Firms Urged to Embrace Sound Accounting Principles


Peter Uzoho

The management of FAE Limited has advised distributors to embrace sound accounting practices and engage auditors in their business operations.

The Managing Director, FAE Limited, Princess Tayo Okeowo, gave the advice during this year’s distributors’ forum organised by the company in Lagos.

She urged distributors to take advantage of the Nigeria’s economic recovery and exit from recession and grow their businesses.

She praised the distributors for their patronage over the years, insisting that they are very crucial to the success of the company.

She said: “We are not afraid of competition. We have passion for the business and committed to ensuring that our customers get the best. We need to work together to ensure that we achieve the best in 2018. We need to stand out. We also need to take advantage of the boom in the economy to drive growth”.

She urged the distributors to strengthen their operations and to be efficient to boost their raise their earnings.

Also speaking, the Executive Director, Ideation Hub Africa, Mrs. Debola Deji-Kurunmi, said the forum was a good time for the entrepreneurs to reflect on what worked and what did not work in the outgoing year.

He urged them to build trust in their businesses, network and also establish sound business principles. He said there was need for them to patronage one company, and build enviable transaction volume that could earn them huge discounts.

“You need to demonstrate loyalty to the business. FAE is building you to enable your business succeed. You need to build excellent customer services and always ensure that you have something unique that stands your business out,” she advised.

Adebola Deji-Kurunmi praised distributors whose businesses have succeeded beyond the five-year market, describing them as established entrepreneurs.

“Only 20 per cent of entrepreneurs exceed five-year mark. We are happy you have made it this far, and confident you will even do better in the years ahead,” she said.

She also urged the distributors to always engage auditors, pay their taxes and embrace sound accounting principles.