Modupe Adedoyin James, Finance and Admin Manager at the Mikada Group of Companies and a fellow of ICAN and member of CITN, in this interview, discusses the root causes of the Nigerian recession and urges the government to prioritise policy consistency based on historical lessons. Additionally, she shares insights on the essential steps for growing an enterprise within Nigeria’s financial sub-sector. Excerpts:
Why did you choose to operate for so long in the financial sector?
The reason for being in the financial sector which has been right from the days of my Tertiary education till now is not farfetched. I am an ardent lover of figures. I can analyse and interpret them without stress. I understand the language of money. I am fulfilled when I see smiles radiate from the faces of whoever I work with as they reap the benefits of good financial decisions made through our expert advice. It is my passion. I enjoy doing it. I seamlessly unravel any mystery behind compounded accounts without being bored. I love what I’m doing, and I will continue as long as we remain to meet the needs and help make society become better through my expertise in finance.
Can you relate your journey into the sector and how you have fared over the years?
My journey into Accounting started on the day I filled out my JAMB form. I obtained my form like every other aspiring tertiary institution student will do and I was just about to fill in my course of study of Mathematics. I have always been an outstanding student of Mathematics. I consecutively won the award of Best Student in Mathematics throughout my secondary school days. I inarguably represented my school in Mathematics at various competitions. Also, I maintained the 1st position throughout my primary school.
more than foreign investors. When people have substantial funds in savings, they can easily plan, invest, and lead a better life and the economy will then thrive again.
Furthermore, we would urge banks to reward loyal customers who are consistent in their saving habits with higher interest rates and reduce bank charges on depositors’ accounts.
Getting money from the ATMs can be frustrating. Aside from the queues, you may not even get anything while your account is debited. We want to call for a liberal monetary policy by the CBN to make banking more accessible and IT-driven for accelerated transactions. We advocate more friendly innovation, prompt banking service delivery, expansion of bank branches, minimum or no bank charges, higher interests, and user-friendly bank applications.
Talking about your personal enterprise, how did you start and how has the Nigerian economy affected you positively or negatively?
I believe that everyone who wants to make a positive impact in life should have a dream, and aspiration to give back to his immediate community and the nation at large. As an accountant, I have a strong desire to right the wrong notions and believe that no one can make it except through the back door or benefit from a corrupt practice as many opined in our present world. The journey began around 2011 when I qualified as a chartered accountant. Precisely, a friend called me for assistance on business formation and financial policy introduction into a new business, I took it as a starting point, and the result is what we are discussing today.
As an entrepreneur, starting an enterprise in the service industry requires a lot, especially in the financial sub-sector, and being a non-commodity-based enterprise, I struggled through the path of growth and God has been faithful in birthing the dream. I have developed a couple of clients and experience has placed me in a vantage position such that I can confidently handle complex business models in the financial services space. It is worthy of note to mention that support from friends has really spiced up the growth of my enterprise as a tree cannot make a forest.
On the impact of the Nigerian economy, every entrepreneur in Nigeria today has had a fair share of negative and positive impacts but to different degrees. Some of the identified challenges affecting the performance of SMEs in Nigeria include financial constraints, infrastructural problems, management problems, marketing problems, technological problems, corruption problems, lack of skilled labour, Government unfavourable fiscal policy and policy inconsistency, the Nigerian economy has honestly dealt negatively to our business in no small measure.
We shall continue to strive, and ensure that we impress on our mission and vision, as we cannot make a detour at this point because of the belief that the negative trend cannot continue forever.