Pan-Atlantic University has called on businesses to rethink traditional cost management practices by integrating environmental and social considerations into their financial and strategic decisions.
The call was made at the university’s 27th Inaugural Lecture, delivered by Professor Akintola Owolabi, FCA, ACTI, Professor of Cost and Management Accounting at Lagos Business School.
The lecture, titled The Ledger and the Cost Boundary: Reimagining Strategic Cost Management for Sustainability, was held at the Honeywell Group Auditorium, Lagos Business School, Lagos.
The event commenced with the Vice-Chancellor of Pan-Atlantic University, Professor Enase Okonedo, formally introducing the inaugural lecturer.
In her opening remarks, Professor Okonedo welcomed members of the university community, guests, family members and the general public, describing the occasion as an important milestone in the institution’s academic journey.
She highlighted Professor Owolabi’s distinguished career in research, industry engagement and academic leadership, noting that his lecture would contribute to broader conversations about sustainability, business strategy and responsible management.
In his presentation, Professor Owolabi challenged conventional approaches to cost management, arguing that businesses must move beyond traditional financial accounting practices to recognise the environmental and social costs of their operations.
He explained that costs do not simply disappear when they are excluded from corporate financial statements but often re-emerge as challenges borne by communities and society.
“The cost does not disappear when it leaves a company’s books. It arrives in a community’s life,” Professor Owolabi stated.
He stressed that organisations must recognise the broader consequences of their activities and incorporate these considerations into their business strategies and decision-making processes.
The lecture further examined the role of strategic cost management in advancing sustainability, advocating a transition from narrow, short-term cost-control practices to a more comprehensive framework that considers environmental and social impacts alongside financial performance.
Professor Owolabi emphasised that effective cost management in today’s business environment requires organisations to look beyond their internal financial records and take responsibility for the wider consequences of their operations.
The 27th Inaugural Lecture attracted faculty members, students, alumni, industry leaders, family members and other distinguished guests, reinforcing Pan-Atlantic University’s commitment to promoting academic excellence and scholarship that addresses contemporary societal and business challenges.
About Pan-Atlantic University
Pan-Atlantic University is a private, nonprofit institution located in Lagos, Nigeria. The university is committed to developing competent and ethical professionals equipped to serve society with integrity.
