The Executive Secretary/Chief Executive Officer, Financial Reporting Council (FRC), Mr. Jim Obazee, has revealed that most Nigerian universities are yet to review their school syllabuses for upward of 15 years.
According to Obazee, most universities with accountancy departments are yet to review their syllabus in accordance with the International Financial Reporting Standard, IFRS, thus, churning out disadvantaged students.
"I met with the Vice Chancellors of the Nigerian universities and some of them were modest enough to say that they have not reviewed their syllabuses for the last 18 years. One VC said the textbook he is using to teach his students was written in 1962, which is very backwards in an IFRS regime. That is why we end up producing graduates that are not employable."
Obazee said the inability of the universities to upgrade to current and international standard contributes to the dearth of experts in various fields of endeavour as well as slows down the progress of the country in the adoption of IFRS.