The Auditor-General of Lagos State, Mr Moshood Adewuyi, has advised heads of internal audits in Nigerian universities to embrace principles of good governance, accountability, and transparency. Speaking at the 36th National Conference and Annual General Meeting of the Committee of Head of Internal Audits Departments/Units in Nigerian Universities, Adewuyi emphasized the crucial role of internal auditors in ensuring compliance with financial rules and regulations. The theme of the conference, “Governance, Risk Management, and Compliance: Issues and Insights For University Internal Auditors,” highlighted the importance of effective internal audits in promoting good governance.
The financial package comprised a $500 million Senior Secured Reserve Based Lending facility and a $300 million Receivables Backed Term Loan facility. The funding aims to support Oando Plc’s strategic acquisition of a 20% participating interest in the Nigerian Agip Oil Company Limited, enhancing Oando’s production capacity in the oil industry. The transaction strengthens Afreximbank’s commitment to supporting indigenous African institutions and transferring capacity from foreign institutions to African hands.
The conference, held at Lagos State University, also featured discussions on governance, risk management, and compliance issues for university internal auditors. The conference aimed to provide insights and strategies for better resource management in the face of economic uncertainties. The Vice-Chancellor of LASU, Prof. Ibiyemi Olatunji-Bello, urged internal auditors to leverage their expertise for improved resource management in their institutions, emphasizing the need for prudence amid economic challenges. The conference brought together over 120 heads of internal audit departments/units from universities across Nigeria.