A Professor of Accounting at the Nigerian Defence Academy (NDA), Kaduna, Terzungwe Nyor, has urged Nigerians, particularly micro and small business owners, to embrace proper record-keeping, describing accounting as essential for personal, business and national development.
Speaking during his Professional Inaugural Lecture at the Academy on Thursday, Nyor, a specialist in financial accounting and reporting, said businesses that operate without financial records lack the information needed to assess performance, profitability and growth.
According to him, poor record-keeping prevents business owners from determining whether their enterprises are making progress or generating profit.
“You can’t measure the progress of your business. You don’t know how your business is moving, whether it is moving forward or not. The major objective of commerce, which is to make profit, you cannot measure it. And that is hindering business growth,” he said.
The professor explained that the lecture was aimed at individuals, small businesses and government institutions because accountability remains fundamental to sustainable development.
“Accountability involves being answerable for your actions and taking responsibility for your activities. It is core for national development. Without accountability, we are not just going anywhere in Nigeria,” Nyor stated.
He noted that accounting equips individuals and organisations with reliable financial data needed to make informed decisions.
“Transactions involve decision-making. You make a decision to spend, and if you don’t have data for those informed decisions, you cannot be taking good and wise decisions even for yourself,” he added.
Beyond financial management, Nyor argued that accounting promotes discipline, integrity, attention to detail and leadership.
According to him, maintaining financial records requires consistency and discipline, qualities that are also essential for personal productivity and effective leadership.
“For you to be able to keep records, you have to involve a culture of discipline. If you are not disciplined, if you don’t have the aptitude for details, you cannot keep accounts.
“Accounting has a way of instilling all these qualities of accountability, discipline, probity, and even leadership to an extent. Because you can’t be a leader without knowing accounting. Everywhere leadership is involved, money passes there,” he said.
The accounting scholar also expressed concern over what he described as an increasing focus on obtaining certificates rather than acquiring knowledge among students.
“My most challenging aspect in lecturing is students who are not interested in knowledge, but are just interested in certificates. That’s why students see me as a difficult lecturer. Because I want you to know. I want you to know,” he said.
He stressed that while academic qualifications are important, they should be backed by practical knowledge and competence.
“Getting a certificate is important, but a certificate without knowing is useless. It cannot bring progress, it cannot even help you yourself. We have come to an age where everybody is just after certificate, certificate, and knowledge is becoming scarce. But I hope that we’re making headway,” he added.
The inaugural lecture attracted members of the Nigerian Defence Academy community and other stakeholders with an interest in financial literacy, accountability and public sector governance.
