DELSU VC Chairs Exit Inaugural Lecture, Sends Critical Message To All Professors

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

He delivered this message in 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 delivered by Prof. Augustine Okolie, a distinguished Professor of Accounting and Financial Reporting.

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 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, organisations, and society at large.

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 DELSU 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.

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.

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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.

DELSU Echo recalls that Delta State Governor, Rt. Hon. Sheriff Oborevwori, Tuesday, approved the appointment of Prof. Samuel Ogheneovo Asagba as the new Vice-Chancellor of DELSU with effect from December 1, 2024.

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 organisations 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.

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He called on investors to be diligent in 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 the lecture, the Vice-Chancellor decorated Okolie with the prestigious DELSU’s Medal for Inaugural Lecturers.

This was followed by the presentation of One Million Naira cash award to the inaugural lecturer by the 60th President of the Institute of Chartered Accountants of Nigeria (ICAN), Chief Davidson Alaribe.

Present at the inaugural lecture were the Deputy Vice-Chancellor (Administration), Prof. Rosemary Okoh; Deputy Vice-Chancellor (Academic), Prof. Ochuko Anomohanran; Provost of Oleh Campus, Prof. Eloh Ibagere; Registrar, Mrs Rufina Ufiofio, other principal officers and the University Orator and Chairman of Ceremonials, Prof. Enajite 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.