Akintola Williams’ Memorial Lecture (Continuation)

It was while we were still engaged in an intense debate over the iconic Dr. Nelson Mandela and the amazing legacy he bequeathed not only to South Africa but to the entire world that the Body of Past Presidents (BOPP) of the Institute of Chartered Accountants in Nigeria (ICAN) conveyed via Zoom a request for me to deliver the maiden Akintola Williams Memorial Lecture on September 4, 2024, at the MUSON Centre, Onikan, Lagos. What an amazing coincidence!

When I relayed the invitation to the other retired partners of KPMG, who are still awaiting their gratuity and pension, you could hear a pin drop. The profound silence was rapidly replaced by a cacophony of voices, with some advocating immediate acceptance and others insisting that we break for lunch and reconvene afterward for further deliberation on the matter.

The late Mr. Akintola Williams was the doyen of the accountancy profession in Nigeria. Chief Akintola Williams (9 August 1919 – 11 September 2023) was a Nigerian accountant and the first Nigerian to qualify as a chartered accountant.

Williams began his education at Olowogbowo Methodist Primary School on Bankole Street, Apongbon, Lagos Island, in the early 1930s. This was the same primary school his late younger brother, Chief Rotimi Williams, attended. His youngest brother, Rev. James Kehinde Williams, was a pastor at Olowogbowo Methodist Church.

The firm Williams founded in 1952 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 his long career, he received many honours.

Read also: Akintola Williams memorial lecture (Continuation)

He married Mabel Efunroye Williams (née Coker), a member of the prominent Coker family in Nigeria. Akintola Williams’ brother-in-law, Mr. F.C.O. Coker, collaborated with Williams in establishing the Institute of Chartered Accountants of Nigeria (ICAN), where Williams and Coker served as the first and second presidents, respectively.

Born on 9 August 1919, Akintola Williams hailed from a distinguished family. His grandfather, Z.A. Williams, was a merchant prince from Abeokuta, and his father, Thomas Ekundayo Williams, was a clerk in the colonial service who later established a legal practice in Lagos after training in London, England. Williams was the elder brother of Frederick Rotimi Williams, who later became a distinguished lawyer, and the late Rev. James Kehinde Williams, a Christian minister.

For his primary education in the early 1930s, Williams attended Olowogbowo Methodist Primary School in Lagos, then proceeded to CMS Grammar School, Lagos. He attended Yaba Higher College on a UAC scholarship, earning a diploma in commerce. In 1944, he travelled to England, where he studied at the University of London, specialising in Banking and Finance. He graduated in 1946 with a Bachelor of Commerce degree and continued his studies, qualifying as a chartered accountant in England in 1949. A Yoruba of chiefly background, Oloye Williams was among the founders of the Egbe Omo Oduduwa society in London, with Dr. Oni Akerele as president and Chief Obafemi Awolowo as secretary.

After returning to Nigeria in 1950, Williams served as an assessment officer with the Inland Revenue until March 1952, when he left the civil service to establish Akintola Williams & Co. in Lagos. This was the first indigenous chartered accounting firm in Africa. At that time, the accountancy business in Nigeria was dominated by five large foreign firms. Although there were a few small local firms, they were certified rather than chartered accountants. Williams’ firm gained business from indigenous companies, including Nnamdi Azikiwe’s West African Pilot, K.O. Mbadiwe’s African Insurance Company, Fawehinmi Furniture, and Ojukwu Transport. The firm also provided services to 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.

Charles S. Sankey joined the firm as its first partner in 1957, followed by the Cameroonian Mr. Njoh Litumbe. Litumbe opened branch offices in Port Harcourt and Enugu and later spearheaded overseas expansion. In 1964, the firm established a branch in Cameroon, followed by branches in Côte d’Ivoire and Swaziland, and affiliates in Ghana, Egypt, and Kenya. By March 1992, the firm had 19 partners and 535 staff.

Demand for services grew following the Companies Act of 1968, which required companies operating in Nigeria to form locally incorporated subsidiaries and publish audited annual accounts. The early 1970s push for indigenous ownership of businesses further boosted demand. In 1973, AW Consultants Ltd., a management consultancy headed by Chief Arthur Mbanefo, was spun off. The firm acquired a computer service company and a secretarial service, and in 1977, entered into a profit-sharing agreement with Touche Ross International. Williams was also a board member and major shareholder in several other companies. He retired in 1983.