The Executive Director of FATE Foundation, Adenike Adeyemi, has said sound financial management is crucial for mission-driven organisations.
Adeyemi, who was the keynote speaker at the launch of a book, ‘The Profit of Purpose: Mastering Financial Accounting and Reporting for Social Entrepreneurs’, emphasised the importance of financial discipline in ensuring the sustainability of social enterprises.
Speaking at the event held in Lagos, Adeyemi noted that financial literacy was the backbone of any successful non-profit, warning that many well-intentioned organisations collapse due to poor financial management.
“I have witnessed brilliant organisations collapse under the weight of financial mismanagement, delayed salaries, unsustainable projects, and even abrupt closures. The irony is heartbreaking when non-profit staff are owed salaries and organisations cannot meet their financial obligations,” she said.
The book’s author, Bukonla Adebakin, who is also the Chief Operating Officer of Intense Group, highlighted that financial literacy is essential for social entrepreneurs to achieve lasting impact.
“Money rules the world, but it is only a tool. Beyond passion, entrepreneurs must ensure funds are used for their intended purpose. This book is my contribution to demystifying financial challenges, providing a practical roadmap that enables change-makers to focus on what truly matters—driving meaningful and lasting change,” Adebakin stated.
While unveiling the book, the Chief Executive Officer of AW Network, Adebola Williams, and CEO of Ingress Health Partners, Dr Orode Doherty, commended the author for providing practical insights into the financial challenges faced by social enterprises.