NBA FS Shows Cash And Cash Equivalent Position Of N654, 125, 272.00 As At 31 December 2019 — Paul Usoro, SAN

* The NBA Received An Aggregate Sum Of N68, 118, 702.00 Split Between Restricted And Unrestricted Income Of N8, 517, 312.00 And N59, 601, 390.00
* The NBA Refunded N25,000,000.00 Out Of The N64,086,154.99 Unauthorized Spend By The Previous Administration’s Macarthur Project Team

The NBA President has said that the Financial Statement of the Bar Account shows Cash and Cash equivalent position of N654, 125, 272.00 as at 31 December 2019. This was stated in a statement titled, “NBA 2019 Q4 Management Account”, which is dated the 15^th day of March, 2020, and made available to TheNigerialawyer (TNL).

In giving the briefing, Mr. Paul Usoro, SAN, emphasized that the publication is in keeping with their commitment to promote and entrench transparency and accountability in the management of the NBA’s finances. The statement made a summary of the “Management Report” or “MR”) covering the period October to December 2019, which was tabled before the NBA National Executive Committee (“NEC”) at its meeting that was held on 12 March 2020 and was duly adopted.

As stated in the Narrative summary of the Nigerian Bar Association’s (“NBA”) management account for the quarter ended 31st December, 2019, it was recorded that during the quarter ended 31st December 2019, the Association received an aggregate sum of N68, 118, 702.00 split between restricted and unrestricted income of N8, 517, 312.00 and N59, 601, 390.00 respectively. According to the summary, the Bar Practice Fee and Donations for the 2019 Annual General Conference represent 48% and 32% respectively of the unrestricted income. The summary also added that other streams of unrestricted income were members’ database registration and verification amongst others, stressing that, the interest income from the NBA’s fixed investment with Access Bank Plc was N9, 520, 548. The summary also shows that during the period, Leadway Assurance Company Limited donated N1, 500, 000.00 for the hosting of the December 2019 National Executive Committee (“NEC”) meeting. The summary also touched on expenses, national officers’ expenses, cash and cash equivalent and others.

On Restricted Income, Stamp Sales had a total of N7,015,600; Restricted Interest Income is N 1,712; Donation is N1,500,000 which totaled N 8,517,312. On Unrestricted Income, Members database registration and verification summed up N832,565; Bar Practice fees generated N28,759,750; 2019 Annual Conference Income is N19,625,000; Sales of NBA Branded Items is N72,500; Letter of Good Standing is N142,520; Rental Income is N30,000; Sundry Income is N618,507, and Interest Income is  9,520,548 which totaled in all, as N 59,601,390. Total Income is N 68,118,702.

“The total spend during the quarter was N155, 360, 103.00. This is the aggregate of program services’ expenses and general administrative expenses which represent N62, 446,387.00 and N92, 913, 716.00 respectively. 22 The highest spend during the period was on the December 2019 NEC meeting expenses, with an aggregate sum of N23,075, 555.00. The National Officers’ total spend of N8, 724, 690.00 is the aggregate of expenses incurred on National Officers’ travels during the quarter. This includes travel allowance for the present administration’s 3rd Vice President’s trip to African Bar Association conference which held on the 21st -24th of October 2019 in Monrovia, Liberia. The NBA had a cash and cash equivalent position of N654,125,272.00 as at 31st December 2019, with 38% of this balance in a fixed deposit account with Access Bank Plc. Note 4 of the management account shows the balance in each of the NBA’s accounts. The cumulative balance of N404,125,272 were as reported in various undedicated accounts for the quarter ended.

“The total current liability as at 31st December 2019 is solely trade and other payables. The present administration has paid down in large parts the inherited liabilities of the previous administration which stood at N413,772,343.00 at the beginning of the administration and N282,404,018 as at 30 September 2019. Further analysis of this class of the statement of financial position is shown in note 5 of the management account. During the quarter ended, 31st December 2019, the Association refunded N25,000,000.00 out of the N64,086,154.99 unauthorized spend by the previous administration’s MacArthur project team. The aggregate sum of N14,086,154.99 had earlier been refunded in prior periods, i.e. May and September 2019. The total refund as at 31^st December 2019 was therefore N39,086,154.99 (the aggregate of N14,086,154.99 and N25,000,000.00), thus leaving an outstanding balance of N25,000,000.00 due and owing by the NBA to the Foundation.

“The liability from the NBA National Secretariat construction project reduced from the N49,000,000.00 as at 30th September 2019 to N32,750,000 as at 31st December 2019, because one of the building contractors was paid a sum of N16,250,000.00 during the period. The breakdown of the total liability of N134,470,165.00 in this category of notes to the financial statements as at 31st December 2019, which largely represents the liabilities in the Association’s books as at 31st August 2018, has been disclosed for the information of the users of the financial statements. The breakdown of this class of liability can be found under the afore-referenced section,” the summary reads.

In conclusion, the NBA president stated that with the preparation and publication of the Q4 2019 Management Account, they have taken one more step towards institutionalizing the basic principles of governance, transparency and accountability in the NBA body politic thereby promoting efficiency and transparent conduct in our affairs and also earning the respect and admiration, not only of our Members but of our global audience.

‘With the preparation and publication of this Q4 2019 Management Account, we have taken one more step towards institutionalizing the basic principles of governance, transparency and accountability in the NBA body politic thereby promoting efficiency and transparent conduct in our affairs and also earning the respect and admiration, not only of our Members but of our global audience.

“As we mentioned in our Release on the 31 August 2018 MA, “it is our hope that the consistent 2-year practice of what we have just begun – and by God’s Grace, will maintain – would inculcate these practices into the NBA DNA and make them irreversible by succeeding NBA administrations,” he said.