At the inaugural meeting of Finance and General Purpose Committee, Dexterity Local Government Council of Ogbonologbon...

 

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At the inaugural meeting of Finance and General Purpose Committee, Dexterity Local Government Council of Ogbonologbon State, the newly sworn in Chairman declared openly that he was not comfortable with the reports, records and financial statement he has perused when he took over the Chairmanship of the Council. According to him, the basis of the preparation of most of the documents was unacceptable. bass The Chairman, Dr. Owonikoko is a medical doctor, who claimed to be a technocrat. He had served on the Board of Directors of some profit making outfits. He currently has two functioning trading outfits and a small scale manufacturing concern. He told the other Council members and management staff present at the meeting that he was currently studying the following documents, which he bought about four (4) months ago. a) The Corrupt Practices and Other Related Offences Act 2002; AX b) The Public Procurement Act 2007; c) The 1999 Constitution of the Federal Republic of Nigeria d) The Economic and Financial Crimes Commission Act; e) The Independent Corrupt Practices and Other Related Offences Commission Act. The Chairman is familiar with the published accounts of banks and companies in which he had invested money. He was, however, not conversant with the financial reports of government establishments. The Chairman had spent time going through the last few years' financial reports and statement of the council and comparing them seriously with those of trading /commercial outfits. A He kept his mind open at the meeting and specifically gave the new committee the following assignment to explain: a) Why the Council did not prepare Profit or Loss Account b) Why the Council had not been declaring dividends c) Why the Council did not register with the Corporate Affairs Commission d) Why the Council did not hold annual General Meetings just as public quoted companies or profit making outfits. . At the inaugural meeting of Finance and General Purpose Committee, Dexterity Local Government Council of Ogbonologbon State, the newly sworn in Chairman declared openly that he was not comfortable with the reports, records and financial statement he has perused when he took over the Chairmanship of the Council. According to him, the basis of the preparation of most of the documents was unacceptable. bass The Chairman, Dr. Owonikoko is a medical doctor, who claimed to be a technocrat. He had served on the Board of Directors of some profit making outfits. He currently has two functioning trading outfits and a small scale manufacturing concern. He told the other Council members and management staff present at the meeting that he was currently studying the following documents, which he bought about four (4) months ago. a) The Corrupt Practices and Other Related Offences Act 2002; AX b) The Public Procurement Act 2007; c) The 1999 Constitution of the Federal Republic of Nigeria d) The Economic and Financial Crimes Commission Act; e) The Independent Corrupt Practices and Other Related Offences Commission Act. The Chairman is familiar with the published accounts of banks and companies in which he had invested money. He was, however, not conversant with the financial reports of government establishments. The Chairman had spent time going through the last few years' financial reports and statement of the council and comparing them seriously with those of trading /commercial outfits. A He kept his mind open at the meeting and specifically gave the new committee the following assignment to explain: a) Why the Council did not prepare Profit or Loss Account b) Why the Council had not been declaring dividends c) Why the Council did not register with the Corporate Affairs Commission d) Why the Council did not hold annual General Meetings just as public quoted companies or profit making outfits. .