Finance

DIRECTORATE OF FINANCE AND ACCOUNTS

The Finance Directorate of the Commission is a creation of the NBC Act 38 of 1992 as amended. The Directorate is charged with the main responsibility of managing the financial resources of the Commission towards the attainment of the objective for which the Commission was established.

The broad functions of the Finance and Accounts Directorate can be grouped as follows:

Finance Function:

Sections 14,15,16,17,18 & 19 of the Act as amended, encapsulate the functions the Directorate performs from day to day; the Act specifically requires the Commission to “establish and maintain a fund from which shall be defrayed all expenditure incurred by the Commission”.

 

This responsibility is collapsed into:

 

• Collection of license fees, fines, penalties, sale of application forms etc
• Collect allocations from the Treasury of the Government
• Manage the funds in accordance with the relevant financial rules and guidelines and for the overall objectives of the Commission
• Preparation of budget as articulated by relevant call circulars of the Government.
• Apply funds duly approved by management for overhead or capital expenditure.

Accounting Function

The Directorate maintains relevant accounting records in line with generally acceptable Accounting Practices (GAAP), Financial Regulations, and extant Financial Circulars.

In this manner, relevant accounting books and ledgers relating to the Commission’s transactions, expenses records as well as Asset records, are maintained by the Directorate.

Financial records relating to licensees, income & Expenditure records, Stores Accounting records, Asset and Liabilities records are adequately maintained by the Directorate.

Reporting function

The Directorate reports on the financial activities of the Commission through the preparation and audit of her financial statement as required by Section 19 (2) of the NBC Act and other relevant Government Regulations in this regard.

 

The Directorate also interfaces with the under listed statutory bodies on the supervisory and/oversight functions on the Commission such as:

• The National Assembly
• The Office of the Accountant-General of the Federation
• The Office of the Auditor-General
• The Budget Office
• The Federal Inland Revenue Service
• State Boards of Internal Revenue Services
• The Fiscal Responsibility Commission
• The Bureau for Public Procurement
• Other relevant Agencies

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