7 institutions founded by Africa’s doyen of accounting, Akintola Williams
The late Akintola Williams, Nigeria’s first chartered accountant and founder of Africa’s first indigenous accounting firm, Akintola Williams & Co. (now known as Deloitte & Touche), was a true icon in the accounting profession in Africa.
Apart from establishing the first indigenous chartered accounting firm on the continent, Williams was a strong advocate for the development of the accounting profession in Nigeria. He played a crucial role in founding the Institute of Chartered Accountants of Nigeria and served as its president from 1963 to 1965.
Williams was a pioneer and a visionary, serving on multiple company boards and becoming a major shareholder. His retirement in 1983 marked the end of an exceptional era in Nigerian business. He passed away on Sept. 11 at 104, leaving behind a lasting imprint.
In recognition of his remarkable contributions to pioneering Nigeria’s accounting profession and advancing its financial sector, Williams received prestigious awards such as the Order of the Federal Republic and the Nigerian National Order of Merit. He was also recognized as a Fellow of the Institute of Chartered Accountants in England and Wales.
Here are seven institutions founded by Williams, Africa’s revered accounting doyen, during his lifetime:
Deloitte & Touche stands as the pioneering indigenous firm in Nigeria, with its roots dating back to 1952 when it was founded by the visionary Akintola Williams. Even before his retirement in 1983, his astute leadership and strategic foresight set in motion the firm’s remarkable growth, evolving it into one of Nigeria’s largest professional services firms. Originally established as “Akintola Williams & Co” in 1952, the firm embarked on a transformative journey, marked by two mergers between April 1999 and May 2004. These mergers propelled it to become the largest professional services firm in Nigeria, boasting a workforce of more than 600 professionals.
The Nigerian Exchange, formerly known as the Nigerian Stock Exchange (NSE), was established as the Lagos Stock Exchange on Sept. 15, 1960, making it the oldest existing stock exchange in West Africa. At its inception, seven notable individuals, including Williams, played pivotal roles as subscribers to the exchange’s memorandum of association, ultimately leading to its founding. This distinguished group of founders also included R.S.V. Scott, Theophilus Adebayo Doherty, Odumegwu Ojukwu, and Alhaji Shehu Bukar.
Williams emerged as a driving force in the formation of the Association of Accountants in Nigeria (ANAN), dedicated to the training of accountants. He held the distinction of serving as the association’s inaugural president. Presently, ANAN is Nigeria’s sole chartered professional accountancy body, vested by law with the authority to educate and examine all its students. Furthermore, it enjoys the unique privilege of advancing the science of accountancy in Nigeria.
In addition to his pivotal role in the establishment of the Association of Accountants in Nigeria in 1960, Akintola Williams was a key figure in the founding of the Institute of Chartered Accountants of Nigeria. He played a foundational role and held the esteemed position of the institute’s first president. The Institute of Chartered Accountants of Nigeria remains a cornerstone institution in the Nigerian accounting landscape, promoting professional excellence and ethical standards.
Williams lent his support to the creation of the Nigerian Conservation Foundation. This foundation was established in 1980 through collaborative efforts with the late Nigerian businessman, environmentalist, and conservationist Shafi Lawal Edu. Williams’ contributions to the foundation were instrumental in its establishment. As a tribute to his dedication, the Akintola Williams Arboretum, located at the foundation’s headquarters in Lagos, was named in his honor.