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Evolution of Accounting System in Yoruba Land: A Historical Perspective

Profile image of Prof. Godwin E . OyedokunProf. Godwin E . Oyedokun

2025, Journal of Economics, Finance and Management Studies

https://doi.org/10.47191/JEFMS/V8-I5-21
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Abstract

This research explores the historical evolution of accounting practices in Yoruba Land, Nigeria, from pre-colonial times to the present day. Yoruba society, characterised by a rich cultural heritage and a dynamic economy, developed sophisticated indigenous systems for resource management and trade. These early practices, deeply rooted in oral traditions and communal structures, emphasized transparency and accountability, utilizing methods like symbolic representation and mnemonic devices. The arrival of colonialism and the transatlantic slave trade significantly impacted this evolution, introducing Western accounting methods and reshaping the Yoruba economy. This era saw a gradual integration of European principles, such as double-entry bookkeeping, with existing local practices. The post-colonial period brought further transformation, driven by modernization and globalization. The establishment of professional accounting bodies, like the Institute of Chartered Accountants of Nigeria (ICAN), and the adoption of international standards, such as IFRS, led to the professionalization of accounting in the region. Despite these modern developments, traditional practices persist, particularly among small-scale enterprises, illustrating the enduring influence of Yoruba cultural norms. This research examines the interplay of these indigenous traditions, colonial influences, and postcolonial innovations, highlighting how accounting practices in Yoruba Land have adapted to changing economic landscapes while maintaining a unique identity. It also emphasizes the crucial role of accounting in driving economic growth and ensuring financial stability in the region's dynamic development.

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