Tony Elumelu Insist Finance Proffesionals Must Imbibe Technology For Continuous Relevance, Calls For Curriculum Overhaul

Chairman Of United Bank of Africa (UBA) Plc, Mr. Tony Elumelu CON

By LOVETH AZODO,  Lagos

Chairman Of United Bank of Africa (UBA) Plc, Mr. Tony Elumelu CON has affirm that for finance professionals and accounting scholars to continuously stay relevant they must imbibe technology and have emerging innovations in the marketplace.

This is as the UBA Boss who is also the Chairman of Nigeria’s largest conglomerate with investment in power, hospitality and oil and gas, Transcorp Group called for a need of a slight overhaul of the curriculum so that graduates can catch up with the meteoric change in the financial industry and marketplace as a whole.

Tony Elumelu who was represented by the Executive Director of the bank Mr. Ayoku Liadi stated this during the delivery of his paper as the guest lecturer at the Lagos State University, annual guest lecture of the Faculty of Management Sciences Wednesday in Lagos.

During his presentation, Elumelu stated that, gone are those days when scholars need to memorize their notes to pass exams rather be on the cutting edge of knowledge and emerging innovations in the marketplace.

“Ordinary Mathematics can not sustain you as a financial professional or scholar in the nearest future, in order not to go into extinction you have to keep pace with changing technology, meet regulatory compliance mandates, meet accounting and financial reporting standards, harnessing /managing big data and (De) centralization of accounting operations,” he said.

According to him, the 21st century finance officer has graduated from being just one that reports the figures to one that drives performance across departments adding that Chief Finance Officers are now referred to as Chief Performance Officers.

The founder of the Tony Elumelu Foundation (TEF) speculated that the Future of cheque book is not guaranteed in the nearest future.

“Any man desiring for growth must never accept status quo, he must have a learning mindset one that is ready to embrace changes no matter how sudden, rude, unexpected or uncomfortable those changes might be.”

“You may not be able to see the future; but with the right insight, you can prepare for it. This means the future only favours only the prepared,” he said

He urged the students to think global in all they do, however he reminded them that they mustn’t neglect local considerations.

LASU VC, Prof. Olanrewaju Fagbohun in his optimism said that the forum will avail the students and staff the opportunity to learn more about the concept of growth mindset and demonstrate the increasing need for us to learn and relearn continually, as new technologies replace old skills and knowledge

On the theme of the lecture, the chairman of the event, Executive Secretary, Institute of Entrepreneurship Dr. Rotimi Oladele described the topic as apt and round peg and has been fitted into the round hole.

“For me I see the future as where there will replacement of currency, coins cheques, ATM cards, tellers invoice and receipt and whatever. All that will be needed is keyboarding.”

On the choice of the guest lecturer, he commended the organisers of the event, he said “partnering with Elumelu could barely the best testimonial of a befitting support to the most multi cultural and multi tribal university in Nigeria.”

Also speaking on the theme, Dean of Faculty of Management, Prof. Babatunde Yusuf said that the theme is not only relevant and significant but comes at a time the Nigeria financial institution are facing challenges in embracing up to date technology relevant to financial institutions.

According to him, for decades Nigerian financial institution have employed the same relatively static, highly profitable business model which has resulted in finding themselves confronted on all sides by innovators seeking to disrupt their businesses.

“There seems to be no end to the diversity, or to the sky-high valuations of these financial technology innovators,” he said