The Bursary in its current form is managed by seasoned professional accountants whose varied experiences include investment, public sector accounting and finance, business assurances, taxation and tax management, systems processes and reviews, financial management and cost efficiency.
The key activities of the Bursary are performed through the Bursar’s Office and the Directorates:
The Directorates are:
Each Directorate is headed by a Director.
The Directorate of Budget looks after the budget planning, preparation and control. The Bursary operates On-Line-Real-Time Processing System to enhance accurate financial information of the University.
With regard to the University’s financial stewardship to its stakeholders, the Bursary through Directorate of Final Accounts undertakes efficient book-keeping, and renders responsible financial reporting obligations as necessary. It also maintains an efficient archival system, as well as management of insurance system on both the assets and the personnel of the University.
The Treasury Directorate ensures fund mobilization, efficient receipt and payment of money to University stakeholders such as students, staff, service providers, government and many others. The Directorate’s activities also include investment of funds for optimal returns, foreign exchange management and custody of University financial instruments such as investment and treasury certificates and receipts.
The Finance Department of the CMUL headed by a Director has a broken line relationship with the Bursary of the Main Campus. The Director who is responsible to the Provost keeps a reporting relationship with the Bursar in terms of budget, grant appropriation and financial statement consolidation.
The legal and regulatory framework of Bursary activities are rooted in the following:
• The Constitution of the Federal Government of Nigeria 1999 as amended
• University of Lagos Act 1967 (as amended)
• Finance (Control & Management) Act 1958
• Audit Act 1958
• Public Procurement Act 2007
• Fiscal Responsibility Act 2007
• Financial Regulations of the Federal Government of Nigeria
• Treasury Circulars
• Pension Reforms Act 2014 (as amended)
• Various Tax Act
• Annual Appropriation Acts
• Tertiary Education Trust Fund(TETFUND) Act 2011( as amended)
• International Public Sector Accounting Standards(IPSAS)
• Other directives on financial matters by the Federal Government.
• Council’s approved Financial Regulations.