By Mathew Ojebola

Friday, 3 Dec 2010

The Managing Director, ValuCard Nigeria Plc, Mr. Kyari Bukar, has said that most Nigerian companies are not interested in the adoption of the International Financial Reporting Standards.

Speaking at the Poise Graduate Finishing School Graduation on Thursday, Bukar said the IFRS would bring in transparency in the financial report of organisations and reduce manipulations.

According to him, most Nigerian companies that have some things to hide about their operations, will not want to adopt IFRS.

He said that IFRS would give potential investors enough data to help them to make informed investment decisions.

He added, “Because it will reveal the financial and market strength of the companies.

“IFRS is a global issue which will raise global competition in Nigeria, but it will reveal Nigerian companies‘ compensations, bad debts with their banks, their price earnings ratio, assets base and others that will give potential investors insight of where to put their money.”

Also speaking on the occasion, the Chairman, Poise Nigeria Limited, Mr. Godwin Isibor, said the challenge of lack of professionalism in the Nigerian economy had made several promising companies to go down.

He said, ”Professionalism is a key ingredient in any organisation but Nigerian companies don’t care about it and this makes most employees to be working against the goals of their organisations and the effects are expensive and costly.

“Nigerians look for what is good for them rather than what is good for the organisation or the country, because of this people do thing they are not trained for,” he added.

According to Isibor, that is what encouraged Poise Nigeria to venture into preparing graduates who have acquired various technical knowledge to meet the challenges of developing careers by instilling in them professionalism and globally acceptable business ethics.

Source: Punch