The Legislative Council of the Great Independence Hall of Residence, University of Ibadan, has adopted the hall’s 2024/2025 audit report, approving a total income of ₦16.3 million for the financial year.

The adoption took place on Saturday, February 7, 2026, during the 14th Assembly’s valedictory sitting held at the Indy Hall Junior Common Room (JCR).

According to the audit report, the hall’s major sources of income included basic dues, sales of shirts and hoodies, freshers’ welcome, Elder’s capital project, Internally generated revenue (IGR) by the Indy Hall public relations officer and legislative council, balance brought forward, Asherkine’s donation and Maracana project, which accounted for ₦10.4 million of the total income.

For executive expenditure, the assembly approved a budget of ₦947,350, out of which ₦931,150 was spent across various executive offices.

Other Expenditure include: ₦72,000 supplementary disbursement requested by the social and buttery commissioner covering two months DSTV subscription; A sum of ₦ 321,000 was also recorded as withdrawal of funds designated for the Elder’s Council. While Pre-budget accounted for a total of ₦97,300 spent.

The audit report also showed a total of ₦301, 000 attributed to the Asherkine Donation expenditure. An extra ₦1 000 was discovered in the breakdown. While for Fresher’s welcome a sum of 690,600 was spent.

Other records presented by the committee was a breakdown of the Katanga Republic Independent Electoral Commission (KRIEC ’26) finances, detailing income from the sale of forms and related expenditures.

However, the committee raised concerns over financial irregularities involving the outgoing Administrator General and the Finance Commissioner, citing poor record-keeping, lack of oversight on pre-budget spending, and failure to secure the hall’s cheque book.

“The Finance Commissioner failed to maintain a comprehensive ledger, lacked oversight on pre-budget spending, and failed to secure the hall checkbook from the Administrator General,” Indy hall audit Committee revealed.

On the disciplinary Note by the audit committee, the Indy hall Administrator General, Adedeji Peculiar was referred to the Disciplinary committee over his conduct and “derogatory” language during the audit session.

The audit further noted that the Sports Commissioner and Public Relations Officer failed to respond to inquiries regarding KEPA and L&D Day expenditures.

The audit report was formally adopted at 7:30 p.m., although the Chief Whip noted that some corrections would be required.