Mrs Temitope Babajide, FCA, PhD, the 23rd Chairman, Ibadan and District Society of the Institute of Chartered Accountants of Nigeria (ICAN) was our guest on our live Radio Show anchored by Olayinka Agboola on Splash 105.5FM, Parrot Xtra/Ayekooto on Radio recently. During the interaction, she spoke about the activities and contributions of ICAN to the growth of the Nigerian economy among many salient issues… Excerpts:
Can our listeners/readers meet you?
I am Dr (Mrs) Temitope Babajide, FCA, PhD, the 23rd Chairman, Institute of Chartered Accountants of Nigeria (ICAN) Ibadan. I have always set out to be a visionary person, I grew up thinking I would be a pharmacist because I had a brother in-law who was a pharmacist and was doing very well in the profession. He was like a mentor to me but as God would have it, when I did my O level in 1982, I did not perform well in Physics.
Afterwards my father suggested the idea of studying Accounting to me, it looked weird to me because I did not do accounting during my secondary school days. I decided to try it because I was assured that I would get a good job after graduating from school.
Later on, I went to the Polytechnic Ibadan for my National Diploma and Higher National Diploma in Accounting before proceeding to the University of Ibadan for my MBA.
I did my Bsc Accounting also at Lead City University, Ibadan before returning to Unibadan for my Msc in Accounting. I did my PhD in Lead City Ibadan and bagged another Msc in Corporate Governance in Leeds University, United Kingdom.
There is this reputation that we grew up with that Accountants are always miserly and stingy (laughs). How true is this?
Accountants are not stingy; we were trained to reduce expenses to the minimum. We are very discreet when it comes to the issue of management of funds.
Most of the times, when we hear of misappropriation of funds in public service, we are always of the opinion that accountants are the major actors in the act. Or what do you think?
The issue of the misappropriation of funds is not always the fault of the accountant alone. It is collusion between the accountant and some other people because the accountant cannot do it alone. It is because the accountants are always at the forefront and most of the issue of fund disbursement and management start from their table.
What is ICAN doing to promote prudent management of public funds at the local, state and federal level?
ICAN is doing its best. Even the President of ICAN had visited some state governors, minister of finance to intimate them on what can be done to curtail expenditures. ICAN has been trying to put in measures that can prudently reduce expenditures but you will agree with me that the cost of governance in Nigeria is huge. There is little we can do if the National Assembly allocates huge financial expenditures even though we can give them our professional advice.
Most of the time when the National Assembly increases budgetary allocations, Nigerians frown… Do you think they are always, em, right?
There is a clause there. Sometimes, the expenditure we incur in Nigeria is not justifiable when you look at what should have been done to reduce the cost, which has been neglected. Even the 2024 budget is a deficit one and our cost of governance is too high. When we have an expenditure of the proposed 25.7 trillion budget and we have revenue of 18.3 trillion, we have given ourselves a deficit of 7.4 trillion for example. The expenditure is high and whatever we can do to reduce expenditure should be taken into consideration. Our revenue might not increase because of some things that surround our country ranging from insecurity, lack of production among others.
If the federal government can assure investors of an enabling environment, adequate security, this will encourage investment. In fact, there is dire need for the federal government to do this. Also, our cost of governance should be reduced to the minimum. The appointment of irrelevant political appointees should be cut down to reduce the cost of governance.
Whatever that can be done to reduce expenditure should be considered by those in positions of authority in the country. I am optimistic that Nigeria will be better one day.
For the layman, what is the difference between Accountants and Auditors?
Accountants and auditors learnt the same thing while in school. Auditing is part of accounting courses in school. The work of an auditor is to check the records if they are in tandem with accounting practices and if approval is sought before the approval of funds. The work of an auditor is to check the records if approval was given before disbursement of funds.
Even after spending money, the auditor is always in the best position to query how the money was spent. If you can justify how you want to spend money before an accountant, you will not have any issue if you can prudently justify the process.
There are hierarchical structures in our profession and the accountant is obligated to follow the ideas of the chief accountant.
Can you mention some of your achievements since you came on board as the ICAN chairman in Ibadan and environs?
Firstly, I am the second female person to occupy the position. When I was elected, I decided to run with five pillars. When we came on board, we had our investiture around June 22, 2023. The first pillar focuses on an extensive membership drive because our members were drawn from both sides and we ensured that we visited major companies in Ibadan in order to achieve our objectives.
In addition, we did an empowerment program for our members so that they will not only depend on salaries and their profits alone.
What advice will you give to the typical Nigerian girl-child?
The girl-child should be focused and determined to be great in life. We are five females in our family and we are all successful in our chosen fields.
