By Vera Anyagafu

The growing influence of AI on the accounting profession took the center stage at the recently concluded 13th Institute of Chartered Accountants of Nigeria (ICAN), UK and District Society conference, which also led initiatives to promote accountability financial literacy, and corporate governance in Nigeria.

The annual conference, held at Novotel, Hammersmith, London, brought together members and industry leaders to address the evolving workplace, focusing on efficiency, accountability, and AI’s growing impact, while underscoring AI’s undeniable presence, exploring its implications for the future of work and the accounting profession.

This year’s conference theme, ‘Balancing People, Planet, and Profit,’ reflects ICAN’s commitment to driving sustainable growth and long-term resilience.

In his opening remarks, the ICAN President, Mallam Haruna Nma Yahaya, mni, Ph.D., FCA, stated that no conversation about alignment in the 21st century is complete without acknowledging the transformative force of artificial intelligence, while speaking on the theme of the ICAN conference, ‘Aligning People, Profit, and Planet ‘, which he said was far more than a corporate aspiration.

According to him, “Artificial Intelligence (AI), is reshaping how we analyse data, detect anomalies, model risk, and measure sustainability impact. Yet while AI can process information, it cannot process conscience. Technology must enhance human judgement, not replace it. As professional Chartered Accountants, our duty is to ensure that digital transformation is guided by ethical principles,

accountability frameworks, and societal responsibility. The future will not belong to those who resist technology, but to those who harness it responsibly in service of people, profit and planet.”

He added “When we align people with purpose, profit with principle and planet with policy, we do more than build stronger organisations, but stronger societies”, urging members and industry leaders to remain architects of responsible growth, ensuring that every balance sheet they sign strengthens trust, protects the environment, and advances shared prosperity.

Also speaking, the Chairman, ICAN UK and District Society, Mr. Akintayo Ojo (FCCA, FCA), weighed in, emphasising that the conference theme, ‘Aligning People, Profit, and Planet’, is central to their shared future, aiming to explore the intersection of human wellbeing, business success, and environmental responsibility.

He emphasised that while accountants have traditionally focused on profit and loss, balance sheets, and reserves, the profession must now shift its focus to balancing people, planet, and profit.

It’s no longer just about maximising profits, but also about considering environmental impact and human welfare, he noted.

“For too long, businesses have prioritised profits over people and the planet. We have ignored the effects of our actions on the environment and staff welfare. But this is a global issue, not just an African problem. The West has its own issues. Now, we are shifting towards sustainability. Accountants must measure not just financial performance but also environmental and social impact. We are also talking about fair trade, reducing waste, and promoting recycling. In Nigeria, we need to document and promote our efforts. Our forefathers recycled and lived sustainably without fanfare, now it’s time to learn and adapt to new practices. The future is about balance. The future depends on getting this balance right”, Akintayo added.

Lecturing how AI is revolutionising efficiency, redefining careers, and reshaping the future of professions, UK-based Nigerian researcher, a scholar with multiple awards, Chairman of Excellence in Educational Program, and co-hosts of the Prince’s Trust initiative, Professor Chris Imafidon, shared insights on AI and financial literacy at the conference.

He highlighted AI’s potential to transform accounting, its role in data analysis, storage, and security through blockchain, urging accountants to embrace AI and boosted financial literacy to stay ahead of the curve and drive business growth.

From streamlining processes to unlocking new opportunities, AI is a game-changer, he said, expressively sharing insights on how they can harness the AI’s power.

“The time is now for accountants to take action. The Accountant’s Call to Action is clear, adapt, innovate, thrive in a rapidly changing financial landscape, plan to upskill and future-proof your practice”, Professor Imafidon stated, as he gave a thumbs-up, calling the session ‘Fantastic’.

The Chairman of Central Association of Nigerians in the UK (CANUK), Hon. Ily Maisanda, weighed in, emphasising that by delving into the nexus of social responsibility, environmental stewardship, and economic viability, ICAN members and industry leaders are uniquely positioned to redefine the future of business.

They are not just talking about profit margins, it’s about creating a paradigm where business success goes hand-in-hand with human and planetary well-being.

He also highlighted AI’s role in accounting and sustainability, underscoring that sustainability demands a broader metric, accountants now need to quantify environmental and social impact, not just financials.

The CANUK Chairman added that documenting and showcasing these initiatives is key to amplifying their impact, and with AI reshaping the landscape, accountants are expected to take the lead in striking a balance between people, profit, and the planet for a sustainable future

“If you empower people with knowledge, they are more likely to make informed decisions”, he also stated.

Mr. Austin Akhuemokhan also took the podium, elaborating on the impact of AI, saying that while they might be lagging behind the pace of technological advancements, they are convinced that embracing AI is the right move for Nigeria at this juncture.

According to him, AI is a game-changing, general-purpose technology poised to revolutionise accounting practices and unlock numerous benefits, particularly in transitioning to a formal economy.

He also addressed queries on Nigeria’s new tax reform, highlighting that proactive steps are being taken to educate the average citizen on the implications and expectations surrounding Nigeria’s new tax and VAT laws.

He emphasised the importance of public awareness to ensure everyone is informed and on the same page.

Akhuemokhan further disclosed that ICAN is throwing its weight behind the new tax reforms, and members are at the forefront of the efforts, driving the initiative forward.

However, ICAN UK and District Society are shifting gears, prioritising a triple win, people, profit, and planet.

It’s not just about the bottom line anymore, environmental impact and human welfare are getting equal billing.