On Tuesday, September 29, 2020 academic activities were literally grounded at the College of Business and Social Sciences, Crawford University, Igbesa, Ogun State, not due to industrial action but a day to honour one of their own who delivered the 7th Inaugural Lecture.
It was a day a professor of Management Accounting, Prof Comfort Omorogbe, paid her academic debt. It is a norm in the university system for every professor to pay his or her academic debt by delivering an inaugural lecture in his or her field of study. The lecture attracted the management and colleagues from other institutions.
Prof Omorogbe, currently the Director, School of Part-Time Studies, held the audience spell-bound with her authoritative delivery on the topic “ Mirror Imaging in Transaction Cost Loop: Insight on the Consequences of the Apparent Cul-De-Sac” .
With repeated references to passages of the Holy Bible, Prof. Omorogbe shared such wisdom and insights that got the audience to repeatedly interject her presentation with rounds of applause.
Delving more into the theme, Omorogbe said that once Nigeria as a nation can manage cost, the problem with the economy would be solved, especially with the issue of corrupt practice and embezzlement of fund that has hindered the progress of the country. She highlighted the different aspects of cost and their relevance with emphasis on mirrored image and how it could be controlled.
The former Dean, College of Business and Social Sciences explained the need to be conscious of the mirrored image of cost in the decisions we make, stating mirror imaging in transaction cost loop exhibits itself as latent cost in decisions that are most times said to be completed, concluded, forgotten and even fruitful.
She observed that failure most times are products of uncontrolled cost, unregulated cost, and misguided cost, producing mirrored images of cost impacting negatively, noting ‘’cost are endemic; cost does not always appear as money but becomes money when values are attached as the need arises. They could hamper rate of positive progress whether as individuals, households, organizations or as a nation. Successes arise from our ability to manage not just cost but the mirrored cost.’’
Omorogbe pointed out that for a failed state like Nigeria, governance need to be transformed into modes of management, “when government allow industrial strike to fester, unavailable mirrored image cost is accumulated.The cost created can be intercepted when proactive measures are taken to forestall occurrence.
According to her, to avert industrial strike, there should be prompt payment and wages reviewed at regular intervals to ensure that reflective cost do not pop up.
She said that ethical behaviour should address latent and mirrored cost,as there would be tendency to avoid inflating expenditure.
“Corruption destroys economy but with the introduction of Information technology to track expenditure and manage cost of transaction, it would access the clean up of unrealistic cost.
Prof Omorogbe stated that though government had taken steps in reducing cost of governance,but the extent of implementation is another matter all together. The professor noted that the land border closure to curb smuggling of commodities into the country is geared towards indigenization, thus saving mirrored cost arising from import dependence.
The Vice Chancellor of Crawford University, Prof. Isaac Ajayi, expressed joy at the erudite lecture presented by Prof. Omorogbe and that it reveals her prowess, knowledge of the subject matter. He commended the guests, governing council members, senate lecturers for the roles played in making the event a huge success.