The Institute of Chartered Accountants of Nigeria Aviation Chapter has concluded plans to launch a N500m endowment fund as part of efforts to strengthen financial governance and institutional capacity within Nigeria’s aviation sector.

The initiative comes as the chapter marks its first anniversary, with its pioneer chairman, Ayodele Olatiregun, reflecting on a year he described as both challenging and rewarding.

This was contained in a statement made available to The PUNCH on Sunday.

The statement partly read, “Looking ahead, the proposed N500m endowment fund is expected to serve as a major milestone for the chapter, providing sustainable funding for its operations and long-term projects. Part of the fund will be invested to generate returns, while other portions will be used to develop infrastructure such as a permanent secretariat and a knowledge centre equipped with digital and physical learning resources.

“The endowment fund is a strategic initiative to ensure sustainability. It will not only support our activities but also enable us to develop facilities for training, research, and professional development. We are looking at building a knowledge centre that will serve both present and future aviation finance professionals.”

According to the statement, Olatiregun said the vision behind the chapter remains focused on deepening accountability and promoting excellence in aviation finance across both public and private institutions.

“The creation of the Aviation Chapter aligns with ICAN’s evolving structure that allows professionals within specific industries to come together to address sector-specific challenges. For aviation, we saw the need to build a platform that will promote excellence in financial management and improve accountability across the ecosystem,” Olatiregun said.

Formally inaugurated on April 22, 2025, Olatiregun said the chapter brought together chartered accountants from across the aviation value chain, including regulatory agencies, service providers, and private operators.

Starting with over 137 members, he said the association has continued to grow steadily, drawing professionals from institutions such as FAAN, NAMA, NCAA, NiMet, NSIB, NCAT, as well as ground handling companies, airlines, and travel agencies.

According to the chairman, this diversity has strengthened collaboration and knowledge sharing among finance professionals in the sector.

“Membership cuts across key aviation institutions and private operators, and this has helped us build a network of professionals who understand the financial dynamics of the industry. The goal is to leverage this collective expertise to drive better financial practices and support the growth of the sector,” he explained.

Despite its early achievements, Olatiregun admitted that the journey has not been without challenges, particularly in mobilising funds and sustaining member engagement as a not-for-profit body.

However, he credited the resilience and commitment of members for helping the chapter overcome initial hurdles and establish a solid foundation within its first year.

He said, “Building a new chapter is never easy, especially as a not-for-profit organisation. Funding and engagement were major challenges, but the dedication of our members and executive team has enabled us to make significant progress and position the chapter for greater impact.

“We believe in giving back to society. Our outreach programmes are designed to introduce young people to the opportunities that exist in accounting and aviation finance, while also supporting their educational development and career aspirations.”

Activities lined up for the anniversary celebration will span a week, beginning with a health walk and wellness session, followed by an inter-school debate focusing on the role of aviation in national development. Other events include a Jumat service, sports competitions, a Thanksgiving service, and courtesy visits to key aviation institutions, reflecting the chapter’s commitment to engagement across multiple fronts.

The celebration will climax on April 22 with a gala night and fundraising event at the Adeyemi Bero Auditorium, where the endowment fund will be formally launched. The event will also feature discussions around the theme, “Digital Transformation, Professional Excellence and Financial Governance in Nigeria’s Aviation Industry.”