INTERVIEW: We will leave a legacy for the future of aviation finance in Nigeria-Aviation, says Ayodele Olatiregun
As the Institute of Chartered Accountants of Nigeria (ICAN) Aviation Chapter marks its first anniversary, its pioneer Chairman, Mr Ayodele Olatiregun, reflects on a year of building structures, strengthening professional standards, and laying the foundation for sustainable aviation finance in Nigeria.
Olatiregun, who also serves as Director of Finance at the Federal Airports Authority of Nigeria (FAAN), speaks with CHUKWUEMEKE IWELUNMO on the chapter’s milestones, challenges, and ambitious plans, including a N500 million endowment fund aimed at entrenching efficiency, transparency, and long-term institutional legacy in the aviation sector.
DailyTimes: Can we meet you and tell us about your association?
Thank you. My name is Ayodele Olatiregun. I am the pioneer chairman of the ICAN Aviation Chapter, which officially commenced operations on April 22, 2025. The chapter was established to mark a deliberate step towards enhancing aviation finance professionalism in Nigeria. It brings together over 150 chartered accountants who are directly involved in various aspects of aviation finance and administration.
At the time of our inauguration, we had just over 150 members. Today, our membership has grown to 168, and several members have recently attained professional qualification milestones. Our goal is not only to expand numbers but also to ensure that the chapter provides a meaningful impact on the governance, financial management, and operational efficiency of the aviation sector. We see this as a platform to promote excellence, drive accountability, and provide professional development for aviation accountants across Nigeria.
DailyTimes: What informed the creation of this body?
The creation of this chapter is anchored in the structure of ICAN at the national level. Under the ICAN Act of 1965, the institute originally organised its members into district societies across more than 30 states. This structure allowed ICAN members to interact regionally, but it did not specifically address the needs of professionals in particular industries.
About ten years ago, ICAN began establishing industry-focused chapters to address this gap. The principle is straightforward: accountants who operate within a particular sector, such as aviation, should have a dedicated forum to share knowledge, standardise practices, and address sector-specific challenges.
For an industry-specific chapter to be registered, a minimum of 100 members is required. Aviation, being a complex and highly regulated industry, brought together professionals from both public and private sectors. Members come from six key aviation agencies: the Federal Airports Authority of Nigeria (FAAN), the Nigerian Airspace Management Agency (NAMA), the Nigeria Civil Aviation Authority (NCAA), the Nigerian Safety Investigation Bureau (NSIB), the Nigerian College of Aviation Technology (NCAT) at Zaria, and AAA University.
We also reached out to professionals in the airline sector, brand handlers, ground handling companies such as SAHCO and NACHO, and travel agencies. The objective was clear: to create an association that would strengthen technical knowledge, enhance governance, and promote professional excellence, specifically in aviation finance.
DailyTimes: Are all your members ICAN members?
Yes, all members of our chapter are certified ICAN accountants. Being a member of the aviation chapter is contingent on active membership in ICAN at both the national and district levels. We also encourage prospective members to maintain good standing financially and professionally, and to actively participate in our initiatives. Our priority is to ensure that members are qualified, engaged, and aligned with the chapter’s objectives of promoting professional standards in aviation finance.
DailyTimes: You are celebrating your first anniversary. How has the journey been as the pioneer chairman?
It has been both challenging and rewarding. I have held various leadership roles before, but this one is unique because it is a not-for-profit association. Unlike corporate positions, where financial incentives motivate individuals, our work here is voluntary, which means that commitment and passion are critical.
Fundraising has been particularly challenging. We had to persuade members and external stakeholders to support our vision, not through personal gain, but for the collective benefit of the aviation sector and the profession. Encouraging members to actively participate, attend events, and contribute to initiatives required patience and persistent engagement.
Another significant challenge has been compliance and governance. Establishing the right processes, ensuring accountability, and maintaining transparency are always easier said than done. At times, we had to cancel or reschedule meetings due to conflicting schedules, but thanks to a dedicated executive team, we have been able to navigate these obstacles.
Member engagement was also a crucial aspect. It was important for our members to see tangible value in joining and participating in the chapter. Despite these challenges, the journey has been fruitful. The chapter has grown steadily, and our members have actively contributed to shaping our direction and initiatives.
DailyTimes: Corporate social responsibility is part of your mission. What have you done in this area?
Giving back to society is central to our mandate. One of our signature initiatives is the “Elevate for the Skies” programme, which targets secondary schools. Through this initiative, we visit schools to educate students on the profession of accounting, career options, and the importance of professionalism. During these visits, we also provide career guidance, distribute educational materials such as notebooks, pens, and other learning resources, and inspire the next generation to pursue careers in accounting and finance.
In addition, we have offered scholarship awards to members who recently passed professional examinations. We organised technical sessions for members, providing free access to continuous professional development points. This ensures that our members maintain the standards required for ICAN membership while expanding their knowledge in aviation finance.
Furthermore, we are conceptualising a structured endowment fund. This fund is designed with transparency and accountability in mind. An independent fund manager will oversee it, with external audits to ensure proper governance. The endowment will allow us to sustainably finance initiatives, scholarships, training programmes, and professional development, ensuring the chapter remains self-sufficient.
DailyTimes: What further plans do you have? Are there initiatives that benefit both members and society?
Our major focus is the N500 million endowment fund. We plan to split it 50-50: half will be invested to generate returns for operational expenses, and the other half will support development initiatives.
We are also planning a dedicated chapter office that will serve as a training and resource centre. This facility will host lectures, workshops, and training sessions for members. We are considering locations in either Abuja or Lagos, with the possibility of situating the office within an airport complex. The idea is to have a permanent, revenue-generating structure with both physical and e-library resources. This will serve both our current members and future aviation finance professionals.
The endowment fund is particularly important because it allows us to be self-sustaining and reduces reliance on external sponsorships or subventions. It also provides a mechanism for structured growth and professional continuity.
DailyTimes: What activities are planned for the anniversary celebration?
We are designing an anniversary week filled with various activities. We will visit a motherless babies’ home as part of our social responsibility initiatives. We also plan to visit universities and polytechnics with accounting departments to encourage students to complete their studies and pursue ICAN certification.
Additionally, we will conduct roadshows focused on aviation finance, targeting both professionals and students. The week will culminate in a gala night and fundraising event for the endowment fund. The gala will serve as the highlight of our anniversary, bringing together members, stakeholders, and industry leaders to celebrate achievements and plan future initiatives.
DailyTimes: What are your expectations for the celebration?
My expectation is that the anniversary will signify the successful establishment of a strong, functional, and sustainable chapter. While I am the pioneer chairman, the achievement is collective, driven by the dedication of the executive team and members. If we accomplish our objectives, we will have created a legacy for aviation finance in Nigeria — one that prioritises transparency, professional excellence, and accountability.
DailyTimes: The theme of the anniversary is ‘Digital Transformation, Professional Excellence and Financial Governance within Nigeria’s Aviation Industry’. What informed this theme?
The theme reflects three key pillars essential for aviation finance. First, digital transformation is necessary because the current administration has prioritised digitisation, particularly to minimise revenue leakages and optimise operations. Aviation, though partially private, is still largely government-driven, so aligning with national digitisation initiatives is critical.
Second, professional excellence focuses on people. Technology and systems are only effective when professionals are adequately trained, engaged, and continuously developed. We emphasise continuous education, training, and skill development to ensure our members meet high standards.
Finally, financial governance encompasses systems, processes, and operations. By implementing robust governance frameworks, we can improve accountability, transparency, and operational efficiency across aviation finance. Together, these pillars guide our strategic initiatives, ensuring that the chapter contributes meaningfully to sector growth.
DailyTimes: What message do you have for readers?
Progress often begins with small steps, but strategic focus is essential. There is always a benefit in what we do when it is structured and purposeful. By developing a strong aviation finance ecosystem, we can create a model for other sectors. Governments, institutions, and professionals can collaborate to establish systems that are beneficial to all stakeholders.
Our work demonstrates that with proper planning, dedication, and collaboration, it is possible to achieve meaningful impact. The chapter aims to be a showcase of professional excellence, transparency, and sustainability, a blueprint for other sectors to emulate.
Ultimately, our message is simple: focus on what is possible, take strategic steps, and aim to leave a lasting legacy. For the ICAN Aviation Chapter, this means building a foundation that will benefit future generations of aviation finance professionals and strengthen the industry as a whole.
