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ACCA Report Identifies Impact of IT, Regulation on Businesses
The Association of Chartered Certified Accountants (ACCA) has launched a campaign – supported by one of the largest ever global studies across the profession – on the skills accountants need as they head into the next decade.
ACCA’s body of research shows there are diverse emerging issues where technical and communication skills will be vital by 2020–25. What topped the list of competencies expected to be most important over the next decade is the ability to communicate a more holistic view of corporate reporting.
Thomas Isibor, head of ACCA Nigeria, said: ‘New hardware, software, economic threats, services and regulations are all arriving at a breakneck speed and all of these changes will have a significant impact on commerce.
Mr Isibor Added: ‘For FDs and CFOs, the trick is identifying what changes will have the most impact on business and how can best to prepare to meet—and take advantage of—these challenges now.’
According to the ACCA Business Forms report, business activities are an essential part of every society. Their success, especially when first starting up, depends on many social and economic variables, but one of the most important things is what legal form the business adopts. Sympathetic and pragmatic advice from experienced experts in the field can make a real difference to the success of the venture.
Previous ACCA research has shown that the value ascribed to an accountant’s advice to a small business comes not simply from the professional qualification but also from the
client’s perception of the adviser as a peer, who has faced the same challenges and decisions in establishing their own business (Spence et al. 2012).
ACCA’s report also noted that : ‘A detailed familiarity with local tax and capital movement laws and business practices will also be needed to work across (and with others in) multiple geographies’.
Speaking on how to attract and retain these skills, Mr Isibor said: ‘Identifying these critical skills is one thing. Creating a workspace that attracts, rewards and amplifies them is something else entirely. It’s here where we must confront the much vaunted, and often maligned, generation known as millennials. But there is good news for the profession.
‘Of the 19,000 16 to 36 year olds asked, 85% responded positively to the idea of a career in finance.’
The ACCA report clearly highlights that business success involves meeting, adapting and sometimes creating change. The pace of change has increased substantially over the past few years.
World Health Organization (WHO) has said it will send leprosy drugs to Nigeria this weekend after resolving testing hold-ups that led to a year-long delay in thousands of patients, including children, getting the medicine they need to prevent disability.
Africa’s most populous nation, Nigeria reports over 1,000 cases of leprosy yearly, a disease caused by a bacterium, Mycobacterium leprae, and mainly affecting the skin, peripheral nerves, and eyes.
It is curable with multi-drug therapy, but without treatment, the disease progresses and causes disfiguring sores and disabilities like blindness and paralysis. Patients also face significant stigma.
But Nigeria ran out of stock of the multi-drug therapy in early 2024 as a bureaucratic delay in supplies and new domestic testing regulations on imported medicines held up the drugs in India, where one of the components is made.
The delay, which caused significant suffering in Nigeria, is just one example of the vulnerability of a global system that has seen stockouts in countries including India, Brazil and Indonesia in recent years, the U.N. special rapporteur for leprosy told Reuters.
A WHO spokesperson told Reuters that Nigeria had run out of leprosy medications, and the U.N. health agency, which organises shipments of the drug, had asked for a one-time waiver on the new testing policy. In January that waiver was granted.
“A dispatch of leprosy drugs from India has been confirmed for 8 March, with arrival in Nigeria on 9 March,” the spokesperson said by email.
Awwal Musa, one of the patients, said her health had deteriorated in the past year since her treatment stopped. All her fingers were clawed and her legs discharged pus.
“Before last year, my wounds were getting healed but now they are getting worse. The pain is worse,” she told Reuters during a visit to the health facility.
The National Information Technology Development Agency (NITDA) and the National Universities Commission (NUC) have renewed their commitment to implementing the Digital Literacy and Skills Curriculum across all Nigerian universities.
This was announced during the Director General of NITDA, Kashifu Inuwa and his management team visit to the National Universities Commission (NUC), where they engaged with the newly appointed Executive Secretary, Professor Abdullahi Yusufu Ribadu.
The visit provided an opportunity to reignite the implementation of this ambitious initiative, which was agreed upon during the initial visit in December 2024, and to reinforce the commitment of both organisations toward integrating digital literacy into Nigeria’s higher learning institutions.
During the meeting, Inuwa emphasised that human capital development is at the heart of national progress, and that there is need to reform Nigeria’s education system by reviewing university curricula to incorporate digital skills and emerging technologies such as Artificial Intelligence (AI), Blockchain, Internet of Things ((IoT) Cloud computing, and Cybersecurity.
He said, “With the rapid advancement of technology, digital skills have become a necessity for success in today’s workforce. This collaboration is a strategic move to equip Nigerian students with the competencies needed to thrive in a technology-driven world, enhancing job creation, entrepreneurship, and overall economic resilience.
“We must review the school curriculum to embed digital literacy and skills, ensuring that our graduates are not just degree holders but are equipped with the necessary competencies to thrive in a technology-driven world. Education reform is critical, and implementing this curriculum across all universities will be a game-changer in our nation’s development,” Inuwa stated.
This partnership aligns and NITDA’s Strategic Roadmap and Action Plan (SRAP 2.0), underscoring the critical role of digital literacy in preparing the nation’s youth for the future.
He further stressed the initiative aligns with President Bola Ahmed Tinubu’s administration priorities of reforming the economy to deliver sustained inclusive growth, and accelerating diversification through industrialization, digitization, creative arts, manufacturing and innovation.
Inuwa added that empowering young Nigerians with digital knowledge would drive economic transformation by creating a workforce that is innovative, entrepreneurial, and ready to meet the challenges of the modern economy.
Professor Ribadu, in his response, reaffirmed NUC’s unwavering commitment to the full implementation of the Digital Literacy and Skills Curriculum, emphasisng the Commission’s dedication to fostering innovation and digital transformation within the higher education sector.
He commended NITDA for its leadership in driving Nigeria’s digital agenda and assured that NUC would work closely with the agency to ensure seamless integration of the initiative into university curricula nationwide.
He acknowledged that digital education is central to Nigeria’s vision of becoming a leading knowledge-based economy and pledged to facilitate necessary policy adjustments to support this goal.
The collaboration between NITDA and NUC will involve a structured implementation plan, capacity-building programmes for educators, and the deployment of digital infrastructure to facilitate seamless adoption. Universities will also be encouraged to incorporate emerging technologies into their curricula, ensuring students are equipped with skills that align with global industry standards.
The initiative is also expected to bridge the digital divide, ensuring that students from all backgrounds, including those in rural and underserved areas, have access to quality digital education.
As technology continues to reshape industries and societies worldwide, Nigeria’s investment in digital literacy will serve as a catalyst for long-term socio-economic transformation.
With strong commitment from both NITDA and NUC, the implementation of the Digital Literacy and Skills Curriculum will mark a new era in Nigeria’s education sector, fostering a generation of tech-savvy graduates who are well-prepared to drive the nation’s digital economy forward.
Nigeria Sanctions Committee (NSC) has designated Simon Ekpa, 16 other persons and two entities, for their alleged involvement in supporting terrorist activities and terrorism financing.
Simon Ekpa
The committee further directed financial institutions to freeze their assets and report any transactions related to the individuals and entities to the Sanctions Committee and the Nigerian Financial Intelligence Unit (NFIU).
Those named on the list include Simon Ekpa, Godstime Promise Iyare, Francis Mmaduabuchi, John Onwumere, Chikwuka Eze, Edwin Chukwuedo, Chinwendu Owoh, Ginika Orji, Awo Uchechukwu, and Mercy Ebere Ifeoma Ali.
Others are Ohagwu Juliana, Eze Okpoto, Nwaobi Chimezie, Ogomu Kewe, Igwe Ka Ala Enterprises, Seficuvi Global Company, and Lakurawa Group.
According to a document obtained from the committee on Thursday, the list was approved by the President upon the recommendation of the Attorney General of the Federation.
“The Nigeria Sanctions Committee held a meeting on March 6, 2024, where specific individuals and entities were recommended for designation following their involvement with terrorism financing.
“The Attorney General of the Federation, with the approval of the President, has thereupon designated the following individuals and entities to be listed on the Nigeria Sanctions List.
“In accordance with Section 54 of the Terrorism (Prevention and Prohibition) Act, 2022, you are required to:
“(a) Immediately identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated persons in your possession and report the same to the Sanctions Committee.
“(b) Report to the Sanctions Committee any assets frozen or actions taken in compliance with the prohibition requirements.
“(c) Immediately file a Suspicious Transactions Report (STR) to the NFIU for further analysis of the financial activities of such individuals or entities.
(d) Report as an STR to the NFIU all cases of name matching in financial transactions prior to or after receipt of this list.”
The committee ordered the immediate freezing of bank accounts and financial instruments associated with the listed individuals and entities across multiple banks, payment platforms, and financial institutions.
“Freezing measures should be extended to all accounts associated with the designated subjects. For designated entities, this should include accounts linked to their signatories and directors to ensure comprehensive enforcement of the sanctions regime,” the document added.
The committee also stated that financial institutions and relevant stakeholders have been instructed to enforce the sanctions and submit compliance reports to the Nigeria Sanctions Committee via secretariat@nigsac.gov.ng and
info@nigsac.gov.ng.
See the full list of the frozen accounts below
- Simon Ekpa Njoku 21-03-1985 Guaranty Trust Bank 0118835791, 0115442299, 0115442275
- Godstime Promise Iyare 20-05-1996 Access Bank 0060032439, 1187008630, 1448136683. UBA 2212655102. Moniepoint 8197394552. Kuda 2007096158. Promicool Venture- Moniepoint 8197394576.
- Francis Chukwuedo Mmaduabuchi 27-09-1987 Eco Bank 3941072599, Fidelity 6239280146, Opay 8037688095, Moniepoint 8196060258, 8196028438, 8196028452,5380383959, 5612325508,4730823866, 8037688095
- John Anayo Onwumere 05-03-1987 Sterling 0026224269, Zenith 4230646454
- Chikwuka Godwin Eze 05-05-1975 First Bank 3031299977, Access Bank 0110709618, 0108595489, 1132518632
- Edwin Augustine Chukwuedo 27-05-1983 Union 0010808495, 0110232286, 0069247850, Eco Bank 2321194539, Opay 8169916076, Moniepoint 6786290317, 6786290300
- Chinwendu Joy Owoh 10-02-1982 First Bank 3125731837, GTB 0115848475, Moniepoint 6474876289, Union 0014660761
- Ginika Jane Orji 05-10-1995 Blueridge 8039231985, Opay 7059681248, 8106940744
- Awo Uchechukwu 11-12-1978 First Bank 3060144916
- Mercy Ebere Ifeoma Ali 07-07-1998 Access 1612608952, FCMB 6594319019, First Bank 3147574474
- Ohagwu Nneka Juliana 15-08-1985 UBA 2147559148
- Eze Chibuike Okpoto 12-01-1989 Access 0071127599, 1138098116, FCMB 3723955016, GT Bank 0123014963
- Nwaobi Henry Chimezie 12-06-1991 Access 1113046148, 1113046148, UBA 2115584448, 2117752704, First Bank 3067985749, Moniepoint 8276850931,
- Ogomu Peace Kewe 27-06-1997 Access 1840168323, UBA 2096777826, First Bank 3124937333, 2041450556, (USD) 3180578127, Zenith 2547460190, Opay 9069071154, Kuda 2028607838, Fidelity 6552642526, GT Bank 0258732080, Stanbic 0021280495
- Igwe Ka Ala Enterprises 3750733 Access 1872085373, 0800331795. Fairmoney 2683102063. Fidelity 5090919707, GTB 0206153527, 0044247093, 0044247086, 0044247079, 0044247062, 0044247055, 0044247103, 4020644423. Opay 9023765613, 8035144914, 8126308128. Polaris 3124277058. Carbon 0629821223. Zenith 1226773554
- Seficuvi Global Company 3225098 Access Bank 1436852548, Eco Bank 3831141439
- Lakurawa Group NLLKW
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