Elumelu calls for finance curriculum overhaul to reflect technology advancement

Chairman United Bank for Africa (UBA) group, Mr Tony Elumelu, has called for the overhaul of the finance training curriculum to reflect current technological influences.

Elumelu, while delivering the Guest lecture of the Faculty of Management Sciences, Lagos State University (LASU) titled: “The Future of Finance – Technology at Play”, he said it was not enough for tertiary institutions to train students in the techniques of traditional accounting without exposing them to realities of technological influences on accounting practice.

The entrepreneur, who was represented by EXECUTIVE DIRECTOR of the Bank in charge of Lagos West, Ayoku Liadi, said:”The academia needs to graduate from imparting traditional technical accounting and finance skills to embracing modern technologies in the delivery of both technical and soft skills needed to build a global finance professional of the future.

“I am not certain if the finance and accounting graduates of today are familiar with modern financial software packages, including global accounting and financial reporting standards.

‘’Have they been imbued with ready-to-market soft skills like leadership, communication, commercial acumen, flexibility/openness to change and strategic vision?

“If not, I will like to propose an overhaul of the curriculum to accommodate these. The academia should go beyond churning out finance and accounting graduates on a yearly basis to building ready-to-market finance professionals thoroughly equipped for modern finance functions.”

Elumelu, who is also the founder of Tony Elumelu Foundation, which supports entrepreneurship startups across Africa, said with technology replacing basic financing, the finance professional that would excel in the future must be quick to retool and adapt to changes.

“Traditional knowledge of finance is getting stale in today’s business world and indeed there is dire need for retooling our skills if we must remain relevant n tomorrow’s financial world. Technology is fast replacing the basics of finance.

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‘’Financial reporting is increasingly being automated, just as data analytics is demystifying performance analysis. Tomorrow’s finance professionals must have capabilities for business intelligence and cognitive analysis.

‘’We must apprise ourselves of the most recent technology and continue to retool our skills to remain relevant today and into the future,” he said.

Chairman of the occasion, Dr Rotimi Oladele, the Executive Secretary, Institute of Entrepreneurship, praised Elumelu for his contribution to entrepreneurship in Africa, describing him as a global brand of the rarest value.  He said LASU would benefit from its collaboration with the entrepreneur.

“No doubt TONY ELUMELU is not just a Nigerian of rare value to Nigeria but a Premium African of rarer value and of course a Global Brand of rarest value.

‘’Tony Elumelu today as an ultrapreneur is known all over for breeding entrepreneurs and start-ups in thousands and with millions of dollars ceaselessly in support for sustainability.

“We believe LASU partnering with Elumelu could be the best testimonial of a befitting support to the most multi-cultural and multi-tribal university in Nigeria. The profile of LASU Staff and studentship speak for this fact,” he said.

The LASU Vice-Chancellor, Prof Lanre Fagbohun, represented by the Deputy Vice Chancellor, Prof Oyedamola Oke, thanked UBA for its support and sponsorship.