‘The Profit of Purpose’ launches in Lagos to empower social entrepreneurs
BY TEMITOPE ADEBAYO
In a transformative stride towards financial sustainability within the social impact sector, the highly anticipated book, The Profit of Purpose: Mastering Financial Accounting and Reporting for Social Entrepreneurs, has been officially launched.
This highly anticipated publication aims to equip change makers with the crucial financial acumen necessary to thrive.
The launch event, which held on March 27 at the Federal Palace Hotel in Victoria Island, Lagos, brought together an impressive assembly of thought leaders, finance experts, and social entrepreneurs, sparking an engaging dialogue on the future of financial management in mission-driven organizations.
Delivering the keynote speech, Adenike Adeyemi, Executive Director of FATE Foundation, emphasized the critical role of sound financial management in ensuring the long-term success of mission-driven organizations. “Non-profit sustainability is paramount,” she stated, highlighting the importance of financial literacy in achieving lasting impact.
The official unveiling and launch of the book was led by Adebola Williams, CEO of AW Network and Dr Orode Doherty, CEO Ingress Health Partners, who commended the authors for providing practical insights tailored to the unique financial challenges faced by social enterprises.
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Reflecting on the book’s purpose, Bukonla Adebakin, The Author, stated, “Financial literacy is the backbone of any sustainable impact. For too long, social entrepreneurs have struggled with the complexity of financial management, often at the cost of their mission. This book is my contribution to demystifying those challenges, providing a practical roadmap that enables change makers to focus on what truly matters—driving meaningful and lasting change.”
Addressing some of the most pressing concerns for non-profits and mission-driven enterprises, The Profit of Purpose – Mastering Financial Accounting and Reporting for Social Entrepreneurs, equips social entrepreneurs with financial literacy skills to sustain and scale their impact. The book’s seven chapters provide actionable strategies for fundraising, financial management, budgeting, tax compliance, and accountability. It also includes cheat sheets, FAQs, and exercises designed to reinforce learning.
Responding to media question on taxation, she explained, “One of the key issues addressed in the book is taxation, particularly in regions like Nigeria and Asia, where many businesses remain unregistered. The book stresses that formal registration is vital for sustainability, allowing organisations to access donor funding and operate legally.”
Adebakin, who is a multifaceted professional with over ten years of experience at the intersection of media, technology, and development, combining expertise in social impact initiatives, financial management, and strategic organisational growth, also warned that failing to audit financial accounts could lead to double taxation, as tax authorities may make assumptions about an organisation’s earnings. “When you don’t submit financial reports, you set yourself up for trouble,” she said.
With seven chapters covering essential financial principles, the book, titled: The Profit of Purpose: Mastering Financial Accounting and Reporting for Social Entrepreneurs, according to the author is designed for both finance professionals and non-finance individuals, including project managers and executive directors.
“This book will help you understand financial statements and make informed decisions. It is a must-have for any social entrepreneur,” Adebakin concluded.
The launch event featured a high-level panel discussion on Impact Investing: Beyond Donations – Sustainable Revenue Strategies for Non-Profits, where experts explored innovative funding models that go beyond traditional grants and philanthropy.
Among the distinguished attendees were Josephine Nzerem, Regional Director, West Africa, Ashoka, Chude Jideonwo, Executive Director of Joy Inc.; Chidi Koldsweat, COO FundsforNGOs; James Ogo Oluwa, Area General Manager of RGCNL; Maryam Decoco, Head of Finance at Baobab+ and contributing author of the book, Ugochukwu Nwosu, Head Program and Grants, ACT Foundation, and Imoh Eboh, Actress.
Following the panel, attendees engaged in an exclusive book signing session with the author, further deepening conversations on financial management strategies tailored for social enterprises.
The Profit of Purpose arrives at a crucial time when social enterprises face mounting financial complexities. By bridging the knowledge gap in financial accounting and reporting, the book empowers change makers with the confidence to navigate funding, compliance, and sustainability challenges.
