Egwunyenga To University Professors: Make Tangible Impact On Your Communities

By Patrick Ijeh

The Vice Chancellor of Delta State University, Abraka, Professor Andy Ogochukwu Egwunyenga, has emphasized the importance of university professors making a tangible impact on their communities.

He delivered this message during his remarks at the university’s 109th Inaugural Lecture, held on Thursday in Abraka. The lecture, titled “Income Smoothed, Earnings Managed and Financial Disclosure Quality Damaged: The Primal Paradox of Aggressive Accounting,” was presented by Professor Augustine Oke Okolie, a distinguished Professor of Accounting and Financial Reporting.

Professor Egwunyenga urged scholars and researchers, particularly professors, to ensure that their research addresses the needs of society.

While he described them as custodians of knowledge, he pointed out that society is the ultimate beneficiary of their intellectual output.

Commending Professor Okolie for his insightful lecture, which sheds light on critical issues related to income and earnings management for sustainable development, he highlighted its relevance to individuals, organizations, and society at large.

Professor Egwunyenga also noted the scarcity of professors in Accounting in Nigeria, attributing this to the tendency of many accountants to pursue careers outside academia.

The Vice Chancellor acknowledged that Delta State University, Abraka, is fortunate to have a distinguished group of Professors of Accounting, supported by a strong cadre of dedicated lecturers at various levels within the Accounting Department.

Professor Egwunyenga announced to the audience that the 109th Inaugural Lecture would be the last he would preside over as Vice Chancellor as his five-year tenure comes to an end in November, 2024.

He expressed heartfelt gratitude to God and the university community, particularly the professors, for their support in successfully organizing twenty-six inaugural lectures in four years, from November 19, 2020, to October 24, 2024, since the one year of COVID-19 lockdown prevented the university from hosting any inaugural lecture.

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The inaugural lecturer delivered a sharp and insightful analysis of whether the reported incomes, profits and earnings, along with the overall financial disclosures of corporate organizations and other enterprises, are genuine and accurate or merely misleading fabrications. He explained to the audience that aggressive accounting practices and earnings management, combined with challenges like foreign exchange instability, insecurity, and electricity supply issues, have driven many international companies out of Nigeria. These factors have also accelerated the collapse of local businesses and financial institutions, including cooperative societies, across the country. He therefore called on investors to conduct thorough due diligence before making investment decisions while financial experts should be engaged to scrutinise financial records before they are made public to ensure that they have not been manipulated.

After his lecture, the Vice Chancellor decorated him with the prestigious Delta State University’s Medal for Inaugural Lecturers. This was followed by the presentation of a cash award of one million naira by the Institute of Chartered Accountants of Nigeria by the 60th President of the Institute, Chief Davidson Chizuoke Alaribe, represented by Mr Hyginus Nwafor.

Present at the inaugural lecture were the Deputy Vice Chancellor (Administration), Prof (Mrs) Rosemary Okoh; Deputy Vice Chancellor (Academic), Prof Ochuko Anomohanran; Provost of Oleh Campus, Prof Eloh Ibagere; Registrar, Mrs Rufina Ufuoma Ufiofio, other principal officers and the University Orator and Chairman of Ceremonials, Prof Enajite Eseoghene Ojaruega, who presented the citation on Prof Okolie. The 109th Inaugural Lecture equally attracted an unprecedented number of seven traditional rulers in attendance. They are the Obi of Mbiri (the home town of Prof Okolie), Obi of Owa, Obi of Umunede, Obi of Ubulu-Unor, Obi of Ukala, the Ezhue of Ezionum and the Ebu of Umuebu. Also in attendance were deans, directors of academic and non-academic units of the university, staff and students of the university, family members of the inaugural lecturer and invited guests.