Tag: ACCA

  • ACCA releases report on social mobility

    The accountancy profession should identify more proactive approaches to improve social mobility, according to a report by the Association of Chartered Certified Accountants.

    In a global survey of 13,635 members and students named ‘’Purpose and the profession’’, ACCA found that social mobility is transforming the potential talent pool for professional accountants.

    The survey found that 32 per cent of Nigerian respondents came from backgrounds where neither parent or guardian had gone to university. The global average is 52 per cent.

    The report notes that the profession needs to take a more pro-active, leadership-based approach to ensure it can continue to attract and support a diverse global talent-pool through their careers.

    Head of ACCA Nigeria Thomas Isibor said: “This report highlights two great areas for optimism around social mobility. The first is that improving social and economic development continues to provide opportunity for an increasingly diverse talent-pool, with the demonstrable benefits that brings.

    “The second is that accountancy remains an aspirational and accessible route to social mobility for many in developed and developing nations.”

    The report makes several recommendations, including improving awareness of the profession as a career choice at younger levels; removing barriers through introducing flexible learning routes and seeking to remove bias from the recruitment process.

    It also recommended focusing on new skills and lifelong learning, thereby keeping the profession relevant and catering to a diverse set of career opportunities, collecting data on social diversity and using results to drive forward change, and use of social networks, such as Slack or Coworker to break down closed professional networks.

    The report says there is need to engage with social policy at a national level to support and advise policy-makers on how to achieve greater educational and social outcomes.

    Isibor added: “The accountancy profession has done a lot to improve social mobility and access in recent years. Yet this report highlights that we cannot rest on our laurels in a fast-changing world.”

  • Landmark University now ACCA accredited

    The Association of Chartered Certified Accountants (ACCA) has certified Landmark University’s B.sc Accounting programme an ACCA accredited Programme.

    This was contained in the Certificate of Exemption signed by the Executive Director – Strategy and Development, Mr. Allan Hatfield and awarded to the University on Friday.

    The New Accreditations Officer, Mr. Jason Forbes, in his letter accompanying the certificate, said Landmark University graduates from 2017 to 2021 would be exempted from six of the 14-modules requirement for the ACCA professional certification, which are Paper 1 – 5 and Paper 7 following their assessment with the cohort courses in the Landmark University’s Accounting programme.

    Other accompanying documents were the association’s official logo and recommended usage format by the university.

    Receiving the certificate in his office, the university’s Vice-Chancellor, Prof. Adeniyi Olayanju, noted the amazing performance of Mr. Ezekiel Oladiran, who at 400 level in the Department of Accounting and Finance, sat for the December 2016 ACCA examinations and emerged overall 3rd best in Nigeria as an indication that the department operates within a global benchmark in terms of teaching and research.

    He added that the memorandum of understanding the university signed with ACCA was in the right direction, adding value to the high-quality education of the university.

  • We groom our graduates to be employable – DVC, Babcock University

    We groom our graduates to be employable – DVC, Babcock University

    Undoubtedly one of the frontline private universities in Nigeria, Babcock University, Ilisan, Ogun State, through its operations and forays into ICT revolution and students’ mentorship has remained unrelenting in its drive towards excellence. In this interview with Emorinken Moses, its Deputy Vice Chancellor and College of Health and Medical Sciences provost, Prof. Iheanyi Chukwu Okoro beams more light on the institutions activities, achievements and products.

    Babcock University is one of the few private universities with impressive stories to tell; can you give us a sneak peek into your activities so far?

    Well, as we speak, students have started their exams, one of the things we have going for us is stability. By the grace of God, we have not missed a single day since 1999. And one of the factors responsible for this is the online revolution going on in the institution. Some of our courses are now taken online. Before now, marking, collation, and grading of the scores of students after an examination was an arduous task. You typically would find a lecturer having to mark and grade close to 500 students. However, some of our in-house ingenious staff in the ICT unit developed a software, which is now being used for exams. It was tried last year, and within 30 minutes the exams were concluded and the results came out swiftly.

    This reduced the burden of collation of results for the lecturers. All they now have to do is input the data (scores) and the computer software automatically does the calculations and collation of results instantly.

    Secondly, as a school, we place a premium on the behaviour of our students. We believe that education is more than imbuing academic knowledge to students, but also in the inculcation of ethical and scrupulous behaviours. We train their hearts and make sure that they behave well.

    We have a way of monitoring their behaviour through a tool called the Behavioural Index. We monitor them in their hostels, chapel, class rooms etc. If a student has any infraction or misconduct, he or she is ‘demerited’. Every student has a 60 demerit point; so as a student keeps misbehaving, his or her score reduces. It is like withdrawing from ones account. When you are zero, you go on suspension, and this affects your ‘citizenship grading’. Even if you have a first class, with a zero point of behaviour, you are not graduating because this affects your citizenship rating.

    This form of assessment has also gone online. There is a central coordinating office called the BUMU office (Babcock University Merit Unit). The unit coordinates all the grades from the various points online, and they issue out the grades to the students at the end of a session.

    Can you tell us about the ‘total classroom revolution’ project?

    The Total Classroom Revolution is simply leveraging technology in the deployment of learning and the learning environment. Currently, every classroom in the school has a projector and smart boards. You can also find radio towers at strategic positions within the campus. We intend to have a cloud all over the compound, so that students can access their lectures anywhere they are within the campus. Lecturers can upload courses, and students can refer back to it by downloading it.

    All these congenial educational facilities are powered by electricity. Therefore, the school is investing heavily on a power project called Babcock Power Project, which will supply uninterrupted power round the clock. At first, we wanted to opt for a gas-powered turbine, but because of the huge cost of maintenance, we settled for a power generator that runs for 80,000 hours non-stop…on gas. By implication, it means it can run for 9 years at a stretch.

    Due to the current economic recession in the country, the project has however been stalled a bit; but, with the Naira slowly gaining stature, we hope to push the project further.

    Aside the generating power generator, there are some diesel-powered generators on ground as standby – they can run for 30 hours non-stop.

    All of these efforts are geared towards creating a congenial academic environment for the students and members of staff.

    You have spoken on the importance of behavioural competence of the students; however, focusing on the society as a whole, do you think the Nigerian youths have the right values to lead going into the future?

    To be frank with you, I don’t think we are giving our younger ones good examples. There is a saying where I am from that – ‘When a mother goat is eating the yam, the kid is also looking at the mouth of the mother goat.’ The snake can only give birth to long things like itself. This is the situation of the country now. Until we have a total revolution in the attitudes of minds and behaviours among the older generation (my generation), the concept of examples and mentorship for the younger ones will be a white elephant expenditure. The blame should not always point to the direction of the younger ones. You cannot give what you don’t have. It is my belief that when you have a delinquent child, there are at least two delinquent adults that are propelling such a child. Take for instance examination malpractice; some parents arrange for special centres for their wards; the individual running this centre is a delinquent adult, the parent seeking his or her service is a delinquent adult. Their unethical attitudes can only produce a delinquent child. These acts continue even when the child reaches an institution of higher learning; the child now believes that this is the ideal way to carry on in life. He doesn’t do anything straight anymore because he believes he has to cheat to get things done. However, if the child requests for a special centre and is rebuked instantly by the parent, this leaves an indelible impression on the child.

    My appeal goes to my generation to consider posterity before engaging in acts of malfeasance, corruption, and other related delinquent behaviours.

    This current administration has a mantra – the change begins with me! But it should go beyond rhetorics and advertisement.

    In Babcock, our motto is ‘building leadership through Christian education’. We intend to produce servant-leaders. We continually resound into the consciousness of our students that leadership is about service – it is not what you get from the position, but what you give into that position.

    Here, we have the Babcock University Students Association (BUSA), which is not a student government but an association. We train them on the values that make a complete leader, and the need to be a worthy example. Another important thing about the behaviour of students in Babcock is their responsibility to the environment. If you go round, you will not see a single piece of paper on the ground. When you come to such an environment, you will definitely look stupid to begin to drop wastes on the ground. Our students are well dressed. It is leadership by example – from the management, members of staff, and down to the students.

    Last week, the students had a seminar tagged ‘experience’, which saw the likes of Femi Falana (SAN), Charles Okafor etc. They were on ground to encourage and inspire the graduating students on succeeding. They shared personal experiences about how they became successful in their fields and careers. Also, they enlightened the students about some of the pitfalls they should avoid on their journey to the top.

    There is this assumption that a lot of Nigerian graduates are unemployable. What is your take on this? What is Babcock doing to produce ‘employable’ graduates?

    What makes us stand out is the process of producing our graduates. Regardless of the unemployment in the country, one fact remains that people are consistently being employed. For instance, KPMG, a foremost auditing firm has seen the quality of our students in accounting, and have given us 300 slots for internship every year. From those 300, they will select those that will eventually be employed. Other organisations like ICAN, ACCA, CIMA etc., are partnering with us in Accounting. In computer, the computer professional registration body in Nigeria has named Babcock a centre for excellence in training because they have seen our products. It is the same for other programmes. Also, we have been the overall best in the Nigerian Law School for two years now. That speaks volumes about the quality of our products.

    Students evaluate the lecturers – contents, methods etc., while the lecturers in turn evaluate the students. If a student fails to meet up with 75% of attendance, he or she has failed automatically – it is called “Failure due to absence” (FA).

    When students are graduating they go through a finishing school to prepare them for the labour market. Issues on how to sit at an interview, how to write a CV etc., are considered. The highlight of the programme is usually a job fair where organisations come and interview students live, and possibly recruit them on the spot.

    Finally, we have a centre for entrepreneurial studies that teaches the students all kinds of arts and craft – theory and practical.

    My worry about ‘unemployability’ also bothers on the incessant strikes that used to be preponderant in federal and state-owned schools, which is reducing gradually. This usually affects the quality of content that the lectures give as a result of rushing to meet up with the semester.

    What is the state of Babcock’s Cardiac Centre?

    We have partnered with Tristate Cardiovascular Associates from Delaware in the U.S. It is a team of experts that brings together solution to heart diseases through the collective competence of top intervention cardiologists, cardiothoracic surgeons and radiologists.

    We have developed a state-of-the-art cardiac centre, which is currently the only permanently run cardiac centre in the country today. Other centres may occasional invite surgeons from abroad to come and perform one or two heart surgeries and then go back to their country. However, our surgeons are permanently resident in the institution. The centre, which started in October 2015 have performed almost a hundred heart surgeries, and still counting.

    We are partnering with NNPC, LAFARGE, Primary Health Administrations in the country, and non-governmental organisations (NGO). They refer cases to us.

    Many universities have come to us for academic partnership; amongst them are Caleb University, Adeleke University etc.

    Our medical students go to India for their housemanship for two months each. This is because of the quality of field experience they can get from India because of its seasoned medical department.

    Our computer students also go to Poland for computer training and exposure. In fact, some students also earn an additional degree during their educational stay in Poland.

    We also partner with Birmingham University. Our International and Diplomacy students go there for two years and get their law degrees and come back. These are a few of the kinds of academic partnerships that we are involved in.

    Tell us about the awards Babcock has won in recent times.

    We have received awards from the World Branding Forum in the education segment. We got the award in 2015 and 2016 concurrently. We also received a solid 18-carat gold award plaque, based on the fact that no organisation had ever won the award back-to-back since inception.

    For two to three years now, we have won the best university in Africa award, given by the Association of African Students. We were nominated by the National Association of Nigerian Students (NANS). The interesting thing is that Babcock is not part of NANS, however, their interactions with our students and the qualitative feedbacks they get informed their decision to recommend our institution for the award.

    Also, in the Nigerian Private Universities Debate (NIPUD), our students have consistently emerged tops in the last four years. We encourage our students to be the best they can be.

    Do you think that government is doing enough to encourage private tertiary institutions? Also, what can government do to encourage private tertiary institutions?

    I do not think the government is doing much to encourage private institutions because they see it as business. They only monitor and accredit them through their agencies to ensure that the schools meets up with the minimum standard, however, that is where it stops. The federal government finances government-owned universities using TETFund. Initially, private institutions have always been weary of receiving such funds because as the saying goes – he that pays the piper dictates the tune. But with the biting economic situations in the country, private institutions have started to bite their words arguing that even if the institutions are privately owned, it produces graduates for the nation at large; therefore, it should at least be encouraged with palliative and government largess like the TETFund. It is a cry of desperation because many universities are finding it difficult to cope. We implore government to give us grant in aid. By grant in aid, we mean government provides some level of financial support, monitor its usage, but do not interfere with running the school.

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  • LMU Accounting undergraduate bags ACCA award

    LMU Accounting undergraduate bags ACCA award

    A final-year student of Accounting at Landmark University, Omu-Aran Kwara State, Mr Oluwatobi Oladiran, emerged one of the top three global affiliates of the Association of Chartered Certified Accountants (ACCA) in Nigeria at the December 2016 examination.

    Oladiran was officially presented with his award at the Event Centre, Alausa, Ikeja Lagos, where  ACCA Head in Nigeria, Mr Olatunji Oyeleye, described Oladiran’s victory as ‘inspiring and noteworthy’. He said the awardee completed all stages of ACCA as an undergraduate. “This is enough to motivate other students on their membership journey,” he said.

    Oladiran in a chat, recalled how he pursued the milestone as a result of his passion for success in the accounting career.

    According to him, he had earlier fulfilled the requirements of the Institute of Chartered Accountant of Nigeria (ICAN) for membership.

    Oladiran attributed his new status by ACCA and ICAN to Landmark University’s continuous effort towards full career attainment for any student, who passes through the institution”.

    He said the institution’s conducive learning environment coupled with well-equipped Centre for Learning Resources (Landmark Library) and high-profiled faculty members, constituted major factors that led to his success story.

    Despite the workload and the challenges he faced during the period of ICAN and ACCA examinations, he said the aforementioned factors encouraged him to be ‘focused on his academic pursuit’.

    Aside ICAN and ACCA, Landmark University in collaboration with other professional regulatory bodies, such as the Nigerian Society of Engineers (NSE), Council for the Regulation of Engineering in Nigeria (COREN), Computer Professionals Registration Council of Nigeria (CPN), among others. Landmark University continues to promote an inspiring ambience for raising the global leaders of tomorrow.

  • ACCA rewards Northern students

    The Association of Chattered Certified Accountants (ACCA), has rewarded three students for their outstanding performance in a quiz competition it organised for six polytechnics and colleges of Education in the North at Tahir Guest Palace, Kano.

    Thirty year-old Mohammed Zaharadeen Sa’id, a final year student of Accounting at Kano State Polytechnic, came first and won N20, 000.

    Second-placed Olawoye Blessing Oluwawapelumi, a 20-year-old Year II student of Business Education at the Niger State College of Education got N15, 000; while Collins Simon, a 26-year-old final year Accounting student of Nuhu Bamali Polytechnic, Zaria was rewarded with N10, 000 for coming third.

    Three other participants got consolation prizes of N5, 000 each.

    ACCA’s Business Relationship Manager, Mrs Evelyn Isioye, said the programme was designed to prepare polytechnic undergraduates for future engagement and career capacity-building, equipping them with necessary skills and knowledge needed to go into the labour market.

    She added that ACCA was also concerned with the need to give students of Accounting and Management Studies the orientation required in furthering their education and rising to the top of their profession without much hassles.

    According to her, over 300 students were drawn from the institutions in a programme tagged “Polytechnic Connect” with the aim of equipping them with basic tools and knowledge needed to become professional accountants that will be globally relevant.

    During the workshop, the students were taught how to face job interviews, draft Curriculum Vitae (CV) as well as some managerial and self reliance skills.

    Institutions that participated in the workshop included Nuhu Bamali Polytechnic, Zaria, Niger State College of Education Minna, Federal Polytechnic Kaura Namoda, Zamfara, Federal Polytechnic Gboko, Benue state and Kano State Polytechnic.

     

  • ACCA introduces new accountancy qualifications

    ACCA introduces new accountancy qualifications

    The Association of Chartered Certified Accountants (ACCA) has introduced major innovations to its Master’s level qualification, which it said is tailored to meet challenges of the 21st century’s “disruptive economy”.

    They are the Strategic Professional level exams, which will replace the Professional level exams in September 2018, as well as a new Ethics and Professional Skills module, to be introduced next October.

    Head of ACCA Nigeria, Toyin Ademola, said the redesigned qualifications place greater focus on employability and practical application of core skills in the workplace.

    She said they encompass the Strategic Business Leader (an innovative case study exam, based on a realistic business scenario), Strategic Business Reporting (a new exam exposing students to wider context of finance and business reporting), and an Ethics and Professional Skills module (which modifies the existing ethics module).

    “Added to these developments, ACCA also offers the world’s first Master’s degree integrated with a professional accountancy qualification, delivered in partnership with the University of London.

    “This unique arrangement means students can take the Master’s route while completing their Strategic Professional exams, or take the Master’s degree after the ACCA Qualification,” Ademola said.

    ACCA has also called for strong guidance to navigate regulatory hurdles of Financial Technology, also known as FinTech.

    FinTech is an economic industry composed of companies that use technology to make financial services more efficient.

    A new report from ACCA entitled “FinTech – transforming finance”, finds that while FinTech’s impact on finance and banking is proving to be as revolutionary to the sector as the internet has been for other areas of the economy, the rapid growth of such firms in the face of traditional regulatory models could increasingly become a barrier to success..

    Ademola said: “There are many FinTech centres around the world but global progress is disjointed – some jurisdictions are powering ahead, while others such as Africa are emerging and gathering pace. Nigeria’s technology hub, Yabacon Valley, plays a part in Africa’s thriving FinTech industry as a result of its growing investment .

    “While the scale of transformation is hard to predict, there is no doubt that the impact of FinTech across the traditional functions of finance has been significant. Major banking institutions are already responding through large-scale research and investment in the face of competition from start-up challengers.

    “This is good news for consumers and firms, as the explosion of choice in a traditionally conservative industry offers a range of new possibilities of doing business based around their bespoke needs.”

    Ademola argued that the regulatory challenges posed by the speed of innovation places tough demands on governments and businesses.”

     

  • ACCA launches online training platform

    ACCA launches online training platform

    The Association of Chartered Certified Accountants (ACCA) has launched an online training platform to boost financial literacy.

    Called th ACCA-X, it will open-up access to financial training and development online to Nigerians, ACCA’s Marketing Manager Mukoso Eddie-Obiakor said, adding: “ACCA-X is all about building and sustaining financial literacy.”

    Eddie-Obiakor said ACCA-X was launched globally in early April, adding that its business model is based on two clear missions – to open up learning to anyone, anywhere; and to bolster financial literacy for anyone who wants to understand the basics of business and accountancy.

    “ACCA-X’s initial offering is totally free and totally accessible. At the heart of ACCA-X’s creation is the desire to provide accessible, affordable and high quality learning that provides ambitious individuals anywhere with the opportunity to obtain the skills and qualifications they can use for a rewarding career.

    “Run in liaison with edx and Epigeum, ACCA-X’s courses are delivered on the world-renowned edx platform, an online learning destination founded by MIT and Harvard. ACCA-X’s open access courses feature content developed by Epigeum, a spin-out from Imperial College London.

    “Much of ACCA-X’s course functionality is mobile-friendly and supported by tutors who will guide learners through exciting and interactive content that is designed to support individuals gain financial literacy skills,” Mrs Eddie-Obiakor said.

    ACCA-X’s will offer three highly affordable courses in Nigeria, which will be open for registration in July and available from October.

    The courses, Mrs Eddie-Obiakor said, are Accountant in Business course, which prepares learners for ACCA’s Accountant in Business paper; Management Accounting Course, which prepares learners for ACCA’s Management Accounting paper, and Financial Accounting Course, preparing learners for ACCA’s Financial Accounting paper.

    “Success in these three papers and the completion of ACCA’s Professionalism and Ethics module will lead to the Diploma in Accounting and Business. The cost of each course will be $89.

    “The courses offered by ACCA-X have been developed to explain the theory of finance and numbers, but also the practicalities. There are case studies and scenarios that apply to real life.

  • ACCA prepares Southwest students for careers

    The Association of Chartered Certified Accountants, ACCA in Akure, the Ondo State capital, has organised a leadership seminar for university students in the Southwest region of the country.

    The seminar tagged, “Inspiring future leaders in finance” was used to develop the students’ soft skills, knowledge in finance and expose them to opportunities that ACCA qualification can create.

    The event was for Management students of universities in the region to guide them as they navigate a career in finance.

    Among invited universities were Elizade University, Afe Babalola University, Joseph Ayo Babalola University (JABU), Osun State; Redeemers University, Ede; Ekiti State University (EKSU), Ado-Ekiti; Oduduwa University, Ipetu-Modu, Osun State, Wesley University of Science and Technology, Ondo, Ondo State and Federal Polytechnic, Ede, Osun State.

    Part of the programme, which featured presentations by ACCA Nigerian team members, was an inter-university debate on the topic:  “The influence of culture on ethical decision making”.

    There was also an employability session facilitated by the Country Head of ACCA in Nigeria, Toyin Adegbola.

    A member of the association, Seyi Olanrewaju, shared his experiences on how joining ACCA helped him.  He advised the students about positioning themselves to be successful in their careers.

    The ACCA Business Development Manager in the northern region, Adeyemi Akinyemi, said the essence of the programme was to prepare the students for the life after school.

    He said: “One of our values at ACCA is opportunity. We are actually looking at an opportunity to give people from different backgrounds the access to information, access to knowledge and access to professionalism.  It cannot be over emphasised how competitive the job world has become today.  Everybody wants to get this job.  For every student we talk to, we expect that when you are going for interview, you are equipped enough to be able to compete to an advantage where whatever skills they are bringing to the table, you have those skills too because you have had an opportunity to have been taught those things.”

     

  • Varsity, ACCA sign MoU

    Elizade University, Ilara-Mokin, Ondo State has signed a Memorandum of Understanding (MoU) with the Association of Chartered Certified Accountants of Nigeria, (ACCA).

    Its Vice-Chancellor, Prof. Valentine Aletor said the MoU was in fulfillment of the promise that the university would do the needful and lawful to give students an edge. With the pact, in addition to their degrees, Aletor said students would get a globally-recognised professional certification.

    He urged the students to use the numerous opportunities that the university has provided for them. In her remarks, Head of Nigeria Office of the Association, Mrs. Oluwatoyin Ademola said ACCA was partnering with Elizade University because of its uniqueness.

    She added that the association was attracted by the aspiration of the university to become a leading citadel of learning in Nigeria, Africa and the entire world.

    Mrs. Ademola emphasised the readiness of the Association to produce brand ambassadors for both parties.

  • Why graduates are unemployable, by ACCA

    Why graduates are unemployable, by ACCA

    THE Country Head of Association of Chartered Certified Accountants (ACCA), Mrs. Oluwatoyin Ademola, has advanced reasons where many graduates remain unemployed in the country.

    Ademola explained that based on demands from corporate organisations, it was discovered that some of the graduates write the ‘wrongest’ curriculum vitae.

    She spoke at the ACCA Nigeria November Summit at the weekend in Abuja.

    Ademola said: “Basically, what they tell them is what they expect to see on their CV, how they expect it and how to write it because some of these organisations look at the CVs.

    “One of the reasons Nigerian students are not employable is because they probably have the wrongest CV ever and they don’t understand it.

    “ACCA has over 20, 000 stakeholders including students and members. Some are not graduates. I know that First Bank and some other banks hire them on internship basis pending when they finish and get engaged.”

    She said the core value of ACCA was opportunity and accessibility stressing that the event was organised as part of its Corporate Social Responsibility (CSR) to support all stakeholders.

    Ademola explained the association has been in partnership with employers of labour in the country and globally to reduce discrepancies arising from job agencies.

    She stated that issues of engaging and sustaining qualified employees were major concerns to many corporate bodies in the country.

    According to her, the ACCA also went in partnership with selected universities across the country to offer students internship programmes or permanent jobs.

    “What we have discovered is that most of the times, these students never get to meet the employers because they go through the agencies.

    “So what we have done is to remove all the agency business so they can talk to the employers themselves.

    “We tell them part of the partnership is employer talent recruitment. The abilities to make sure their universities are employable and for the students to get a job.

    “We discovered that some of our members have been biochemistry, engineering graduates but accountants. It is because the ACCA qualification is so flexible. It doesn’t mean you have to be an accountant,” she said.

    It was gathered that about 6,500 people have registered with the professional body while it target annual reduction of high unemployment rate in the country.