Razaq Jaiyeola is a former President of the Institute of Chartered Accountants of Nigeria, and the Chief Consultant at AJ Silicon. He tells TOFARATI IGE about his career and other issues
You were recently awarded ICAN’s merit award which is the highest honour bestowed by the body of accountants. How does that make you feel?
I feel very happy about it because it is a testimony to one’s modest contributions to the institute and the profession. More importantly, it is a call for further dedicated service, which I am very much happy and prepared to do.
What do you consider to be your greatest achievements as the 54th president of ICAN?
As the ICAN president, technology was the area I had the greatest passion for, so through the help of the council, we were able to complete the infrastructure for Zoom (video) meetings, which came in handy (during the COVID-19 pandemic) as if we were prophets. We also completed the Microsoft Navision project (an enterprise resource planning software.
In addition to that, we introduced the first ever accounting technology conference which is branded ‘Accountics’. Since that time, it has been an annual event. It has also succeeded in enhancing the technology skills of our members. During that presidential year, we contributed immensely to the roadshows that were on then to promote the corporate governance code 2018. I consider those to be the highlights of my tenure.
As someone with an avid interest in technology, do you think the practice of accounting has been effectively computerised and digitised?
It has not been effectively done. The practice of accounting used to be manual but with time, we grew. But, if you look at the public sector of the economy, not much has been done. I recognise the fact that some agencies such as the Federal Inland Revenue Service have really embraced it (technology). They have computerised a lot of their operations, including revenue generation, and it has eased their transactions. However, the private sector has done more in this regard. If you look at the banking industry, you will realise that they operate some of the most modern platforms in their operations, and they are one of the global leaders in that area.
But, when you look at the membership of the institute, a lot still needs to be done for our members to embrace technology.
How do you think chartered accountants can be encouraged to embrace technology more holistically?
The institute has a faculty of consulting and technology, which drives the information technology aspect of the institute. We used to have what were called ‘technology competence initiatives’ which my company, A.J Silicon and Automatic Data Processing championed in collaboration with the institute. It was made compulsory for those to be inducted as chartered accountants to do special foundational programmes on technology. Through that initiative, about 10,000 accountants were trained before it was stopped. On the part of the institute, they are trying but we implore members to also make efforts on their own because it is about the improvement of their skills, which is supposed to be relevant both locally and internationally.
What do you consider to be the highlights of your time as the second deputy vice president of the ICAN, and in what ways did that position prepare you for your tenure as president?
Statutorily, the second deputy vice president is one of the five key executive members of the institute’s council, consisting of the president, the immediate past president, the vice president, the first deputy president and the second deputy president. That means the entry level to the presidency of the institute is that of the second deputy vice president.
Chairmanship of key positions of the institute start really from the second deputy vice president. Whoever occupies that office has to chair some key committees. Those include the membership affairs committee, the syllabus and review committee, professional exams committee, and staff and organisations committee. Each of those committees have important activities (they oversee). For example, the professional exams committee has to do with the examination of the institute, which is the live wire of the institute. The second deputy vice president takes full responsibility of that, and ICAN exams have never been leaked. The membership affairs committee has to do with induction of incoming members of the institute. It is this committee that is in charge of those who will become fellows (of the institute)— after 10 years for those not in practice; and five years for those in practice.
The executive coordinating committee of council takes a number of key decisions on behalf of the institute. It is a very powerful body through which the affairs of the institute are run. A member then moves from the position of the second deputy vice president to that of first deputy vice president, vice president and eventually, the president. For each of those positions, there are various committees they chair, and by the time one becomes the president, one has practically gone through the mills (of the institute), and transition becomes seamless.
In what ways has the accounting profession evolved over the years from when you started till now?
When we started, things were purely done manually. Those days even the computerised environment had 10 megabytes per second computers, which were very rudimentary. Overtime, we started growing but the International Federation of Accountants introduced a standard that dealt with technology competence requirements of accountants. It was meant to address what were one’s technology requirements before one become an accountant and when one become an accountant. That was what gave rise to us (A.J Silicon and ADP) approaching the institute to make use of that standard to introduce the technology competence initiative to the institute. By the time it was stopped, about 10,000 members of the institute (had passed through the initiative).
Talking about evolution, we now have a situation where various applications and Enterprise Resource Planning have been introduced to the system. A lot of systems have been computerized. In the public sector, the activities of many agencies and ministries have been computerised, but a lot still needs to be done.
What are some of those changes you will like to see in the accounting profession?
I will like to see a situation where a lot of systems fully embrace IT.
There is an ongoing debate by some people who think that accountancy will no longer exist because there is a lot of incursion into the field by other professionals, particularly IT practitioners. They develop and implement accounting applications. So, except accountants go deep into those technological areas, they may be nowhere to be found in the near future way. But, trust IFAC, they have already embarked on digital transformation. They have partnered with a company called Clouding and they have developed a tool for assessing professional accounting organisations— to know their state of digital transformation readiness, by which they would know how to move ahead. I was one of the two consultants engaged by the World Bank and IFAC to pilot 20 professional organisations in the world to assist them in digital transformation.
What are the most important qualities an accountant needs to be successful?
Exceptional attention to details, excellent organisational skills, complete trustworthiness, dedication, fantastic communication skills and empathy.
As the Chief Consultant of A.J Silicon, what are your duties?
I am the full business development partner and chief consultant of the company. I take responsibility for everything in terms of business development, marketing and operations.
The company is a financial information technology consulting firm. We deal with risk management and management consulting, as well as advisory and technology services.
You have been interested in information technology even before it became mainstream in Nigeria. What stirred your interest in that area?
When I started my audit practice, I ran into trouble after two to three years. Getting clients to pay became a herculean task. I also could not get big companies to audit. Indeed, things were very rough. At a stage, I would go through newspapers, check vehicle advertisements for sale, and I would purchase them, renovate them and re-advertise.
I saw the light that technology was the future (early enough). At that time, it was only people who were ‘financially’ comfortable that could buy computers. I knew that if I focused on that category of the public, things would most likely become better for me. So, I started with buying and selling computers. I got a distributorship deal from a company that used to be known as Computer and Scientific Equipment. I would buy (computers) from them and advertise it in the newspaper for sale.
You studied Chemistry. What interested you in accounting?
I was part of the first set of Food and Drugs inspecting officers engaged by the Federal Government in 1974. That was what translated to the National Agency for Food and Drug Administration and Control. I was posted to Kaduna State, where my family resided at the time. I was (the officer) in charge of Kaduna then. However, I later realised that in the civil service, one had to ‘queue’ for promotions. If the person ahead of one is not promoted, one would not be promoted. Back then, the Daily Times was the main national daily then, and every day, I used to see vacancy adverts for accountants. I became curious as to how to get trained as an accountant. Someone then took me to his father, who was an accountant. He asked me what course I studied and I told him Chemistry. He tried to discourage me but I insisted that I wanted to know what I needed to become an accountant. He told me I needed five ‘credits’ in my West African Senior School Certificate Examination. Back then, there were no tuition centres in Nigeria. I had to be sending money abroad and I would get materials for the qualifying exams.
About five weeks into the training, I saw advertisements in a newspaper that a company called Coopers and Lybrand was looking for graduates in any discipline to be trained as accountants. I quickly applied and was invited for an interview. During the interview, they asked me to convince them that I was really serious about switching to accounting. Fortunately, some of my tuition materials had been marked and I had them with me on that day. I never scored below 90 per cent. I presented the papers to Mr Senbore, who was the head of the interview team. As he was looking through them, he kept nodding his head (because he apparently liked what he saw).
He then asked me what my next move would be. I told him I drove down to Lagos and that if they did not employ me, I would go to other firms (until I was employed). They then told me to return in a week, and when I did, they gave me a letter of appointment. That was how the journey (in accounting) started.
What are the fond memories you have of your early days at Coopers and Lybrand?
I must give credit to my elder brother, who was then in Lagos with his wife. He made the transition very easy for me. She used work in the civil service, and I used to follow her to Lagos Island. She later moved to Kwara State to become the first female permanent secretary in the state. I had to leave my family (in Kaduna and work in Lagos). However, about a month or two after, I was moved to Kaduna because that was what I requested for. Back then, we were given a very attractive out-of-station allowance, which was about ten pounds per day. But, I later realised that the main action (in the company) was in Lagos, so I went to the partner in charge (of the state), Chief E.F. Oke, and indicated my desire to move to Lagos. He queried my decision because I was the one who asked to be moved to Kaduna.
I told him I did but that I had realised that the main action was in Lagos. He agreed and I was posted back to Lagos. When I got Lagos, I was able to relate well with my seniors, most of who I was older than. Not minding that, I used to carry their bulky files whenever we went out. They all liked me because of my humility. Fortunately, in the first (accounting) exam that I took, I won a prize in auditing and was also adjudged the overall best student.
What do you consider to be your most notable contribution as a member of the Information Systems Audit and Control Association?
As a member of ISACA, we had been training Certified Information Systems Auditors. Those are the people that audit information systems— systems that have been computerised, including hardware, software, data, the processes and people. It is not limited to just financial data. If one takes the ISACA exam and passes, one will be referred to as a certified Information System auditor, which is recognised globally. We have been championing that training for over 20 years. We are the leaders (in that area) and we have trained over 1000 CISAs. I consider that to be the greatest impact I have made in that area. Right now, the A.J. Silicon is synonymous with CISA in Nigeria.
At a time, you were the Project Director for Computerised Financial Consulting for Ogun and Niger states’ water agencies. What do you recall about that assignment?
I would rather talk about a more recent engagement with the World Bank and IFAC. IFAC engaged a company called Clouding to develop an app which the world body can use for professional accounting organisations to assess their digital transformation readiness. A lot of organisations have succeeded in doing that but there was a group that was having difficulty using the tool. Two of us were then engaged to assist 20 professional accounting organisations to make use of that tool, and also mentor the leaders of those firms as regards digital transformation.
It is believed in some quarters that accountants help people to launder money. What is your take on this?
It is a misconception. Many people don’t know that there are two groups of accountants, particularly in the public sector. There is a group that has no training whatsoever in accounting but they are put in the accounts/finance departments, and they rise through the ranks. Because what they are doing is practical, they know their onions. The other group has to do with the two professional bodies (ICAN and the Association of National Accountants of Nigeria) that are recognised by the Nigerian government. I am not claiming that our members don’t get involved (in such sharp practices), but we have professional ethics. Both bodies belong to IFAC and there is a code of professional practice which we invoke when our members are joining the profession. We have zero tolerance for that kind of menace. Any member found to be involved in such shady dealings will be sanctioned appropriately. We have what is called SMO6— Statement of Members Obligations by IFAC— that has to do with disciplinary processes that every organisation is expected to have in place. We do have that in place in Nigeria. Anytime we have such issues, we invoke that process, and if it is required, we strike out the names of those found guilty because we don’t tolerate such conducts.
Many people also believe that accountants are stingy. Is that a misconception as well?
Accountants are prudent, not stingy. We place value on money. When a staff member brings a N2m request to an accountant, the person would not want any questions asked. But, accountants are the custodians of the wealth of an organization, and they always want to protect it, so we ask necessary questions and put various controls in place. We insist on accountability and getting value for money.
When did you have a breakthrough in your career?
Coopers and Lybrands was at the beginning (of my career). From there, I moved out to industry, before returning to my professional practice. It was when I started the financial information technology consulting (that I had a breakthrough). Beyond the sale of computers, we started massive training of the technology competence initiative of ICAN. If there is any landmark professional knowledge and skill required by accountants, we quickly imbibe it and roll out (to our members.
What do you consider to be the lowest moment of your career?
The lowest moment of my career was when I had to start refurbishing and selling vehicles. Things were very tough but as a professional, one has to be resilient and move forward despite all odds. Also, one has to keep updating one’s professional skills and knowledge because nothing is static. New knowledge comes to light all the time and have to embrace them and spread to others.
The issue of huge government expenditure is a recurring issue and you have spoken about it in the past. In what novel ways do you think this can be effectively checkmated?
The first major area is the overbloated government structure in this part of the world. Even the United States of America that we copy does not have such structure. Look at the structure of each state. For every governor, there are a huge number of special assistants. And, that is the same thing that obtains in the National Assembly and other branches of government. Can’t we make do with part-time legislators that have full-time jobs? So, the structure is the first major area to be looked into.
Also, when it comes to the rule of law, see how long it takes to get judgment, that is even if it comes at all. That has an impact on the business environment in terms of the ease of doing business.
The issue of subsidy running into trillions of naira is another thing that needs to be looked into. There is a need for political will to tackle these things. For anything to change, one must be ready to go through the pain of the process. But, for the followership to undergo the pains, the government must create room for trust. They should know that people are watching and want them to be fully accountable. The government must make sure they have the will to implement the things that are necessary for change.
With your wealth of experience, do you have any interest in politics?
No way. It is not my calling. I prefer to remain in the private sector.
On a lighter note, how did you meet your wife?
I met my wife in the company of one relative. Her beauty was the first thing that attracted me. But, as time went on, I got to know her better and realised that we could build a family together.
What were some of the qualities that endeared you to her?
She is very reasonable and caring. Because I love education, she took it seriously and upgraded herself to the level that is acceptable for somebody like me. We were able to relate very well and together, we have achieved quite a lot.
The rate at which marriages collapse seems to be rising. What do you think can be done to reverse that trend?
First, we must appreciate that the parties are coming from different backgrounds, so there would be differences in the way they behave and respond to things. Tolerance is also very important. Both parties have to be very careful. If you are in love, whatever issue that comes up will be resolved with love. They must also have the fear of God. There are certain fundamentals that both major religions (Christianity and Islam) teach us. We must embrace them and operate with common objectives. Couples should also be loyal and trust each other, and not hide things.
Four out of your five children are qualified accountants. Did you actively steer them in that direction?
Children learn from their environments. My children used to follow me to the office and whenever they did, they would necessarily learn from whatever they see. If one is doing something and is making visible progress, the children around one will be interested in what one is doing. That was precisely what happened with my children. They saw me making progress and they challenged to do more.
Even the fifth child (who is not an accountant) started in that line but his interest in IT (overrode accounting). He was battling with all the certifications (needed to become an accountant), and at a point, I told him to continue in IT. My four children that are accountants are CISAs and they are all doing well.
How do you like to dress?
I dress comfortably to match each occasion. If I am going for a professional programme, I would put on a suit or native attire. If I am attending a social gathering, I know what to wear.
You have had a busy career. How were you able to manage that with your family in such a way that none suffered?
That is where the issue of (a good) wife comes in. I have a very supportive and understanding wife. There are lots of things she took charge of, such as bringing up the children, attending Parent-Teacher Association meetings and ensuring they paid attention to their school work. If one has a supportive partner, one will not suffer much.
How do you unwind?
I play golf very early in the morning. Immediately after my morning prayers, I head for the golf course to play for about two or four hours, depending on whether I play nine or 18 holes. I enjoy it so much.
Copyright PUNCH.
All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.
Contact: [email protected]
