Financial Managment in Nigerian tertiary Institutions: A Case Study of the Kogi State College of Education Ankpa.

Abstract:

Ths study examined problems of financial management in Nigerian tertiary institutions with particular reference to Kogi State College of Education, Ankpa. The study used both primary and secondary sources of data collection to obtain relevant information for the research work. Oral interview, participatory, observational methods are used as primary sources, while documentary instrument information fkom the school payment vouchers and receipts constituted the secondary sources. The study used both tabular and simple percentages to analyse the data collected. Based on the data collected and analysed, the study found out that there is serious financial mismanagement at the College, due to lack of qualified accounts personnel in the accounts unit of the College, poor supervision, coupled with lack of job motivation of the accounts staff. The study was able to identi@ the perpetrators of financial mismanagement at the College, to include the College Provost, the College Bursar, subordinate staff of both the registry, estate and the accounts unit of the College. Inferring fiom the above, the study recommended, among others, that: i. all payments should be done at the Bank with a teller bearing the College a. .c counts number. 11. the College accounts must be balanced every day to reduce financial malpractices. iii. heads of financial control unit should be given basic training on the principles of accounts and financial management. iv. junior accounts staff should be properly supe~sed. ... Vlll v. perpetrators of financial mismanagement should be prosecuted in the law court to serve as a deterrent. vi. regular auhting of the College accounts should be undertaken to detect fraud, over payment and other financial malpractices. In conclusion, the researcher believes that, if these recommendations are faithfully implemented, the observed financial problems of the College would be minimized, if not completely eliminated. It is also hoped that the findmgs of this study in Kogi State College of Education, Anlcpa should be of interest to the management of other tertiary institutions.