Chairperson of Keystone Bank Plc, Lady Ada Chukwudozie, has implored professional accountants in Nigeria to embrace digital innovation with a view to remaining relevant in the evolving financial sector.
She spoke at the 75th Induction Ceremony of the Institute of Chartered Accountants of Nigeria (ICAN), held in Lagos.
She charged the new inductees to conduct their professional responsibilities with dignity, courage and character.
According to her, accountancy in Nigeria transcends basic bookkeeping, stating that it serves as a critical pillar supporting transparency, governance, and financial integrity.
Speaking on the theme, ‘Financial Leadership for Sustainable Development: Best Practices and Future Directions’, the Keystone Bank Chairman and Special Guest of Honour stressed that the future of financial leadership lies in moving beyond traditional practices and adopting progressive, forward-thinking strategies.
She urged ICAN to confront the widening digital skill gap in the profession. She said doing so would empower accountants to deliver smarter analysis and support evidence-based policy and business decisions.
“Today is not just a ceremonial event,” she said, “it is your formal initiation into a professional community that thrives on values. You now belong to a body where principles matter as much as expertise. I urge you to take your place with integrity and courage.”
Shedding light on the broader significance of her topic, Chukwudozie said: “As a banker and private sector leader, I see firsthand how accountancy fosters investor confidence, ensures corporate compliance, and supports resilient economic systems.”
On professional ethics, she stressed the importance of accountability, stating, “Ethical governance must be our guiding light. A 2023 KPMG Nigeria report revealed that 42% of financial fraud incidents were perpetrated through collusion between insiders and external agents. This is unacceptable and must stop.”
She advised that ICAN’s disciplinary measures must be firm and consistent, urging continued collaboration with the Financial Reporting Council of Nigeria (FRCN) and other relevant regulators to uphold professional standards.
On the digital transformation of the accounting profession, Chukwudozie highlighted that “accounting is being revolutionised by technologies like blockchain, artificial intelligence, cloud computing, and data analytics. Digital literacy is no longer optional, it’s essential.”
She revealed that as of 2024, fewer than 12% of Nigerian accountants are skilled in blockchain auditing, a shortfall she says must be corrected to keep Nigeria’s accountants globally competitive.
She proposed that ICAN collaborate with the Ministry of Communications and NITDA to develop a national digital competency framework. She also suggested enhanced partnerships with academic institutions to introduce specialised training in areas such as forensic accounting, tax administration, and updates to International Financial Reporting Standards (IFRS).
In his remarks, ICAN’s 60th President, Davidson Alaribe, while inducting 1,851 new members, 53% of whom were female, reminded them that attaining the ACA designation was only the beginning of their professional journey.
He added:“Becoming a chartered accountant is the start, not the end. You must distinguish yourselves through discipline, continual learning, and commitment to excellence. Don’t just hold the ACA title, grow beyond it.”
