Mr Akintola Williams, the distinguished figure in Nigerian accounting, passed away peacefully in his sleep in the early hours of Monday at the age of 104. His residence in Lagos was the setting for his final moments.
Here is a timeline chronicling the life and achievements of Nigeria’s foremost accountant:
Early life and education
Chief Akintola Williams, Nigeria’s first chartered accountant, was born on August 9, 1919, in Lagos State.
His father, Thomas Ekundayo Williams, started as a colonial service clerk and later became a lawyer in Lagos after receiving legal training in London, England. His grandfather, Z. A. Williams, was a prominent merchant in Abeokuta.
Akintola Williams was the eldest among his siblings, including his brother, the late Rev. James Kehinde Williams, who was a Christian clergyman, and another brother, Frederick Rotimi Williams, who would later become a prominent lawyer.
He began his education at Olowogbowo Methodist Elementary School for primary education and later attended CMS Grammar School in Lagos for his secondary education.
Continuing his academic journey, he received a scholarship from UAC to attend Yaba Higher College, where he earned a diploma in commerce.
In 1944, Akintola Williams traveled to England to study at the University of London. There, he specialized in banking and finance and graduated with a Bachelor of Commerce in 1946.
Following his education in England, he completed his journey by obtaining his chartered accountant certification in 1949.
Career and business life
After returning to Nigeria in 1950, Williams took up the role of an assessment officer for the Inland Revenue, a position he held until March 1952. It was in March 1952 that he left the government service and established Akintola Williams & Co. in Lagos State, making it Africa’s first indigenous chartered accounting firm.
At that time, the accounting sector was largely dominated by five major international corporations. While there were a few small local businesses, they were certified rather than chartered accountants.
Williams found success working with local firms like the West African Pilot, founded by Nnamdi Azikiwe; the African Insurance Company, founded by K. O. Mbadiwe; the Fawehinmi Furniture Company; and the Ojukwu Transport Company. Additionally, he provided services to newly established state-owned enterprises, including the Nigerian Railway Corporation, the Western Nigeria Development Corporation, the Eastern Nigeria Development Corporation, the Electricity Corporation of Nigeria, and the Nigerian Ports Authority.
Akintola Williams & Co., founded in 1952 in Lagos, grew steadily, both organically and through mergers, eventually becoming Nigeria’s largest professional services organization by 2004.
Akintola Williams played a pivotal role in establishing both the Institute of Chartered Accountants of Nigeria (ICAN) and the Nigerian Stock Exchange (NGX). His illustrious career earned him numerous awards.
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In 1957, Charles S. Sankey became the company’s first partner, followed by Mr. Njoh Litumbe, a Cameroonian. Litumbe expanded the firm by establishing satellite offices in Port Harcourt and Enugu and later led its international expansion. Branches were set up in Cameroon in 1964, followed by branches in Swaziland and Côte d’Ivoire, as well as affiliates in Ghana, Egypt, and Kenya. By March 1992, the firm employed 535 people and had 19 partners.
The Companies Act of 1968, which required companies operating in Nigeria to establish locally incorporated subsidiaries and release audited annual accounts, increased demand for their services. In the early 1970s, there was a push to promote indigenous company ownership, leading to the spin-off of Chief Arthur Mbanefo’s management consulting firm, AW Consultant Ltd., in 1973. The firm also entered into a profit-sharing agreement with Touche Ross International in 1977. Williams served on the boards of several other companies and held significant stakes in them. He retired in 1983.
Between April 1999 and May 2004, Akintola Williams & Co. merged with two other accounting firms, forming Akintola Williams Deloitte (now known as Deloitte & Touche). It became the largest professional services company in Nigeria, boasting over 600 employees.
Honours and awards
- In 1982, Akintola Williams was honored with the Order of the Federal Republic (OFR) award by the Nigerian government for his notable contributions.
- Following his retirement in 1983, Williams dedicated his time to a special project, namely the construction of a music center and performance hall for the Music Society of Nigeria (MUSON).
- In April 1997, he was bestowed with the title of Commander of the Most Excellent Order of the British Empire in recognition of his substantial contributions to the accounting industry and his unwavering support for the promotion of music, art, and culture through the Musical Society of Nigeria.
- In recognition of his achievements and contributions, the Akintola Williams Arboretum was established within the Nigerian Conservation Foundation’s main office in Lagos as a tribute to him.
- On May 8, 2011, Akintola Williams, along with John Kufuor, the former President of Ghana, was honored with awards by the Nigeria-Britain Association for their exceptional services in promoting democracy and development in Africa.
- Additionally, in 1988, he was the proud recipient of ICAN’s inaugural Gold Medal Merit Award, a testament to his outstanding achievements in the field of accountancy.
