By Adegbaju Temitope
The Vice-Chancellor of the University of Ilesa, Osun State, Professor Taiwo Olufemi Asaolu, has called on the National Universities Commission (NUC) to develop a “Governance Integrity Index” for ranking universities in Nigeria in order to promote transparency and accountability in the higher education sector.
Asaolu made the call while delivering the keynote lecture at the 2nd Bursary and Internal Audit Annual Lecture of Elizade University, Ilara-Mokin, Ondo State, where he emphasised that integrity remains the ultimate currency of any university.
The lecture, titled “Ethics Under Pressure: Managing Financial Risks and Integrity in University Governance,” drew academics, administrators and financial managers from across the university system.
Speaking at the event, Asaolu warned that without strong ethical standards, the credibility and sustainability of higher institutions could be severely undermined.
He maintained that integrity in university administration is sacrosanct and indivisible, stressing that ethical conduct must remain the foundation of governance in academic institutions.
According to him, academic ethics and financial ethics are closely interconnected, noting that failure in one inevitably compromises the other.
The accounting and public sector governance scholar explained that universities must strengthen internal control systems, reinforce ethical training and ensure that governance structures are capable of withstanding growing financial and administrative pressures within the higher education sector.
He added that ethical stewardship remains critical to institutional stability and urged universities to deliberately foster a culture of transparency, accountability and responsibility at all levels of administration.
Asaolu proposed a number of policy measures to strengthen ethical governance in Nigerian universities.
Among them was the development of a Governance Integrity Index by the NUC, which he said would create healthy competition among institutions to maintain high ethical standards.
He also recommended that university governing councils establish independent audit and risk committees made up of external experts to enhance objective oversight of financial management systems.
The university don further advocated the adoption of comprehensive whistle-blowing policies and continuous ethical training programmes by university managements to facilitate early detection of fraud and reinforce accountability within institutions.
In addition, he urged universities to automate their financial ecosystems through their bursary departments, noting that digital financial systems would significantly reduce human error and eliminate manual leakages.
Chairperson of the occasion and Vice-Chancellor of the Federal University of Technology, Akure, Professor Adenike Temidayo Oladiji, described pressure as an inevitable aspect of human existence, noting that institutions must develop appropriate mechanisms to manage such pressures within their operational frameworks.
The Vice-Chancellor of Elizade University, Professor Philip Gbenro Oguntunde, who was represented by the Chairman of the Committee of Deans, Professor Joseph Fabayo, reaffirmed the institution’s commitment to building a world-class university anchored on excellence in research, teaching and community service.
He noted that ethical governance and sound financial management remain central to the university’s development vision, stressing that universities must continually strengthen accountability systems in order to sustain public confidence in the higher education sector.
In his welcome address, the Bursar of Elizade University, Mr Olusegun Ajeigbe, said the theme of the lecture was timely in view of the social, financial and political pressures confronting professionals responsible for managing the finances of universities and corporate organisations.
Ajeigbe observed that financial managers across Nigeria’s university system currently oversee the finances of about 309 universities, with 54 per cent, representing 168 institutions, privately owned and 46 per cent public institutions.
He noted that the responsibility often comes with enormous ethical pressures, adding that professionals managing institutional resources require strong leadership qualities, clear frameworks, uncompromising values and refined organisational cultures to withstand undue pressures.
He therefore urged financial managers to lead by example, promote transparency, build strong support systems and align institutional performance goals with high ethical standards, warning that rules must never be compromised in pursuit of corporate or personal targets.
The annual lecture, organised by the Bursary and Internal Audit Departments of Elizade University, aims to strengthen ethical consciousness and promote professional best practices in financial governance within Nigeria’s higher education system.
The event brought together academics, administrators, auditors and financial managers to examine the ethical pressures confronting university financial management and the need for stronger governance frameworks across the sector.
