Nigerian Railway Corporation


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[06-JUN-2011]
New employments in the Nigerian Railway Corporation.

Finance

Finance is very important in the life of every business endeavour. Accounting for it could even make or mar the effective deployment of any available funds in an organisation. Based on this fact, a well structured Finance and Accounts Department exists in Nigerian Railway Corporation.

The main objective being to source and deploy effectively all the financial resources accruable to Nigerian Railway Corporation and to account for the same in the prescribed manner, to all interest holders.

As a Corporation established under an act of parliament, wholly owned by the Federal Government of Nigeria and carrying out its operations across states, local governments towns and villages in Nigeria, interest holders are wide and varied. The Finance and Accounts Department is therefore so organised as to be responsive and also accommodate the interests of the Stake holders - including the Federal Government, Regional and International Railway Organisations, State and Local Governments, Employees - both serving and retired, suppliers, customers - (passengers and freight traffics) and the totality of all Nigerians who sustain the Corporation through tax payments.

The task for the Finance and Accounts Department is therefore quite enormous especially when it has to meet the expectations of the various interest holders with little or lean budgets. At the moment, the department make use of Microsoft Navision as the accounting Soft ware

Management positions of the department and those currently occupying them include:

Director Finance : MR. C. O. Chukwu
Deputy Director Finance: MR. B. A. Okusanya
Ass. Director (Finance): MRS R.A.Oshunmakinde
Ass. Director (Pension): MR. N. E. Igbe
Ass. Director(Int. Audit): MR. A. Shuaibu

The department is divided into the following sections:

Revenue Section: The section is responsible for monitoring and accounting for revenue accruing to Nigerian Railway Corporation. Revenue usually accrues from:

Freight and Parcel Train services
Passenger Train services
Rental income
Income from third party jobs executed in the Railway workshops
Other miscellaneous income.

General Accounts Section: This section as the name implies is the axis on which the Finance and Accounts department rotates. It is responsible for the collection and preparation of the Final Account. From the 2004 Accounting Year, NRC Headquarter Accounts will start the run on Sage Line 100 Software.
Payroll (Checking) Section: This section is responsible for all payroll matters - among which is coding adjustments for computer inputs.
NRC payroll is computerised and runs on a software called Expanded Payroll and Pension Management System (EPPMS).
Stores Accounts Section: This section is responsible for keeping ledger Accounts of Inventories; The section also handles the processing of payments for supplies.
Works Accounts Section: This section is responsible for costing inputs to Loco, Wagon and Coaches repairs and refurbishment. It also costs the jobs brought in by third parties to enable determine a fair charge for the job. The section is responsible for processing payments for all Mechanical/Electrical Engineering contracts.
Engineering Accounts Section: The Engineering section is responsible for processing payment for all Civil Engineering contracts. Keep records of the agreements, progress payments, creditors accounts among others.
Pay Office Section: The Pay office is the treasury section of the Corporation. It handles all the receipts and payments in the Corporation. The section, which is headed by an equivalent of grade level 14 officer, keeps the Cash Books and Bank instruments.
The Computer Section: The section is under the Chief Data Processing Officer. The Section is responsible for the processing of monthly salaries for over 14,000 staff and over 23,000 pensioners using the EPPMS software.
The Pension Section: This section functions under an Assistant Director of Finance (Pension). The section co-ordinates the payment of gratuity, death benefits and pension to entitled persons. The District Accounts Departments: There are seven (7) Districts in the Corporation. Each District Finance and Accounts Department is headed by a District Accountant who functionally reports to Director Finance, but who, as a line Manager is responsible to the Railway District Manager of the District.

The District Finance and Accounts Department is structured along the same line as at the head office. Returns received from Districts Accounts office, include the 10 - day Revenue report called Kuditen. The weekly cash and bank balances position, the monthly receipts and payments and Income and Expenditure Statements and Trial Balance end any ad-hoc reports that may be required from time to time.


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