In a remarkable inaugural lecture held at the Enugu State University of Science and Technology  (ESUT) on Thursday, Professor Ifeoma Mary Okwo, a distinguished Accounting expert, captivated the audience with her insights on “Management Accounting: The Drive for Sustainable Success in Business.”

Acknowledging Influence:

Professor Okwo commenced her address by expressing gratitude to Vice Chancellor Prof Alloysuis Michaels Okolie, whose encouragement played a pivotal role in her decision to deliver the lecture. She recounted her early exposure to Accounting, attributing it to the influence of her late mother, Mrs. Regina Oketa, a trader. Her journey into the realm of Accounting was shaped by the necessity to manage sales and accounts after the loss of her father, Mr. Joseph Oketa.

Academic Journey:

Having graduated as an esutite in 1988 and later earning her Master’s Degree at the University of Nigeria, Nsukka, Professor Okwo joined UNN in 1998 as an assistant lecturer. Over the years, she climbed the academic ladder, achieving the status of a full-time lecturer in 2012, a position she holds with distinction.

Purpose of Inaugural Lectures:

Inaugural lectures serve as a platform for professors to showcase  their resources and achievements within the university community. Professor Okwo’s lecture delved into the critical principles and concepts of accounting, emphasizing the imperative nature of sustainability in today’s business landscape.

Business Failures Unveiled:

Highlighting the reasons for business failures, Professor Okwo underscored the importance of marketing techniques and awareness in business management. She emphasized that accounting extends beyond financial reporting, playing a crucial role in decision-making. Theories in marketing and management formed the pillars of her discussion.

Pillars of Sustainability:

Addressing the triad of sustainability, Professor Okwo identified three pillars – people (the social goal), profit (the economic goal), and planet (the environmental goal). She stressed that these factors must coexist for true sustainability.

Levels of Management:

Breaking down accounting and management, Professor Okwo outlined three levels – strategic, tactical, and operational. Using the “SWEAT” planning technique, she elaborated on the internal factors influencing businesses – Strengths and Weaknesses.

Performance Metrics:

Performance measurement, she argued, extends beyond mere economic indicators and includes financial, economic, customer relations, and innovation and learning metrics.

Tactical Planning:

In the tactical realm, Professor Okwo discussed planning for profitability, emphasizing the importance of controlling costs and increasing revenue.

Standards and Control:

Touching on standards, she introduced two types – ideal and attainable. Control, she explained, is the process of managing the business, ensuring that plans translate into action.

Elements of Cost:

The lecture concluded with a focus on the elements of cost, including fixed, mixed, variable, and prime costs.

Call to Action:

Professor Okwo left the audience with a call to pay attention to sustainability concerns, highlighting the interconnectedness of social, environmental, and economic aspects in a business’s success. Her lecture was a testament to the multifaceted nature of modern accounting and the pivotal role it plays in steering businesses towards sustainable growth.

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A professor of Accounting at the Enugu State University of Science and Technology, ESUT, Ifeoma Okwo, has said that adequate application of Management Accounting techniques, would guarantee sustainable success in businesses.

Professor Okwo made the disclosure while delivering the 32nd inaugural lecture of ESUT titled “Management Accounting Techniques: The Drive for Sustainable Success in Business,” at the capacity-filled Professor Julius Onah Auditorium, Agbani, Enugu State on Thursday.

The Accounting guru explained that Management Accounting is “a special branch of accounting that involves all accounting procedures targeted to improve the quality of information for effective management of businesses.”

Professor Okwo, who said that the major challenge confronting corporate leadership and managers at all levels is how to obtain relevant data and harness necessary information for effective decision making, added that the quality of decisions made by corporate managers determine the advancement, prosperity and sustainability or otherwise of their organisations.

The Accounting Professor who said that her inaugural lecture was inspired by the Vice Chancellor of the University, Prof. Aloysius-Michaels Okolie, noted further that Management Accounting is hinged on revenue maximization, cost minimization and resource optimization.

She added that a sustainable management accounting technique that would focus on the three pillars of economic, social and environmental sustainability is recommended for organisations in order to scale through tight regulations of governments and their agencies.

Earlier in his opening remarks, the Vice Chancellor of ESUT, Professor Aloysius-Michaels Okolie, urged all the professors in the University, especially, those who were yet to present their inaugural lectures to become professing professors by providing academic leadership.

Prof. Okolie emphasized that inaugural lecture was about sharing academic research journey of an individual leading to his professorship. “Inaugural lecture is more about sharing ones research journey into becoming a professor. You will be telling us more or less, what you confronted when you were growing up in scholarship and how you were able to tackle them, including the results and expectations, but not conclusively, because any idea you have today must be subjected to further verification,” he said.

While saluting the courage and the dedication of the inaugural lecturer, Prof. Okwo, he enjoined the academia to use their positions to make positive impacts for the wellbeing of humanity. He also saluted the efforts of the Inaugural Lectures

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