I know that some 2-3 decades ago, some entered university teaching with only BAs/BScs, which at that time was (it would seem) sufficient to teach. Without obtaining further qualifications (e.g. MA/MSc, PhD) some of them have published extensively, successfully supervised PhDs and externally/internally examined PhD theses and have risen through the ranks to become professors. I wouldn't worry too much about these. But I'll certainly have concerns about new comers without PhDs wanting to supervise PhD candidates: WHAT YOU DON'T HAVE, YOU CANNOT GIVE!