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Akintola Williams: The 100 Year-Old Accounting Colossus
By Eric Elezuo
Hurray!! The accounting wizard is 100 years!
Only few persons are known to have come from rich and influential families, and still managed to carve a niche for themselves, made their own names and stood apart from the crowd. One of such persons is the indefatigable and ever committed accounting guru, arguably the best the country ever produced, Chief Akintola Williams, who clocked an enviable 100 years on August 9.
Chief Williams was born on August 9, 1919 to the Ekundayo Williams family. His father was a lawyer and farmer while his grandfather, Z. A. Williams, was a prolific businessman from Abeokuta. His background really set the stage for the young Akintola to take the world by storm, rise above mediocrity and start an all new hegemony devoid of entrepreneurship, law and farming that his forebears were known for. He created a new vista, a new environment and subdued the field of accountancy. He became the first African to qualify as a chartered accountant.
Akintola took off on the journey of life when he began his education at Olowogbowo Methodist Primary School, Bankole street, Apongbon, Lagos Island, Lagos, in the early 1930s. This was the same primary school his late younger half-brother, Chief Rotimi Williams, attended.
After his primary education, he proceeded to the CMS Grammar School, also in Lagos and made one of the best results, which took him to the only higher institution of learning at the time, Yaba Higher College, now Yaba College of Technology. His education at the institution was sponsored by a UAC scholarship as a result of his brilliance. He obtained a Diploma in Commerce on graduation.
In 1944, he was admitted to the University of London, England, to study Banking and Finance, and in 1946, he graduated with a Bachelor of Commerce. He did not stop there, but continued steadfastly in his studies, qualifying as a chartered accountant in England in 1949.
After qualifying as a chartered accountant, Williams professionally started his career when he took up paid employment with the Colonial office in London. He was thereafter posted to Nigeria, and he returned home in 1950 to take the post of Inspector of Taxes, working with John Selby, whose advice laid his path to considering accountancy as a course.
In 1952 therefore, he left the job and its huge benefits to set up his own firm, Akintola Williams and Co in Lagos. It became the first indigenous chartered accounting firm in Africa. It would be recalled that at the time, the accountancy business was dominated by five large foreign firms. Although there were a few small local firms, they were certified rather than chartered accountants.
With master touches of professionalism, his firm later grew ‘organically and through mergers’ to become the largest professional services firm in Nigeria by 2004. Williams participated in founding the Nigerian Stock Exchange and the Institute of Chartered Accountants of Nigeria. During a long career, he has received many honours.
With his deft moves and diplomatic connections, he gained business from indigenous companies including Nnamdi Azikiwe’s West African Pilot, K. O. Mbadiwe’s African Insurance Company, Fawehinmi Furniture and Ojukwu Transport. He also provided services to the new state-owned corporations including the Electricity Corporation of Nigeria, the Western Nigeria Development Corporation, the Eastern Nigeria Development Corporation, the Nigerian Railway Corporation and the Nigerian Ports Authority.
By 1964, the expansion of his firm has started as a branch was opened in the Cameroons. This was followed by branches in Côte d’Ivoire and Swaziland, and affiliates in Ghana, Egypt and Kenya. By March 1992, the company had 19 partners and 535 staff. This obviously attested to the hard work the seasoned accountant has put into his work.
With the advent of the Companies Act of 1968, demand for his services increased. This act required that companies operating in Nigeria formed locally incorporated subsidiaries and published audited annual accounts. The drive in the early 1970s to encourage indigenous ownership of businesses also increased demand, and Williams was responsive to all challenges.
In 1973, AW Consultant Ltd, a management consultancy headed by Chief Arthur Mbanefo, was spun off. The company acquired a computer service company and a secretarial service, and in 1977, the company entered into an agreement with Touche Ross International based on profit sharing. Williams was also a board member and major shareholder in a number of other companies. He retired in 1983.
Between April 1999 and May 2004, Akintola Williams & Co. merged with two other accounting firms to create Akintola Williams Deloitte, the largest professional services firm in Nigeria with a staff of over 600.
Among many of his achievements, Williams played a leading role in establishing the Association of Accountants in Nigeria in 1960 with the goal of training accountants. He was also the first President of the association as well as the founding member and first president of the Institute of Chartered Accountants of Nigeria. He is very good at creating new things. He was also involved in establishing the Nigerian Stock Exchange. Akintola Williams remained actively involved with these organisations into his old age.
With an eye on due process, he called on operators to protect the stock exchange market and ensure there was no scandal. He said that, if needed, market operators should not hesitate to seek his advice on resolving any problem. He made himself available even as a retiree.
Some of the public sector positions he held are enormous and they include Chairman of the Federal Income Tax Appeal Commissioners (1958–68), member of the Coker Commission of Inquiry into the Statutory Corporations of the former Western Region of Nigeria (1962), member of the board of Trustees of the Commonwealth Foundation (1966–1975), Chairman of the Lagos State Government Revenue Collection Panel (1973) and Chairman of the Public Service Review Panel to correct the anomalies in the Udoji Salary Review Commission (1975).
Other positions include President of the Metropolitan Club in Victoria Island, Lagos, Founder and Council member of the Nigerian Conservation Foundation and Founder and chairman of the board of Trustees of the Musical Society of Nigeria.
In 1982, Williams’ efforts were recognized and he was honoured by the Nigerian Government with the O.F. R. award
Following retirement in 1983, Williams sought to diversify and keep himself busy. That prompted an all new project aimed at establishing a music centre and concert hall for the Music Society of Nigeria.
In April 1997, he was appointed a Commander of the Most Excellent Order of the British Empire for services to the accountancy profession and for promotion of arts, culture and music through the Musical Society of Nigeria. The Akintola Williams Arboretum at the Nigerian Conservation Foundation headquarters in Lagos is named in his honour.
As the expansion keeps becoming a recurring decimal, the firm adopted the business name “Akintola Williams Deloitte” on July 30, 2004. It has remained the oldest indigenous firm in Nigeria.
On the 8th of May, 2011, the Nigeria-Britain Association presented awards to John Kufuor, past President of Ghana, and to Akintola Williams, for their contributions to democracy and development in Africa.
A Centenarian of no mean repute, Akintola Williams clocked 100 healthy and productive years on August 9, 2019, drawing accolades from reputable movers and shakers of Nigerian and international business as well as politics.
Sir, for your achievements which are innumerable and the many lives you have touched in your 100 years on earth, and since 1952 when you took the bull by the horn to float your own firm, you are our Boss of the Week.
Congrats and happy birthday sir!
US President Donald Trump has signed a federal spending bill, officially ending the longest government shutdown in American history.
The legislation, passed by the House of Representatives in a 222–209 vote, followed narrow approval in the Senate just two days earlier. The bill restores funding to federal agencies after 43 days of closure, bringing relief to millions of government employees and citizens affected by halted services.
Speaking after signing the measure on Wednesday night, Trump described the deal as a political victory, asserting that Democrats unnecessarily prolonged the shutdown.
“They didn’t want to do it the easy way. They had to do it the hard way, and they look very bad,” he said.
The temporary funding bill maintains government operations only through 30 January, creating a new deadline for lawmakers to negotiate a long-term budget solution.
As part of the agreement, Senate leaders committed to an early December vote on Obamacare subsidies, a key priority for Democrats during the shutdown standoff.
In addition to reopening federal offices, the bill provides full-year funding for the Department of Agriculture, military construction projects, and several legislative branch offices.
It also ensures retroactive pay for federal workers affected by the shutdown and allocates funding to the Supplemental Nutrition Assistance Program, SNAP, which helps about one in eight Americans access food.
The shutdown, which began in October, forced the suspension of many government services, leaving an estimated 1.4 million federal employees either furloughed or working without pay. It also disrupted food assistance programmes and caused widespread delays in domestic air travel.
With federal operations now resumed, attention in Washington has turned to whether Congress and the White House can reach a longer-term funding agreement before the new deadline at the end of January.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), on Thursday, announced discontinuation of the planned 15 per cent duty on imported petroleum products.
NMDPRA’s Director, Public Affairs Department, George Ene-Ita, conveyed the development in a statement while warning the public to shun panic buying.
President Bola Tinubu, on October 29, approved an import tariff on petrol and diesel, a policy expected to raise the landing cost of imported fuel.
The President’s approval was conveyed in a letter signed by his Private Secretary, Damilotun Aderemi, following a proposal submitted by the Executive Chairman of the Federal Inland Revenue Service, Zacch Adedeji.
The proposal sought the application of a 15 per cent duty on the cost, insurance, and freight value of imported petrol and diesel to align import costs with domestic market realities.
Implementation was slated to take effect on November 21, 2025.
The policy aimed to protect and promote local refineries like the Dangote Refinery and modular plants by making imported fuel more expensive.
While intended to boost local production, it is also expected to increase fuel costs, which could lead to higher inflation and transportation prices for consumers.
Experts have argued that the move could translate into higher pump prices for consumers, with some estimating an increase of up to N150 per litre or more.
In an update, however, NMDPRA said the government was no longer considering going ahead with implementing the petrol import duty.
“It should also be noted that the implementation of the 15% ad-valorem import duty on imported Premium Motor Spirit and Diesel is no longer in View,” the statement read in part.
Meanwhile, the NMDPRA also assured all that there is an adequate supply of petroleum products in the country, within the acceptable national sufficiency threshold, during this peak demand period.
“There is a robust domestic supply of petroleum products (AGO, PMS, LPG, etc) sourced from both local refineries and importation to ensure timely replenishment of stocks at storage depots and retail stations during this period.
“The Authority wishes to use this opportunity to advise against any hoarding, panic buying or non-market reflective escalation of prices of petroleum products.
“The Authority will continue to closely monitor the supply situation and take appropriate regulatory measures to prevent disruption of supply and distribution of petroleum products across the country, especially during this peak demand period.
“While appreciating the continued efforts of all stakeholders in the midstream and downstream value chain in ensuring a smooth and uninterrupted supply and distribution, the public is hereby assured of NMDPRA’s commitment to guarantee energy security,” the statement added.
The Senate has approved President Bola Tinubu’s request to raise N1.15 trillion from the domestic debt market to cover the unfunded portion of the 2025 budget deficit.
The approval followed the adoption of a report by the Senate Committee on Local and Foreign Debt during plenary on Wednesday.
The committee noted that the 2025 Appropriation Act provides for a total expenditure of N59.99 trillion, representing an increase of N5.25 trillion over the N54.74 trillion initially proposed by the Executive.
This expansion created a total budget deficit of N14.10 trillion. Of this, N12.95 trillion had already been approved for borrowing, leaving an unfunded deficit of approximately N1.15 trillion (N1,147,462,863,321).
In a related development, a motion by Senator Abdul Ningi was adopted, directing the Senate Committee on Appropriations to intensify its oversight to ensure that the borrowed funds are properly implemented in the 2025 fiscal year and used strictly for their intended purposes.
President Tinubu had on November 4th requested the approval of the National Assembly for a fresh ₦1.15 trillion borrowing from the domestic debt market to help finance the deficit in the 2025 budget.
The President’s request was conveyed in a letter. According to the letter, the proposed borrowing is intended to bridge the funding gap and ensure full implementation of government programs and projects under the 2025 fiscal plan.
