Shift to Policy Roles in Economic Reforms, Pedabo Urges Accountants

Chartered accountants must shift from compliance duties to policy-shaping roles to navigate Nigeria’s sweeping economic reforms, Kreston Pedabo managing consultant, Albert Folorunsho has urged.
The call came at the 20th Western Zonal Accountants’ Conference of the Institute of Chartered Accountants of Nigeria (ICAN), where speakers stressed that the country’s economic transition demands more strategic engagement from finance professionals.
Presenting a paper at the conference held in Ikeja, Lagos, Folorunsho, said the role of the chartered accountant must evolve in response to structural reforms, global uncertainty and technological disruption.
The conference, themed “Revitalising the Nigerian Economy for Sustainable Development – Accelerating New Frontiers,” drew past presidents of ICAN, council members, government officials, judicial representatives and private sector leaders.
Participants were also challenged to move beyond compliance roles and take centre stage in shaping Nigeria’s economic direction, as the profession confronts rapid technological and policy shifts.
Folorunsho framed his presentation around what he described as a defining moment for the profession, arguing that Nigeria’s ongoing economic reforms — including exchange rate unification, fuel subsidy removal, tighter monetary policy and tax reforms — require professionals who can bridge the gap between policy formulation and implementation.
Globally, he noted, supply chain fragility, geopolitical tensions, climate concerns and automation are reshaping markets and business models. In such an environment, he said, chartered accountants must position themselves as trusted advisers capable of interpreting complex data, assessing fiscal risks and guiding institutions through uncertainty.
Rather than focusing primarily on artificial intelligence, Folorunsho anchored his remarks on leadership responsibility. He argued that while automation is transforming accounting processes, the deeper issue is whether professionals are prepared to assume broader strategic influence.
He said routine tasks such as reconciliations and data entry are increasingly being automated, but professional judgement, ethical reasoning and stakeholder engagement remain distinctly human responsibilities.
Accountants who adapt to this shift, he added, would find their relevance strengthened rather than diminished.
Drawing parallels with the evolution of the chief financial officer role, Folorunsho observed that finance leaders have transitioned from back-office record keepers to strategic partners involved in corporate direction, capital allocation and risk management. He said a similar transition is required across the profession.
In the public sector, he noted, financially literate advisers are critical in shaping sound fiscal policies, managing public resources and ensuring accountability.
Chartered accountants, he argued, are uniquely positioned to contribute across the policy cycle — from modelling fiscal outcomes and stress-testing assumptions to overseeing implementation and evaluating performance.
Referencing the “golden thread” concept promoted by the International Federation of Accountants, which links policy, resources and outcomes, Folorunsho urged Nigerian accountants to strengthen that connection in practice.
He also cited historical examples of professionals who translated accounting expertise into national leadership, including Akintola Williams, a pioneer of Nigeria’s accounting profession; Anthony Ani, a former finance minister; and Taiwo Oyedele, who currently chairs the Presidential Committee on Fiscal Policy and Tax Reforms.
According to him, their trajectories illustrate that professional competence can serve as a platform for broader institutional leadership.
Folorunsho acknowledged that some professionals remain hesitant about engaging in public policy, often citing concerns about political complexity or ethical compromise. However, he argued that withdrawal is not a solution.
He maintained that if accountants of integrity decline to participate in governance processes, they forfeit the moral authority to criticise outcomes.
To prepare members for greater influence, he outlined five priorities: sustained technical development, including digital competence; the ability to communicate complex ideas in accessible language; proactive relationship building; presence in decision-making forums; and adherence to professional ethics, particularly when speaking truth to power.
He also called on ICAN to deepen its institutional engagement. This includes strengthening curricula to incorporate leadership and communication skills, participating actively in national policy debates and building structured partnerships with ministries, revenue authorities and treasury institutions.
Folorunsho urged chartered accountants to embrace leadership roles across corporate, public and civic spheres, stressing that national development requires disciplined financial stewardship and strategic insight.