The Students’ Representative Council of the Great Ife Students’ Union has held its first budgetary sitting on Saturday, December 21st, 2024, at the Àjọṣe Lecture Theatre of the University.
During the meeting, the Union’s Financial Secretary, Ikeoluwa Fajuyi, presented the financial report, which detailed the Union’s income and expenses since the beginning of the current administration. According to the report, the Union’s opening balance stood at ₦166,591.85, while the current balance is ₦886,056.85.
Breakdowns revealed that ₦223,990 has been raised thus far through crowdfunding for the Union buses, while income from the Students’ Union Building (SUB) ventures amounted to ₦498,500. However, the presentation of the financial report sparked debates when the Financial Secretary disclosed that no receipts were issued for all payments made concerning the SUB ventures.
Fajuyi explained that the Union currently does not have official receipts. She noted that all payments made for the SUB ventures were conducted exclusively via bank transfers, a statement that drew concern and inquiries from the sitting honourables.
To address the matter, the Assistant Secretary-General, Michael Omisore, alias Prof. Mike, was called upon to provide clarity, as the Secretary-General, Kinfeosi Babatimehin, was absent and reportedly did not send any correspondence regarding her absence.
The debates brought attention to Schedule II of the Great Ife Students’ Union Constitution, which mandates that the Financial Secretary must issue properly authenticated Union receipts for all monies received. Specifically, it states: “The Financial Secretary shall issue properly authenticated receipts of the Union addressed to the payer in respect of all monies received, either in form of cash or bank teller from any sources whatsoever.”
President of the Union, Damilola Omoboriowo, alias Dr. Bush addressed the issue, explaining that the Union’s inability to issue receipts was due to a lack of funding for their production. He clarified that the Financial Secretary and Secretary-General should only be held accountable if receipts are not issued after funds for their production have been budgeted and disbursed.
Further discussions brought to light that Section 54 of the Constitution places responsibility for the maintenance of the SUB on the Central Executive Council. The President also emphasized that the Secretary-General’s office oversees activities and maintenance of the Union building, making it cogent for proper processes to be followed.
In light of the ongoing concerns, the parliament agreed to set up a three-man investigative committee to examine the issue. Honourable Yusuf Oluwarotimi, alias Romeo, from the Faculty of Law, Honourable DaEfficient, and Honourable Akilapa were nominated and accepted to serve on the committee.
The Speaker of the House, Honourable Oladepo Olakunle, alias OlaBest, directed the committee to submit its findings within two weeks. Pending the conclusion of the investigation, the financial report was not approved.
The sitting highlighted major issues surrounding transparency and adherence to constitutional duties and financial procedures, with the Union’s leadership now tasked with addressing these concerns to ensure proper accountability moving forward.
