Welcome

Welcome to Bursary

The Bursary performs the financial and accounting functions of the University. It is headed by the University Bursar who is, by the University of Lagos Act, the Chief Financial Officer of the University and is responsible to the Vice-Chancellor for the day-to-day administration and control of the financial matters of the University.

Vision of Bursary

To create a proactive and first rate ICT driven finance department poised to contribute to the University’s wider vision of ranking among the first 100 universities in the world.

Mission of Bursary

To guarantee the University and its stakeholders the most efficient and effective way of resources mobilization, allocation and management, using appropriate information technology through the provision of excellent services.

Scope of Operations

The objective of maximizing the limited financial resources at the University’s disposal gives Bursary its focus. Bursary as the finance part of the University, functions in effective procurement (mobilization), safe custody and allocation of financial resources as well as providing stewardship by accounting for spent funds.

Key Activities of Operations

The key activities of operations in the Bursary are:

  1. Fiscal: This is to ensure that financial resources are efficiently mobilized and acquired, held safely and allocated for the interest of the Universityeconomically, effectively and efficiently.

  2. Cost Efficiency: This ensures that set objectives are achieved at minimum cost.

  3. Liquidity: This is to ensure that the University as an organisation meets its expenditure needs as and when due. It also involves efficient fund management in order to ensure optimal fund availability at lowest cost and maximum yield on investment of idle funds.

  4. Accountability and Reporting: This is an application of efficient financial management using accounting tools which enables management to give stewardship of resources under its custody. This also includes reporting obligation for spent f unds.

  5. Financial Information for decision making: Necessary Financial information that enables decision making is provided to the leadership team and other decision makers at all levels across the University.

  6. Asset Management: a major aspect/tool here is the use of insurance to provide comfort for the University in case of loss of assets whether physical or human.

Lateef Alani Odekunle Ph.D, FCA
Bursar

Manual of Operations

Adipiscing magna sed dolor elit. Praesent eleifend dignissim arcu, at eleifend sapien imperdiet ac. Aliquam erat volutpat. Praesent urna nisi, fringila lorem et vehicula lacinia quam. Integer sollicitudin mauris nec lorem luctus ultrices.

Nullam et orci eu lorem consequat tincidunt vivamus et sagittis libero. Mauris aliquet magna magna sed nunc rhoncus pharetra. Pellentesque condimentum sem. In efficitur ligula tate urna. Maecenas laoreet massa vel lacinia pellentesque lorem ipsum dolor. Nullam et orci eu lorem consequat tincidunt. Vivamus et sagittis libero. Mauris aliquet magna magna sed nunc rhoncus amet feugiat tempus.

About us

Management and Organogram

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:

  1. Budget Planning and Control
  2. Final Accounts
  3. Treasury.
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 managementand custody of University financial instruments such as investment and treasury certificates and receipts.

Finance Department of the College of Medicine (CMUL)

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.

Legal and Regulatory Environment.

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.

Contact

3rd Floor, Senate Building,
University of Lagos,
Lagos.

Elements

Text

This is bold and this is strong. This is italic and this is emphasized. This is superscript text and this is subscript text. This is underlined and this is code: for (;;) { ... }. Finally, this is a link.


Heading Level 2

Heading Level 3

Heading Level 4

Heading Level 5
Heading Level 6

Blockquote

Fringilla nisl. Donec accumsan interdum nisi, quis tincidunt felis sagittis eget tempus euismod. Vestibulum ante ipsum primis in faucibus vestibulum. Blandit adipiscing eu felis iaculis volutpat ac adipiscing accumsan faucibus. Vestibulum ante ipsum primis in faucibus lorem ipsum dolor sit amet nullam adipiscing eu felis.

Preformatted

i = 0;

while (!deck.isInOrder()) {
    print 'Iteration ' + i;
    deck.shuffle();
    i++;
}

print 'It took ' + i + ' iterations to sort the deck.';

Lists

Unordered

  • Dolor pulvinar etiam.
  • Sagittis adipiscing.
  • Felis enim feugiat.

Alternate

  • Dolor pulvinar etiam.
  • Sagittis adipiscing.
  • Felis enim feugiat.

Ordered

  1. Dolor pulvinar etiam.
  2. Etiam vel felis viverra.
  3. Felis enim feugiat.
  4. Dolor pulvinar etiam.
  5. Etiam vel felis lorem.
  6. Felis enim et feugiat.

Icons

Actions

Table

Default

Name Description Price
Item One Ante turpis integer aliquet porttitor. 29.99
Item Two Vis ac commodo adipiscing arcu aliquet. 19.99
Item Three Morbi faucibus arcu accumsan lorem. 29.99
Item Four Vitae integer tempus condimentum. 19.99
Item Five Ante turpis integer aliquet porttitor. 29.99
100.00

Alternate

Name Description Price
Item One Ante turpis integer aliquet porttitor. 29.99
Item Two Vis ac commodo adipiscing arcu aliquet. 19.99
Item Three Morbi faucibus arcu accumsan lorem. 29.99
Item Four Vitae integer tempus condimentum. 19.99
Item Five Ante turpis integer aliquet porttitor. 29.99
100.00

Buttons

  • Disabled
  • Disabled

Form