It was an afternoon of piercing truths and sobering insights at the J.F. Ade.Ajayi Auditorium on Wednesday, November 5, 2025 as Professor Olatunde Julius Otusanya of the Department of Accounting, University of Lagos took the podium to deliver the university’s four hundred and forty seventh (447th) Inaugural Lecture, aptly titled “Fiscal Termites: Creating Endless Cycle of Underdevelopment.”
With a blend of scholarly depth and patriotic concern, the renowned Accounting expert painted a vivid picture of how hidden forces, what he metaphorically called “fiscal termite”, have eaten deep into Nigeria’s capacity to grow. Like insects that silently weaken wood, these termites, he explained, represent the many practices and institutions that erode the nation’s tax base and revenue system.
According to Professor Otusanya, no nation can rise above its ability to mobilise and wisely utilise its own resources. He argued that an effective and efficient tax system remains the backbone of sustainable development: funding education, healthcare, infrastructure, and other pillars of national progress.
But Nigeria’s fiscal foundation, he lamented, has been hollowed out by decades of corruption and mismanagement. Drawing from Critical Realism, Developmental State, and Globalization theories, the don traced how military authoritarianism and weak democratic institutions have institutionalised fiscal termites over time. He revealed that even under democracy, corruption has flourished, fuelled not only by political elites but also by complicit professionals and international financial systems that help launder stolen wealth abroad.
As a path forward, Professor Otusanya urged Nigeria to strengthen its accountability mechanisms through comprehensive tax reforms, transparent fiscal policies, and technology-driven revenue systems that minimise human interference. He called for independent judicial and regulatory institutions and the political will to impose strict – and if necessary, capital – punishments on perpetrators of grand corruption.
A distinguished scholar known globally for his research on financial crime, corporate ethics, and accountability in developing countries, Professor Otusanya’s lecture reaffirmed the University of Lagos’ reputation as a cradle of transformative, problem-solving scholarship. His words, both a diagnosis and a challenge, left the audience reflecting deeply on how Nigeria might finally rid itself of the termites gnawing at its national destiny.
About Professor Olatunde Julius Otusanya
Born on June 8, 1968, in Ijebu-Ode, Ogun State, to the family of the late Pa Thomas Talabi Otusanya and late Mrs. Rosalia Diya Otusanya, the young Olatunde Julius Otusanya began his quest for western education at St. Francis Catholic Primary School, Itele, Ogun State (1976-1981) and Itele High School, Itele, Ogun State (1981-1986).
Thereafter, he bagged a Bachelor of Science (B.Sc) Degree in Accounting from Ogun State University, Ago Iwoye, Ogun State in 1995, earned his Master of Science (M.Sc) from the University of Lagos (1997) and a PhD in Accounting from the University of Essex, Colchester, United Kingdom in 2010.
Professor Otusanya joined the services of the Department of Accounting, University of Lagos (UNILAG) as Graduate Assistant in December, 1995. He rose through the ranks to become Lecturer II (November, 1998 – September, 2008); Lecturer I (October, 2008 – August, 2011); Senior Lecturer (August 2011 – March, 2016); Associate Professor (March, 2016 – October, 2019) and Professor of Accounting and Taxation (October, 2019 to date). His research focus spans Taxation (tax evasion and tax avoidance), Tax Justice, Financial Crime (corruption), Role of Professionals in Anti-Social Practices, Ethics, CSR and Corporate Governance.
Over the years, Professor Otusanya has supervised four (4) PhD graduates and is currently mentoring five (5) doctoral candidates. He has examined forty-four (44) doctoral theses, sixteen (16) Master’s dissertations, and supervised over 300 postgraduate and undergraduate projects. He has served the University in manifold capacities, including multiple terms as Acting Head, Department of Accounting, University of Lagos (2012-2013, 2015-2016 and 2022-2023), and currently as substantive Head of Department of Accounting (2023–date).
Beyond UNILAG, the renowned Accounting and Taxation expert has served as External Examiner to several universities within and outside the country, including: Obafemi Awolowo University (OAU), Olabisi Onabanjo University (OOU), Babcock University, Covenant University, University of Johannesburg, South Africa, and Unicaf University, Zambia (UUZ) & Malawi (UUM).
With over Seventy (70) publications in high-impact journals, Professor Otusanya has served as conference lead paper presenter, guest speaker and discussant at high-profile international and local conferences and symposia in several universities across four (4) continents.
Professor Otusanya is a rounded scholar-professional as evident in his affiliations as Associate Member of Chartered Institute of Stockbrokers (CIS), and Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and Chartered Institute of Taxation of Nigeria (CITN). He is also a member of professional groups including Nigerian Institute of Management, Chartered (NIM), Nigerian Academy of Management, Association of Accountancy and Business Affairs (AABA), Tax Academics Association of Nigeria (TaxAAN), International Academy of African Business and Development (IAABD) and British Accounting and Finance Association (BAFA).
A devoted Catholic and ardent advocate for good governance and ethics, Professor Otusanya is happily married to Mrs. Yewande Olubunmi Esther and they are blessed with children.
Report: Isaiah Kumuyi
Photograph: Ayo Oloyede
