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Financial leakages: UBEC vows to strengthen internal audit system


Financial leakages: UBEC vows to strengthen internal audit system

The Universal Basic Education Commission, UBEC, has initiated a special training designed to strictly manage its funds by eliminating all financial leakages.

During the Southsouth zonal edition of the training, held in Port Harcourt, Rivers State, the Executive Secretary of UBEC, Dr. Hamid Bobboyi, told employees of the State Universal Basic Education Board, SUBEB, that the commission would henceforth institutionalise judicious use of its resources.

Bobboyi said the training became expedient for the 36 states and the Federal Capital Territory, FCT, following the commission’s discovery of various financial infractions during its financial monitoring exercises across the country.

Bobboyi, who was represented by the Deputy Executive Secretary, Services, Dr. Isiaka Olayinka Kolawole, said the knowledge gathered from the training would help to minimize infractions, bridge knowledge gaps and capacity deficits.

He said the opportunity had provided a platform for critical stakeholders in the UBEC financial corridor to understand the importance and impact of financial management in delivering the mandate of UBEC.

He said: “Financial management is one of the most important success drivers in any organisation and any human endeavour. Members of staff need adequate knowledge of financial management, which involves strategic planning, organizing, directing, and controlling financial resources as well as the skills for applying the required management principles for the overall health of the organization.

“You may wish to note that, the commission over the years organized various accountants and auditors on this same subject, to institutionalize judicious use of resources allocated for UBE delivery.

“It was agreed by the UBEC Management and the SUBEB Chairmen that the training should include more finance employees from the boards, hence the participation of seven staff from each of the 36 states and the FCT at this training.”

In a communique issued by the commission after the training, UBEC vowed to strengthen its internal audit systems to ensure effective internal control mechanisms.

The participants at the training recommended that to forestall infractions in funds management at various SUBEB establishments, the board should ensure adequate staffing of the audit unit.

They called on UBEC to initiate and include all management and financial employees in IPSAS training having identified the importance of IPSAS in the management of funds in SUBEB.

They also recommended that UBEC inform and communicate to SUBEB details of all materials sent directly to schools to keep them abreast of the development.

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