Mr. Abimbola Louis Titiloye-Owolabi, who hails from Ikosu Ekiti is a Fellow of The Institute of Chartered Accountants of Nigeria. He was appointed as the Bursar of the University effective 16th May, 2018. Prior to this appointment, he was an Acting Director in the Bursary Department. He was appointed on 1st July, 2002 to the Bursary Department of the University as a Principal Accountant and was promoted to the position of Chief Accountant on 1st October, 2005. He was again appointed as a Deputy Bursar on 1st December, 2011 and became an Acting Director on 3rd March, 2016.
His academic/professional qualifications include: B.Sc. (Ed.), Second Class Upper Division (1986) from University of Nigeria, Nsukka, B.Sc. (Accountancy), Second Class Upper Division (2007) from Imo State University and Masters in Education (1988) from University of Lagos, Akoka, Lagos with a G.P.A of 3.50/5.00.
He qualified as a Chartered Accountant in 1992, became Associate member of the Institute of Chartered Accountants (ICAN) in 1995 and a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) in 2015.
Prior to his appointment as the Bursar, he had put in sixteen (16) unbroken years post honors degree accounting work experience in the Bursary Department of Ekiti State University, Ado – Ekiti with details as follows:
Principal Accountant/Head of Management Services Division 2002 – 2005
Chief Accountant/Head of Accounting Services Division 2005 – 2011
Deputy Bursar/Head of Accounting Services Division 2011 – 2015
Deputy Bursar/Head of Management Services Division 2015 – 2016
Acting Director – Directorate of Management Services 2016 – Date
Mr. A. L. Titiloye-Owolabi was once appointed as a Principal Accountant by the authorities of Federal Polytechnic, Ede and served between 2001 – 2002. He had earlier served as a Senior Accountant and later as a Principal Accountant between 1995 – 1998 with the College of Medicine of University of Lagos (CMUL), Idi-Araba. He was also appointed and served as Head of Accounts/Finance of the Chartered Institute of Taxation of Nigeria between 1998 and 1999.
He also worked as Head of Accounts/Administration with several private organisations which included: Independent Television Producers’ Association of Nigeria Training School, Gbagada, Lagos State (1999 – 2000) as Head of Accounts/Management Accountant.
His administrative experiences in the University included services on several statutory and non-statutory Committees of the University including those for Governing Council. He had acted for the Bursar at several periods during the annual and/or short-time leave of the Bursar.
Mr. Abimbola Louis Titiloye-Owolabi (FCA) contributions have also assisted immensely in moving the Accounting system of the University from the era of qualified (adverse) reports to the present enviable state of viability.
Mr. Abimbola Louis Titiloye-Owolabi is happily married and the marriage is blessed with children.
The Department was established in 1982 at the inception of the University. Mr. F.A. Adeniyi became the first substantive Bursar of the University in 1988. Thus, he was in the saddle between 1988 and 1997 before he proceeded on his pre-retirement leave on 16th April, 1996. Between this time and 17th April, 2001, Mrs. F.M. Fapohunda assumed duty, the Department was administered by various officers. Mr. Amos Tayo Taiwo assumed in 26th October, 2011 as the 3rd substantive Bursar of the University still May 2018 when MR. Abimbola Louis Titiloye Owolabi ressume as the Bursar of the University .
General Information on the Framework and Services of the Department:
The Department is currently structured into eight Divisions with each of the Divisions headed by competent and qualified professionals as follows:
1.Salaries, Pensions and Advances (SPA)
2.Self Accounting Programmes (SAP)
3.Stores and Purchases
4.Investment and Administration Unit (I & A)
5.Accounting Services (AS)
6.Management Services (MS)
7.Treasury Services (TS)
8.Students Services (SS)
The details about each division and their areas of operations are given below:
Salaries, Pensions and Advances: This division has three units within it; Loans and Advances Unit, Payroll Unit, Fixed Assets Unit and the System Unit. The areas of operations of the division are:
Preparation of staff salaries andpensions of retired staff
Preparation of Part-Time Lecturers’ honoraria
The Fixed Asset Unit is concerned with keeping records of movements in the University Fixed Assets.
Keeping of records of personal loans, Car loans, housing loans for concerned members of staff.
The System Unit has complementary work to Payroll Unit in the preparation of payroll.
Self-Accounting Programmes: This division takes charge of programmes which are Self-Accounting and also make contribution to the internally generated revenue of the University. Such programmes are Sandwich, Pre-degree, Diploma, Part-Time, Affiliate Colleges. The division also sees to the:-
Issuing of receipts for fees paid by students
Preparation of honoraria due to lecturers of the programmes
Keeping of financial records of students.
Purchasing and Supplies: This division has two major units. The Units are: Purchasing and Supplies Unit and Central Stores. The duties of the divisions are:
Procuring materials needed by the University through the use of LPO or through Purchase advances for items that cannot be bulk-purchased.
It carries out regular price survey and issues performance report on supplies on quarterly basis.
Keeping records for goods received into the stores and goods issued to the various departments through Combined Receipts and Issued Vouchers (CRIVs).
Investment and Administration Unit: This Unit takes care of all administrative matters like staff leave, maintenance of Departmental vehicles etc. It also manages the investment portfolio of the University like:
Purchase of shares
Short term fixing of excess liquidity
Placement of endowment funds in fixed deposit
Pursuing dividends/interest from companies where the University has its investment
Updating Investment Register.
Management Services Division: This is the division that provides financial information necessary for decision-making by the management. It has within its Budget, Research and Statistics Unit, Expenditure Control Unit and Cash Advance Unit. The duties of the division include the following:
Preparation of the University’s budget in conjunction with Academic Planning Unit of the Vice-Chancellor’s Office.
Preparation Payment Vouchers for recurrent expenses, capital project; cash advances for purchases and touring allowances.
Control of expenditure using approved budget.
Treasury Services Division: This is the division that is in charge of collecting the revenues accruing to the University and ensures payments of approved expenses. There are two units within the division. The Cash Office Unit and the Bank Reconciliation Unit. It is the duty of the Treasury Services Division to:
Receive all revenues and acknowledge same by issuing of receipts.
Lodge revenues collected into appropriate University accounts.
Ensure that all approved payments to individuals and bursary awards to students are paid without any hitch.
Keep records (Cash Book) for revenues collected and payment made.
Reconcile the financial operations of the University with Bank Statements on monthly basis to ensure that the records are in order.
Students’ Services Division:This division deals with the financial records of all students. It has within it an accountant for each faculty and the postgraduate school. The division performs the following functions:
It ensures that students pay the approved fees and issues receipts for the payments.
It monitors deductions of fees from staff that want their children/ward fees paid through their salaries on instalmental basis.
It keeps ledger for every student through which information related to fees defaulters can be extracted.
It produces fees analysis report that aids transfer of funds to their respective heads e.g Health Centre fees, Library fees etc.
General Information on the Organs and Activities of the Department
Recruitment/Training of Staff
The Senior Staff Cadre in the Bursary was upgraded by the recruitment of three Chartered Accountants in year 2002 (bringing the number of Chief Accountant in the Department to five) to beef up the quality and quantity of accounting staff in the department. In year 2005, twenty Clerical Officers were also recruited. The staffs on ground were encouraged to study for professional examinations. This led to the sponsorship of interested members for professional training, retraining and development e.g ICAN examinations, Mandatory and Continuous Professional Education (MCPE) and other relevant courses. Two other members of staff have since obtained their professional qualifications.
Posting of Accountants to the Faculties
One of the improvements brought by the current Bursar was the posting of Bursary Staff to the various faculties. Before now, all the staff of the Bursary Department were confined to the administrative block and when students resume, the whole block was always taken over by students leading them to patronize staff and non-staff for favours which also lead to extortion of the students. The posting of accounting staff to faculties has changed the situation as there is no more congregations of so many students at a place. The students now know and have personal relationships with Bursary staff at the faculties. The department is also able to render good and efficient services to the students thus reducing students’ unrest. However, the relationship between the Bursary staff, faculties and departments would need to be deepened for utmost utilization of the Bursary staff who have been trained to render professional services.