by establishing specialized banks, credit agencies and schemes to provide tailored funding for SMEs.
Agana however decried a situation where despite the renewed attention and contributions given to SMEs by the Nigerian government, SMEs experience numerous problems labeled ‘the Nigerian factor’.
Presidential speech
In a Keynote Address at the occasion, the 58th President of ICAN, Mallam Tijjani Musa Isa, BSc, MIoD, FCA, noted that South Eastern Nigeria has contributed immensely to the productive base of the country, through commerce, industry, agriculture, services among others, and has demonstrated unprecedented skills in fabrication of materials, crafts and trade, even before the concept of entrepreneurship.
The president who was represented by the Vice President, Dr Innocent Okwuosa, said that the same factors responsible for business success in South-East Nigeria equally were the factors accounting to the success-story of some of the world’s oldest businesses, such as the Aberdeen Harbour Board (now Port of Aberdeen) established in 1136 and others.
He described the business education summit as timely.
“Historically, researchers of the theoretical and practical underpinning of the artisanal competencies have gained insights from the commercial model of the Igbos. The existence of informal apprenticeship systems, the innate nature to take business as a way of life, the role of family affinity and networks and the tradition of sustaining trans-generational business legacies are some of the reasons adduced to the competence found in the region.
“Scholars found that the same factors adduced to business success in South-East Nigeria equally underscored the success-story of some of the world’s oldest businesses, such as the Aberdeen Harbour Board (now Port of Aberdeen) established in 1136; Affligem Brewery in Denmark established over 1000 years ago; the Shirley Plantation in Virginia, USA, a family-owned business that have existed for over 400 years, among others.
“Unarguably, the business model of the South-East remains an inspiration for other regions of the country. The indigenous entrepreneurship skills given the region the reputation for having sustainable thriving enterprises, even when the operating environment in the country is less than enabling. One can safely say that the South-East has creditably demonstrated its potential to be a global industrial hub, if provided the right atmosphere. The Onitsha and Aba (Ariaria) markets are few examples of latent industrial hubs, that remain unexploited in the country…” he opined.
Paper presentations
The summit witnessed paper presentations by scholars and authorities in the fields of business and accounting. These include Impacts of Noncompliance with Tax Laws and Company Act on an Organization by Benjamin Ndu; Surviving ICAN Practice Review by Elder Andy Epie-Sona; Cash Flow Planning by Pastor Ifechukwu Anajekwu; and Infrastructure and Business Survival in Nigeria by Andrew Elueni.
Honouring whom honour is due
One of the major high points of the occasion was the award of honor to distinguished Nigerians who have excelled in their various areas of human endeavour.
One of the award recipients was the founder and current Chairman and CEO of Peace Group Nigeria Limited, a business conglomerate, adjudged by many, as an outfit, that manages Africa’s largest road transport company, Samuel Maduka Onyishi, ( MON).
While not putting all his eggs in one basket, as the saying goes, Onyeishi has recently invested in Secondary and University education* with a goal of fulfilling a lifelong promise he made to God at the very beginning of his career”.
This Nsukka born Nigerian business man and Philanthropist, who had a lowly background, in 1994 having identified an opportunity in the road transport sector that was at the time controlled by luxury buses, established Peace Mass Transit Limited, ” an answer to the unreliability issues and long wait time that was common with among luxury bus operators”.
According to records, Peace Mass Transit Limited has over 2000 minibuses in its fleet and 4000 drivers and staff on the road and in her various terminals across the country.
As a philanthropist, social entrepreneur and business mentor for many Nigerians he has helped finance infrastructural projects and scholarships for universities through his foundation, Samuel Maduka Onyishi African Entrepreneurship Foundation, SAMOAEF.
Through this foundation, he has granted one hundred million naira in scholarships to indigent and physically challenged students in Nigerian universities through his partnership with UNN.
Immediately following Chief Onyishi was Dr Andrews Elueni, an astute economist, banker, investment banker and Salvage Manager who is the Senior Special Assistant on Economic Research to the Delta state governor, Ifeanyi Okowa.
Dr Elueni is a fellow of the Chartered institute of credit, loans and Risk Management, FCILRM, and Institute of Corporate Governance and Risk Management, FCGRM, as well as a knight of St. Christopher, KSC.
He was at various times the Chief Economist, and Head, Market Research, Head , Branding and Head, Publications of First Bank of Nigeria Plc.
A pastor with the Redeemed Christian Church of God, Ifechukwu Gabriel Anajekwu, FCA, MBA, BSC, was another award winner on the occasion.
Anajekwu, a fellow of the Institute of Chartered Accountants of Nigeria, was a banker with 24 years banking experience.
Available records show that he has attended various trainings both local and International some of which include Stanford Seed Transformation Program participants, Advanced. Management program by Lagos. Business school, Problem Loans and distressed debt restructuring by Euromoney, among others.
He founded Pinga Agro Investment, a company that is involved in agribusiness with focus on poultry value chain, El-Kurios Investment limited- a portfolio management company, Technology solutions as well as AHA business Consulting. This is involved in consulting, training and business coach.
Another member who is also of the Ecclesiastical realm that bagged an award was Elder Andy- Epie- Sona, FCA, ACIT of the Presbyterian church of Nigeria and Chief Executive Officer/ Partner of Drew Epie-Sona and Colleagues, Chartered Accountants of Nigeria, Enugu.
Elder Epie- Sona, a fellow of the Institute of Chartered Accountants of Nigeria, ICAN, and an associate member of the Chartered institute of Taxation of Nigeria, CITN, was the 10th Chairman of ICAN EDS, 2014-2016 and the 7th Chairman, Eastern Zonal Districts of ICAN, covering the eleven states of the South East and South-South geopolitical zones, 2015-2016. He was instrumental to the creation of Nsukka District Society of ICAN.
A one time Special Assistant on Youth Affairs as well as Senior Special Assistant to Enugu state governor on Empowerment and Human Capital Development, Hon Emeka Asogwa was not left out as he made the list of the awardees.
Asogwa is a Digipreneur, Social worker and founder of Wisdom Foundation, a leading youth development Organization in Nigeria.
He is passionate about fighting poverty through value Reorientation and Modern entreneurship, operating from Nsukka, University of Nigeria Community where he has built an Empowerment House.
The last but not the least among the award recipients was Benjamin Chibuzor Ndu, Benlife.
Benlife is a fellow of both association of certified accountants, ACCA and Institute of Chartered Accountants of Nigeria, ICAN, who has many years of classroom and online experiences teaching both ACCA and ICAN students across the globe.
Benjamin is a development specialist focusing on optimizing government revenue mobilisation effort through efficient and effective tax administration, fiscal policy/design and implementation.
Enugu State Governor, Ifeanyi Ugwuanyi, was represented at the occasion by the Commissioner for Finance, Hon. (Mrs) Ada Uyanwune.
As would be expected on such an epoc making occasion there were a lot of goodwill messages to ICAN EDS as well as the awardees.
GMTNews
