Nedbank renews Accountancy chair sponsorship with R4.7 million

Nedbank renews Accountancy chair sponsorship with R4.7 million

Nedbank renewed its sponsorship of the Nedbank Chair in Accountancy with additional three years, saying it aims to contribute to the national commitment of doubling the number of well-trained accountants.

Nedbank Non-executive Chairman, Dr Reuel Khoza, who is also the Chancellor at the University of Limpopo, said they are proud to extend the partnership with the School of Accountancy (SoA) for further three years. He said this last week at the Nedbank headquarters in Sandton, Johannesburg.

 The extension of the sponsorship is worth R4.7 million and the current holder of the Nedbank Chair in Accountancy is Prof Cosmas Ambe. The partnership was formally launched in 2009 with the aim of providing leadership towards a turn-around strategy for the accreditation of the University’s Bachelor of Accounting Science (BAccSc) degree by the South African Institute of Chartered Accountants (SAICA), which was achieved in 2011.

The funding spreads over three cycles as follows: R3 million for the 1st cycle of 2009 to 2011; R4.2 million for the 2nd cycle of 2012 to 2014 and R4.7 million for the 3rd cycle of 2015 to 2017

“This sponsorship demonstrates our commitment to help students who couldn’t pursue the accounting profession due to their inability to travel or relocate to other provinces. As Nedbank, we couldn’t sit back,” Khoza said.

He further described the partnership as a catalyst and pioneering.

“The six years of partnership between UL and Nedbank has served as a flag bearer as UL accomplished its mission of getting SAICA accreditation.  It has also yielded positive results as the School has become a flagship at the University,” he said.

Khoza highlighted that with proper support and necessary resources from Nedbank, SoA would become a school of excellence in no time. “School of excellence at a university don't just happen without proper support, hence Nedbank is here to support SoA to become one of the sought after School in the continent.

“We are delighted to hear that the University through SoA is providing people of Limpopo with an opportunity to train as Chartered Accountants (CAs). We take a great pride to be associated with you as a sponsor,” Khoza applauded.

The sponsorship was facilitated by UL Trust. Mr Grant Dunnington, UL Trust Chairperson said: “We are certainly delighted that Nedbank is continuing to sponsor the programme for the next three years. From the Trust's perspective, we will make sure that the success that we have seen for the past six years continues.”

Prof Mahlo Mokgalong, Vice-Chancellor and Principal of UL said the Institution will look after the quality of the SoA programmes “to ensure that we achieve our intended goals. We needed this injection for our Bachelor of Accounting Science degree to be accredited. When it comes to the end of this cycle in 2017, we will be having a good story to tell.”