“Indy Hall total income for 2023/2024 session is #4, 553, 234. 68” – Audit Committee Presents Report

By Aduwo Ayodele

The Audit Committee of the Great Independence Hall has on Saturday, 23rd of March, 2024, presented an audit report “after conducting extensive audit on the statement of account of the hall”.

According to the report presented by the Audit Committee led by its Chairman, Honorable Olufemi Inioluwa, “the Hall’s balance brought down was seven thousand, seven hundred and forty four naira (# 7,744.30), with basic dues worth two million, six hundred and thirty seven thousand naira (#2,637,000) generated thus far for the session”.

The one-page report also showed that the sum of one million and two hundred and forty five thousand naira (#1,245,000) was generated for shirt collection, with an explanation that three hundred and nine (309) students paid #4,000 and on the other hand two (2) students paid #4,500.

Also, accrued elders dues for the session was #444,000, with #27,000 revenue generated by the PRO, and freshers welcome put at #151,000.

The Committee noted also that the interest accrued on the Hall Account is #41, 490.38.

[A pictorial excerpt of the income generated by the hall according to the report presented by the Audit Committee]

In total, an income of four million, five hundred and fifty three thousand, two hundred and thirty four naira (#4, 553,234.68) was generated by the Hall for the 2023/2024 academic session.

The breakdown of the Hall’s expenditure, which had been used or would be used to cater needs such as house budget, freshers welcome, book, shirts, package for porters, among others, is as follows;

[A pictorial excerpt of expenditure analysis as presented by the Audit Committee]

Raising critical observations, the Great Independence Hall audit committee through its Chairman noted that a deficit of #10,500 was incurred by the Hall’s Public Relations Officer, Mr Gideon Babalola.

According to the audit committee, the PRO “presented before the committee, that his office was able to generate #27,000 within the time frame being audited, but only #16,500 was confirmed as payment in the Hall account. Hence, there’s a deficit of 10,500 from the Office of the PRO”.

Also, the Finance Commissioner “has an unexplained #7,131 that can’t be accounted for in the Hall Account.

With further recommendations by the Audit Committee that “the office of The PRO should provide receipt of payments for the unaccounted 10,500 so we can know if the issue is from the Bank. Inability to do so, the PRO should refund the #10,500 to the Hall Account”.

Additionally, “the Finance Commissioner should refund the Hall 7,131 since efforts to unravel its disappearance have proven abortive”.

In its resolution, premised on fair hearing, the Independence Hall Legislative Council has ordered that the PRO, Mr. Gideon Babalola and the Finance Commissioner, Afolabi David, should both make necessary clarifications regarding the inexplicable funds, before the next plenary sitting.

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