Finance and Account

The Accounts department came into existence the same year the hospital was established in 1958. The department is a management tool set up to handle all the finances and expenditures of the hospital; the duties it has done creditably well since its inception.  The following people have headed the department since its creation: Mr. H.W. Allsop 1956 – 1984; Mr. C.C. Meneses 1984 – 1985; Chief A. Fadayini 1985 – 1987; Mr. J.O. Oshiba 1988 – 1990 and Mr. Adebayo Abiodun (FCA) 1990 to date.  Following the merging of Accounts department and Corporate Planning Division in December 2007 by the Federal Government of Nigeria, the department became Finance and Accounts Department under the headship of Mr. Adebayo Abiodun (FCA).

SHORT DESCRIPTION OF DEPARTMENT
Finance & Accounts department of the hospital has been in existence since the establishment of the Hospital in 1958. The department is currently headed by Mr. Adebayo Abiodun, a chartered fellow of the Institute of Chartered Accountants of Nigeria.  The department presently has twelve (12) sub-units that handles various aspects of Finance.  It mainly deals with funds into and out of the hospital in whatever form including dividends on investment; budgeted funds from the FGN; payment to Contractors etc

CORE RESPONSIBILITIES OF DEPARTMENT

  1. Safeguard the assets of the hospital by ensuring correct, accurate and complete recording of its fixed assets;
  2. Render prompt, timely and periodic management reports to assist the management in its day-to-day running of the hospital;
  3. Maintain proper accounting records that will ensure impeccable periodic and annual financial reports of the activities of the hospital such as can be deduced from accurate trial balance, income & expenditure account and balance sheet;
  4. Assisting the External & Internal Auditors by laying down all the books and financial records of the hospital that will assist them in forming an opinion on reliability and true and fair view of the hospital financial performance;
  5. Prompt rendition of periodic returns of revenue and expenditure to the Federal Government;
  6. Ensuring prompt & complete collection of all the hospital subventions i.e. capital, overhead, personnel and special subventions;
  7. Liaising with the Federal Ministries of Health and Finance, Accountant General, Budget office in ensuring timely & accurate releases of subventions;
  8. Preparation and defending of the annual hospital budgets before the Ministries and the National Assembly & Monitoring of the budget performance;
  9. Prompt & accurate payment of staff salaries & allowances and prompt payment of pensions subject to availability of fund as at when due;
  10. Ensuring that all the hospitals revenue are correctly & promptly recorded while all her expenditures are completely captured under proper headings;
  11. Ensuring judicious use of the hospital resources by ensuring correct payments to the contractors while at the same time comply with financial regulations of the government and ensuring that no revenue is lost by the Federal Government through withholding tax and Value Added Tax (VAT);
  12. Prompt payment of the taxes including PAYE to the appropriate organs of government.

CORE ACTIVITIES OF DEPARTMENT

  • Timely preparation of the Hospital’s Account which shows the total income and expenditure  and the balance sheet which shows the net worth of the hospital;
  • Judicious expenditure being made in line with the budgeted appropriation of the FGN;
  • Collection of all revenue accruable to the hospital from all sources.