FOUNDATION CHIEF CALLS FOR FINANCIAL PRUDENCE AMONG SOCIAL ENTERPRISES

The Executive Director of FATE Foundation, Adenike Adeyemi, has highlighted sound financial management as a critical success factor for mission-driven organizations, warning that even the most noble initiatives risk collapse without proper financial discipline.
Speaking as the keynote presenter at the Lagos launch of “The Profit of Purpose: Mastering Financial Accounting and Reporting for Social Entrepreneurs,” Adeyemi drew attention to the concerning pattern of well-intentioned organizations failing due to inadequate financial controls.
“I have witnessed brilliant organizations collapse under the weight of financial mismanagement, delayed salaries, unsustainable projects, and even abrupt closures,” Adeyemi told attendees at the book launch. “The irony is heartbreaking when non-profit staff are owed salaries and organizations cannot meet their financial obligations.”
The FATE Foundation leader emphasized that financial literacy serves as the backbone of sustainable social enterprises, noting that passion alone cannot guarantee organizational longevity without corresponding financial acumen.
Bukonla Adebakin, author of the newly launched book and Chief Operating Officer of Intense Group, reinforced this message, describing financial literacy as an essential competency for social entrepreneurs seeking to create lasting impact in their communities.
“Money rules the world, but it is only a tool,” Adebakin stated during her presentation. “Beyond passion, entrepreneurs must ensure funds are used for their intended purpose.”
The author explained that her publication aims to demystify financial challenges commonly faced by social enterprises, providing “a practical roadmap that enables change-makers to focus on what truly matters driving meaningful and lasting change.”
The book unveiling ceremony featured prominent figures in Nigeria’s social enterprise ecosystem, including Adebola Williams, Chief Executive Officer of AW Network, and Dr. Orode Doherty, CEO of Ingress Health Partners, both of whom commended Adebakin for offering practical insights into navigating the financial complexities of purpose-driven ventures.
Industry observers note that the publication comes at a critical time when many social enterprises in Nigeria face funding challenges amid economic headwinds, making financial prudence increasingly vital for organizational sustainability.