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.
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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.
