By Abdulrasheed Olokoto

The Executive Council of the Great Independence Hall of Residence has released the hall’s statement of account for the first semester. The account recorded total credits of ₦4,689,014.36 and total debits of ₦2,718,727.08.

This was contained in a document released on Thursday, July 23, 2026, co-signed by the Administrator General, Obinelo Chisom Folorunsho; the Secretary of State, Najimdeen Robiu Ayomide; the Public Relations Officer, Sodiq Hammed Akinkumi; and the Financial Commissioner, Aribike Victor.

“The Office of the Finance Commissioner hereby presents the financial report of the Great Independence Hall based on the official statement of account obtained from the University of Ibadan Microfinance Bank for the first semester,” the document reads.

According to the document, the hall recorded income from hall dues, elders’ dues, dinner fees, hall shirt payments, and other sources.

“During the reporting period, the hall recorded substantial income primarily from hall dues, supplementary payments (elders’ dues, dinner, and hall shirts), miscellaneous payments, interest earned on deposits, and other transfers. The account also incurred expenditures and statutory deductions as reflected in the statement of account,” it stated.

A total of 803 residents paid basic dues only, amounting to ₦3,212,000.00. Five people paid elders’ dues only, amounting to ₦15,000.00. One person paid for a shirt only, amounting to ₦6,000.00. Fifty people paid for hall dues and elders’ dues only, amounting to ₦350,000.00.

Additionally, one person paid for hall dues and dinner only, amounting to ₦9,000.00. Five people paid for hall dues and shirts only, amounting to ₦50,000.00. Two people paid for hall dues, elders’ dues, dinner, and shirts only, amounting to ₦36,000.00.

Total interest on deposits between January and June was ₦37,014.36, while other undisclosed credits amounted to ₦974,000.00. These brought the total credit transactions to ₦4,689,014.36.

The administration withdrew ₦822,000.00 from the account for the Freshers’ Week budget. Transfer charges were ₦2,200.00, SMS alert charges were ₦10.00, and ₦500.00 was charged for a withdrawal slip.

Subsequently, ₦1,840,221.00 was withdrawn for the Executive and Legislative Council’s office budgets, respectively. Transfer charges were ₦4,600.00, while SMS alert charges amounted to ₦20.00.

There was also a cash withdrawal of ₦46,400.00 for the Katanga cleanup exercise budget. The cleanup exercise was conducted on Saturday, April 18, 2026.

Other expenses included the total tax on deposits between January and June, which amounted to ₦2,776.08. These brought the total debit transactions to ₦2,718,727.08.

The account balance as of July 9, 2026, was ₦2,091,104.24.

The Financial Commissioner stated, “The hall closed the semester with a positive balance of ₦2,091,104.24, demonstrating sound financial stewardship and ensuring sufficient liquidity for subsequent administrative and welfare activities.”