IBADAN URBAN FLOOD MANAGEMENT PROJECT (IUFMP) (WORLD BANK ASSISTED) OFFICE OF THE EXECUTIVE GOVERNOR 2ND FLOOR, ROOM BS 1-3, MINISTRY OF LOCAL GOVERNMENT BUILDING O SFE:THEPACESE SECRETARIAT, IBADAN, OYO STATE OF NIGERIA. PIUllIUFMP1021 W Your Ref No.............................. Our Ref. No. ...... .. Date ...- .. 2017 The Country Director, World Bank Country Office, 102, Yakubu Gowon Crescent, Asokoro District, Abuja, Attention: Senior Financial Management Specialist IBADAN URBAN FLOOD MANAGEMENT PROJECT (IUFMP): SUBMISSION OF FINANCIAL AUDIT REPORT FOR 2016. I am directed to forward a copy of the financial audit report for lbadan Urban Flood Management Project for the year 2016. 2. Electronic copies had been forwarded to the Task Team Leader and the Senior Financial Management Specialist of the World Bank 3. Early review of the report would be highly appreciated. 4. Thank you. Ayorinde, A.A. Project Coordinator IUFMP IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSIS TED IDA CREDIT NO: 5510-NG REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016 OLUSEGUN OYEDELE & CO. (Chartered Accountants) 2"d Floor, Titlas Building 47, Akede Street Opposite BCOS, Basorun Ibadan. IBAI)AN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016 CONTENTS PAGE I Information about International Development Association Project 1 2. Project Committee members and other Principal Officers 4 3. Statement of Accounting Policies 5 4. Report of the Independent Auditors 6 Balance Sheet 8 6. Statement of Receipts and Payments 9 7. Cashllow Statements 10 8. Notes to the Financial Statements 11 9. Statement of IDA Credit No. 5510-NG and Reconciliation - Zenith bank 19 10. Reconciliation of Drawn Down Account - Zenith bank 20 11. Reconciliation of Access Bank account - Special account 21 12. Reconciliation of Draw Down account - Access Bank 22 13. Reconciliation of Counterpart account -First Bank 23 14. Statement of Expenditure (SOE) 24 15. Reconciliation of amount received by client and amount disbursed by the Bank 25 14. Audit Journal 26 15. Assets Register 27 16. Report to Management IADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED - IDA CREDIT 5510 - NG TERMS OFTHE LOAN AGREEMENT A. PARTICULARS OF THE CREDIT IDA CREDIT NO 5510-NG AMOUNT EXPENDED TO IUFMP SDR 129,100.000 13. T HE PRINCIPAL AMOUNT OF THE LOAN The Principal amount of the loan is 129,100,000 SDR converted to $200million as at the date of the financing agreement and as provided for in Section IV (2) of the financing agreernelit. C. TERMS FAGREEM AM)R The Principal amount of the Credit of SDR 129,100.000 shall be made available by the World Bank under the following conditions: 1. The payment currency will be in US dollar. 2. Repayment shall be denominated in Naira over a period of 20 years after the moratorium period of 5 years (2014 to 2019). 3. Interest of 1.25% shall be charged on the principal amount withdrawn not yet settled. 4. The maximum commitment charge rate payable on the unwithdrawn financing balance shall be 2 of 1% per annum. 5. The service charge payable on the withdrawn credit Balance shall be equal to 4 of 1% per annum. 6. The Principal is repayable over a period of 20 years i.e. 2019 to 2039 with the first repayment due on August 15, 2019 in accordance with the repayment schedule set forth in Schedule 3 to the financing agreement. 1 IBADAN uBAN L,OD 7 ANAEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG D. RO.JECT1NF_RATLION Ibadan Urban Flood Management Project is headed by the State Project Coorditor who is a career officer. For the successful execution and co-ordination of the various components of the project, the Project Coordinator is surrounded by a team of qualified and experienced professionals. Also, to ensure sound financial management of the Project, the World Bank established a Project Financial Management Unit, ("PFMU') headed by a qualified and well experienced Professional Accountant. The Unit is responsible for the Financial Management of World Bank Projects assisted. E. THE MAINT A-OM/PONVNTS OF TIHE PROJECT The objective of the Project is to improve the capacity of Oyo State to effectively manage flood risk in the city of Ibadan. Part 1: Flood Risk Identification Prevention and Preparedness M Assisting Oyo State to assess flood risk in the city of Ibadan, plan risk reduction neasures and finance preventive structural and non-structural measures to enhance flood preparedness through: 1. Preparation of flood risk management investment program including: (a) Financing the formulation of three key master plans for the city of lbadan namely integrated physical master plan, solid waste management master plan and integrated flood risk management master plan (b) Carrying out feasibility studies, detailed engineering designs and construction supervision for works to be carried out under the Project. (c) Preparation of emergency preparedness plan for the Eleyele dam as well as ESIAs and ESMPs. . Preparation of a long term flood resilience strategy for Oyo State. 2 (a) designing of an integrated flood early warning and response system for the city of Ibadan including design of community contingency plans and flood awareness programs; (b) establishment of a flood forecasting and early warning weather forecast system; and (c) implementation of flood awareness programs at participating LGAs and CDAs (using CSDP community platforms). 4. Providing immediate response to an Eligible Emergency, as needed. Part 2: Flood Risk Reduction Carrying out a program of activities to mitigate flood risk through: 1. Implementation of critical urban drainage infrastructure improvements at Priority Sites as well as dam safety works at Eleycle dam. 2. Reliabilitation and construction of robust infi-astructure for flood mitigation at Targeted Sites. F. BANKERS Access Bank Plc Zenith Bank Plc First Bank Plc G. EXTERNAL AUDITORS Messrs Olusegun Oyedele & Co. (Chartered Accountants) 3 IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG PROJECT TECHNICAL COMMITTEE 1. J.O. Olaoke - Ministry of Physical Planning & Urban Development 2. Engr. 0.0. Bamidele - Water Corporation of Oyo State 3. Surveyor Abiodun Alaba - Office of Surveyor -General 4. Engr. M.A. Adeola - Ministry of Environment & Habitat Lngr. O.K. Arenu - Ministry of Works 6. Mr. 1.O. llori - Duc Process Office 7, Engr. M.A. Ayanwale - Ministry of Water Resources 8. Dr. Abbas Gbolahan - Ministry of Health 9. Mr. S.O. Kolajo - Ministry of Women Affairs l0. Mr. Adenusi G.K. - Cabinet Department, Government. Office I. Mrs. K.A. Adegoke - Office of the Accountant-General 12. Mrs. ML. Orowale - Ministry of Finance 13. Mr. O.D. Ogunjimi - OYSEMA 14. Mr. Akintola AR. - Ministry of Economic Planning & Budget 15. Vngr. JA. Alabi - OYOWMA PROJECT IMPLEMENTATION UNIT (PIU) 1 . Mr. A.A. Ayorinde - Project Coordinator 2. Mrs. K.A. Adegoke - Ilead - PFMU Mrs. C.F. Fadipe - Project Accountant 4. Mr. W.O. Oyeloxvo - Project Internal Anditor Mr. O.M. Olawale - Procurement Specialist 6. Mrs. A.O. Babawumi - Communication Specialist 7. Mrs. F.E. Adesina - Environmental Specialist 8. Engr. T.0. Akanbi - Infrastructural Engineer 9. Engr. SÅ. Adeniji - Hydraulic Engincer 10. Mrs. A.A Dada - Social Development Specialist Il. Mr. M.A. Adedigba - Monitoring & Evaluation Specialist 4 IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG STATEMENT OF ACCOUNTING POLICIES The following are the significant accounting policies adopted by the Project in preparing the financial statements of the Ibadan Urban Flood Management Project. 1. Basis of Accountin g Fhe accounts are prepared under the historical cost convention and basically cash accounting 2. Fixed Assets Goo&s Fixed assets arc stated at their historical cost. No depreciation is charged. 3. I)ebtors/Receivables It is cash account. No provision for doubtful debts or accrual. 4. Forcian Currency rxhange (i) Transaction in foreign currencies are recorded in the books in Naira at the exchange rate on the date of the transactions. (ii) All assets in foreign currency are converted to Naira at the rate ruling on the balance sheet date - 31 December, 2016. IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED - IDA CREDIT 5510- NG REPORT OF THE INDEPENDENT AUDITORS ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016 We have audited the financial statements of Ibadan Urban Flood Management Project for the year ended 31 December, 2016 as set out on pages 8 to 18 and prepared on the basis of accounting policies set out on page 5. RESPECTIVE RESPONSIBILITIES OF THE PROJECT MANAGEMENT AND AUDITORS The Project Financial Management Unit with the Project Implementation Unit which coordinates the activities of the Project is responsible for the preparation of the Financial Statements. It is our responsibility, as auditors, to form an independent opinion on the Financial Statements based on our audit and to express our opinion to you. BASIS OF OPINION We conducted our audit in accordance with International Standards on Auditing Issued by the International Federation of Accountants and the World Bank guidelines. An audit includes examination on a test basis, of evidence relevant to the amounts and disclosures in the Financial Statements. It also includes an assessment of significant estimates and judgements made by the Project Officers in the preparation of the Financial Statements, and of whether the accounting policies are appropriate to the project circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations that we considered necessary for the purpose of the audit and to provide us with sufficient evidence 6 o BC&, Ota-asortin, lbadan. , A i~A~bd & ~ CF to give reasonable assurance that the Financial statements are free of material misstatement whether caused by fraud, errors or other irregularities. In forming our opinion, we also evaluated the overall adequacy of the presentation of the Financial Statements and whether the Financial Statements are in agreement with the books of accounts being kept by the Projects Management. OPINION In our opinion, the Project Financial Statements give a true and fair view of the financial position and of the cash flow statements of Ibadan Urban Flood Management Project for the Ycar ended 31 December. 2016 and in accordance with International Standards on Auditing, the World Bank guidelines and relevant statements of accounting standards issued by the Nigeria Accounting Standards Board. 'The Statement of Expenditure (SOE) is in agreement with the books of account. Necessary procurement procedure, as per credit agreement, was followed and adequate supporting documentations to support reimbursement claims to World Bank on expenditure incurred has been made. The expenditure were all eligible for financing under the credit agreement. 'Tle Statement of Special Account (IDA) of the Project en page 24 has been prepared on the basis of lodgements and withdrawals. All withdrawal application forms for replenishment complied with the credit agreement and the account give a true and Iair view of the Project's act'vitics for the year ended 31 December. 2016. Counterpart fund: The Oyo State Government has contributed Four hundred million naira only in the year. In addition to the N133,333,333 earlier contributed to the Project giving a total of N534,133,333 about $2,684,087 - 13.4%0 (Rate V199 to I US $ the lowest in year 20 16) out of the 20 million dollars agreed by the State to finance the Project. As such the Project is now fully in operation as all those connected the Project are now up and doing. 20 17 (Chartfered AccoimcmlIs) 0107941 7 ]BADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG BALANCE SHEET AS AT 31 DECEMBER, 2016 Notes unflitive Current Year 2015 N N N - - - - 100,166.282 14,753,500 85,412,782 - - 3 7,228,36 S399,000,602 394.772,296 4 4 30 Consultancy services 3 619,300,301 517,354,996 101,945,305 - -- 905 62 908 572 89 fraiing, Workshops & Seminars 4 21,905.862 9,008,576 12,897,286 Opcr¾nCii PCS5 92,193,835 48,247,907 43,945,928 Oti-r 6 7877,6 64 200,127 1-528,519 1,3 11345528 1,048,337,402 263,008,126 -li anid Ba-- 7 22707,017,927 2558872 199 148J5728 nanmced - -- -- 75:8 8 3,273,3 11,175 3,001 555,391 27i,755,734 Cou ter fund 9 534,133,333 400.250,000 133,883,333 Ot-l r income 10 210-918947 204 N4 018 »6455 N3,607,2)9,601 N 11 -5385 Name Signalture Dale Pr1oloect Coordinator- - - Projel Accorutant- The accounting policies on page 5 and the notes on pages 11 to 18 form part of these Financial Statemcnts. Auditors' Report Page 6 8 [BAD)AN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG STATEMENT OF RECEIPTS AND PAYMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016 Notes Cuinulative Current 2015 Year RECEIPTS_ IDA -und 8 3,273,311,175 3,001,555.391 271 755,784 - - -- - - - - - ~ 4 - 333 3,3 Counterpart Fund 9 533,333,-13i 400,000,000 133,333,333 Other Funds (Biddin-) 800,000 250,000 550,000 tier Inconie 10 210,918,947 205,404,210 5,514,737 - 44QX8363455 N3,607209ý601 -N1I PAYMENTS G-s - 1 - ---16(,282 14753,500 85,412,782 O il Works 2 3 000 394,772,296 4,228,306 Consultancy Services 3 619,300,301 517,354,996 101,945,305 Training. Workshops & Serninars 4 21,905,862 9,008,576 12,897,286 Operating Expenses 5 92,193.835 48,247,907 43,945 928 OtheIs 6 78,778,646 64 2,Qfi178,5 (1,311,345,52 a,14 3Li37,402) (263,008 126) Cashand ank 3alaccs 7 N2707.17.ASS5,872219. N148j145,728j Csiad Bank Balances2A The accounting policies on page 5 and the notes on pages 11 to 18 form part of these Financial Statements. Auditors' Report Page 6 9 IBA)AN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG CASHFLOW STATEMENTS FOR THE YEAR ENDED 31 DECEMBER, 2016 -01 2015 Operattin Activities 2016___________205 ___ NN G 1 14753500 66,968,455 C]vi- Works 394,772,296 4,228,306 Consultancy 517,354,996 90,701,972 Train Workshops & Seminars 9,008,576 12,897 286 Operatimn Expenses 48,24 7 29,427,89( Otilers 64j)j27 10. - (1,048,337,402) (216,233,252) Finanlcing Activities ____ IDA 001555,391 204,930,000 C---telvart -400,000,000 133,333,333 3iddin Document 250,000 550,000 - t- - -2 845,393 -- - - - --- -- -9, 0 341,658,726 -2--5-,-8-2199 125,425,474 Cash and cash equivalent at e4gn45 728 _2 720254 Cash and cash ecuivalent at close _2Q7 7 2 N14Å8,14572 Tihe accounting policies on page 5 and the notes on pages 1I to 18 form part of these Financial Statements. Auditors' Report Page 6 10 [BADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTE IDA CREDIT 5510 - NG NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER, 2016 Note 1: Goods Cuiulative Current Year 2015 Figrure Transaction Motor Vehice iice- --luip--nt 22,646,041 14,753,500 7,892,541 1G- L p 4,224,400 4,224,400 Office Furniture& Fittings Plant & Machinery motor Cvele 12852,6 Note 2: Civil Works construetion of erergency (safeguard) palliative Intervention of Alaro culvert site, Eleyele works 28,013,472 27,625,347 388,125 R{enovation works of PlU temporary ofice Reconstruction of collapsed culvert at Alaro 3,378 Construction of civil works at 4 priority sites - Alaro. Eleyele, Ogbere, odo-ona Elewe 201 ,7311,740 201 ,731,740 Dredging of flood prone areas, streams/rivers and clearing the blocked drainages. 165.41 5209 165 4 209 ftotal N399,00 NnAZZLZ» N4.228 306 ][BADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER, 2016 [N, --- ----- Cumula-Ia sriC11111tive Cur1rentYer 25 Note 3: Cosultancy Services Figure Transarction15 N N N C -onsultancy ol Pro--- - ent -23,604,750 13,594,250 10010,500 I Ieladi--lic --onsultany -- 20.457,337 9,652,000 10.805.337 Hydauc Cotstt 6.247,406 - 6,247,406 Pioect implementatioi Manual _ _ ----2 900 Lnlvironiental Social Sereening Assessment 2900000 - 290000 Uhan F lood Risk Management and Drainage Master Pln 950078 - 950,078 unliiation needs Assessme__t 805-6--9 0 805.600 Advert on Solid Waster Master Plan & Project Management Consultant 9,850 -n ent --- r preparation of Gricance Redress Mechanism (GRM) 8.328,600 4,627.000 3,701,600 EngagemntfW1on22,P,9 for 6 - -2,54 22,081,700 458,496 opening alnd 1dalu,,ition oEngineering Design and Conwti-ition of tcn sites 251)11,527 24,626,311 8, nen ing1 i Adsor's Professional ade Eva 42275,795 29,299,000 12.976,795 Envionmiental Soc ial Management Plan disclosure processing 11,520,617 5,582.897 5.937,720 idvert on IESMP for Construction for priority sites 704.47 254. dxiiol] hidding, doltnient for Construetioni of four priorjit sites 880,925 ,O12 inin eiering design of Eleyele Dam rehabilitation 216519511 -o_ite/oiiation for Activity on Eiaennkvlioliitli 2 691,000 40.(000 2,65 I.00) 1 b1 e I 1)1 A foi pr. ratio i o ESt' for --MI,eoDam.I447 -6 3 730,727 lriviie Secikm- participation in wsaste Managemeit -- -,000 -10-0-0 \ e4of Independent Advisory Group (IAG) to sites ----1 --_ l"iineiing' desi gn and Supeision of palliative work at Alaro collapsed Ah ii en F101 for ESIA I SMP, RAP for 10 priority sites it-1 -8--3- 5 111-e)maton lei' ISýi J'or pajlliativ e Nvork at Alaro collapsed culvert41,040903 E,pion onterest on lng nceieing design ----- -- 2,70 ili iIe \ __ _ ------_-_84._4 I¯tio t olen PMC & solid Waste Master IPlan -- nI Il1% isillt loi preparation of Projleet Implementation --- - - - - i t o second e mLnt for design of tour pionity' site -_----_- 15iii ment 10o1 cI'eNw ol-F iR & Iroposal for the design & construetion supelision of the rehabi itation ofl E leel Dam. 2-,586.740 1,5520 I .03454 Consult"m¯y f-- 12.334401 10,610,763 1,7n3 lrvate c e(01r Pairt-cipation Stakeholders forum Priv e Sor Ibarid pUrIati SLt r -----l - 2 16451 220 215.791,100 660.120 valuation ofIaa ra CtMae ri n - - -piso -o- \dt eii tor pre¯¯ ende docurnent and construetion supervision o4 8 10 prio ity sites __8 -- ~ -8¯ 9 iX nel-t lexible -Icounting soft- a - - -- 2,300.000 2,300,000 eiol LnsultancLy Ie (Note_ 3 -) - - -1-8 TOT AL -_-- -12 12 [BADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG NOTES TO TIE ACCOUNTS FOR TIIE YEAR ENDED 31 DECEMBER, 2016 Note 3a: Other Consultancy Fee Cunitlative Current 2015 Figtire Year Transaction N N N A¯tivities n elt with Community 2.687,600 2,687,600 M & , onsultant ce 6,374,500 6,374.500 Consultanev ee for Design of Eleyelc leabilitation 105,876,190 105,876,190 Social Safeguard Professional Fee 9,791,050 9,791,050 Professional Fee for Panel of Dam Experts 1,621 750 1,621,750 Paym¯nt ¯orie Monitoring of FAE AP 047,000 W Advert on E01 on Warning Service and Implementation Support & Flood Forecast ,vent fr tle preparation of Communication Strategy 7,2 265,525 - keport tbr IITM'P 7,26,52 7,265,525 za n for. Preparation of EP for Eleyele Dan 5,981,033 5,981,033 jPyment r ESIA for Reconstruction of Four Sites 19,030,148 19,030,148 - Resource Person for Recruitment of Consultants for Preparation of IUFMPI Communication strategy 100,000 100,000 - Advert on ROI on Project Baseline Survey on Flood Mitigation & Resilience 515,477 515,477 Actvities on Einlightenment Forum 1,898,400 1,898,400 Preparation for Stakeholders Engagement Plan 3,992,400 3,992,400 Advert a1d Press Conference on Flood Mitigation 11,094,700 11,094,700 InieiModeii Facilitis onii ecli Meeting on Ibadan City Master Plan - 8 5 0 18,500 N13 7 C48 NI7,17,0M 13 IB9AN URBA-N FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG NOTES TO THE ACCOUNTS FOR TIIE YEAR ENDED 31 DECEMBER, 2016 ------4 - --- ~- Cimiutlative Current 2015 Figure Year Transaction N N N Consultation on the review and update oft7e 60orld0Bank0 environmental and Social safeguards policies 1,718600 - 1,718,600 - oa n S a raning at Galce (Overseas) 2,266,437 2,266,437 Engincers Annual Conferenec 76,480 768,480 Ris 3 ase Internal Andit in UK 947,744 9471744 --- - - - 626 054 - 6205 Social Sa1feguards Training in India 626,054 Flexible Accounting Package 314,771 fl 4,771 - - -- - -tin 2,461,292 - 24 ours¯ on Risk Base Internal Auditing (Overseas) 2 2,461.292 ning for Commication Specialist in Soutli Africa (Overseas) 1-311,329 6 1,311,329 Procuireent Workshop and Traiimg 1,832,397 1,520,760 311,637 f4ToWrklil o ý1 d tioii_ 1ý00 Stakeholder Workshop on Flood Predictions 1 Fh'--- - -- -,357,952 In i on Ilxible Accounting Software 1,357,952 DSA Ibr AG Members on phase 3 Consultation on the review and update of the World Bank Environmental 166,300 166,300 R eat at Wor-l - - ~ 3,345,970 3 345,970 - - - - ÏÏe liëto Ibadan 1 0 Re- imbursement for Mileage from -le--e -- -badan 10,000 -ing in Ab-. -a 1,287,600 1,287,600 ontrat ýiaila emient'ITrainn 0 Abuja, s Visit to Lamata & Reimbursemiient 1,997,746 1,997,746- 1 ------tor 11ng 0-- - - ---- 129,750 129,750 S A1 ng 2 6lood Stakeholders ~City Master Plan W orkshop on Data 726750 TOTAL 4 --9 -- 14 1BADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER, 2016 Note 5: Operating Costs Cunulative Current Year 2015 Figure Transaction NN N Travelling Expenses 5,704,883 1,138,950 4,565,933 Technical Review Meeting 579,310 - 579,310 Printing and Stationery 5,781,055 3,363,300 2,417,755 Loan Negotiation Meeting (servicing of loan negotiation meeting at Ahuja) 700,000 - 700,000 Meetings (PU, MDA & Others) 3,466,120 1,263,500 2,202,620 FuL and Lubricants 3,999,670 2,126,600 1,873,070 Teleplone and Internet/Modem Expenses 4,436,200 1,787,700 2,648,500 ŸceExpenses 842,859 246,250 596.609 Newspapers & Periodicals 373,600 106,000 267,600 Repair of Office Equipment 61,000 - 61,000 Project Financial Management Unit 3,590,200 1,342,500 2,247,700 Two-Legged Meeting on Quality Enhancenient Review 2,851,995 - 2,85 1,995 DSTV Subscription 87,500 32,500 55,000 Computer & ICT Accessories 138,100 - 138,100 Meetin vtli World Bank Team and Participation in CPPR 1,479,214 - 1,479,214 Advert - Radio, TV, BCOS, Premier FM 1,174,420 726,520 447,900 Inccntives for Monitoring of ESMP disclosure 45,000 - 5,000 epair & Miaieinanc of Vehicles 1,454,500 1,314,400 140,100 -ourier Services -1,014,046 870,565 143,481 Clearing ofVegetation at Eleyele Dam 370,000 250,000 120,000 Meeting with World Bank Chief Procurement Specialist 363,098 34,050 329,048 Seivicing of World Bank Mission and AG articipatio i _1 4,665,530 2,319,080 2,346,450 ncpir & Maintenance of Plant & Machine (Generator) 31,000 31 ,000 't fo¯r ¯iúÑ c1¯Ü un n ot28,700 - 128,700 1'a i ie le r PFMNIJ March 201 5 Running Cost ___ ___ ______ Pay ment lor expenses on three days Pject Technical Lunch 730,000 730,000 montl\v Stipenlds ______ 28,829,759 12,894,759 15,935,000 Pay ment lo xpenses on Stakeholder Forum on Privazte Sector Participation 336,000 336,000 863f376 Paymelnt for Accomodation, Flight ticket to & Iro 5175,863 517,863 - ---tei--i----- 4,845,894 4,837.,914 7,980 E ntertaimnt ______ __ E ectrical Repair -3_000 3,000 Otleri Operating Costs (Note Sa) 3.593.319 13,59 319 OTA L, 47,907 N4 -2- 15 IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER, 2016 ---- ----- - ~~u tive Current 2015 iso écrs Figure Ycar Transaction ---- ------ _TF24 ~ g1-8,840 - Motor Vehile insurance - --- St I Ídrs ons Itancy & Techical Meeting 357,500 357,500 nce t World Bank Misson Abuja2,8,816 2,284,816 Ådvert for L0 on Design & Implenientation øf M & E and IS 515,477 515,477 ndp _ --M S - --- - - \dvett A1n1o111uelliei t ingles on Diselos eofnESMP Report 3,690,358 3,690,358 Iloef >¯frEyele Dam OGCE Scar PN1Iiative Work 357,228 357,228 un yEngagement for Four Priority Sites 930000 930,000 -- - -~86,1008 -celilici oI adan City0 M r Plan Annual \Ia ntenance Fee for Accounting Software 300,000 300,000 I lal Rentage 693,000 693,000 -050,0000000 T'ender Documentation -1 -,-- - -- - - - - ~-0-0 -- o,gistic Support 16 IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER, 2016 Cumulative Figure Current Year 2015 Note 6: Other Expenses Transaction Bank Charges 1,607,985 1,567,708 40,277 Auiit Fee 2,800,000 1,500,000 1,300,000 Withholding Tax 40,191,426 32,309,589 7.,881,837 Value Added Tax 34,179,235 28,822,830 5.356,405 N784778,46 N64,200,127 N14,578,519 Note 7: Cashi and Bank Balances Access Bank account No: 0060859114 (Special account) 2,134,411,659 2,135,662,508 (1,250,849) Access Bank account No: 0060859073 (Draw Down account) 87,581,002 87,578,762 _ 2,240 Access Bank Inierest Account 66,254 64,819 1,435 Zenith Bank Account No: 5070428938 (Special Account) (31,743,945) 31,743,945 Zenith bank Account No: 1014186681 (Draw Down Account) 303,582 (303,582) First Bank Account No: 2024461557 (Counterpart Account) 484,925,362 366,984,323 117,941,039 (ni in Flancl____ - 33,650 22,150 11,500 N2 07 017,927 N258,87219 N18451A 28 Note 8: IDA Fund _ _ ___ Preparatory Fund OYPPF 02 66,825,784 - 66,825,784 OY PPF 06&& and OYCR 001 to 007 204,930,000 - 204,930000 Receipts in the vear OYCR 008 - 018 32 3001,55,91 N3,273,31_175 Njo!,55.5391 N27155 784 17 IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER, 2016 Cumulative Current 2015 Figure Transaction N N Note 9: Counterpart Fund Counterpart Fund 533,333,333 400,000,000 133,333,333 jher Funds (Bidding) 800000 -25~000 550,000 N53 L 3 N400,250000 Ni13j88333 Note 10: Other Income Bank Interest 72,627 69,466 3,161 Exchange Gain (Note 11) 210 846 320 205f3374_4 5,511 576 N210 918947 N205,404210 N5,173 Note 11: Exchange Gain 3alance brought forward 2 668 020 2,668,020 Gain from Access Bank Ple 206,961,595 205,334,744 1,626,851 in from Zenith Bank Plc 1 216 705 L.-216,705 [ance as at 31 December, 2016 (Note 10) N 10--k6320 205,3342 N5 5l157 18 IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG ZENITII BANK DOLLAR - ACCOUNT RECONCILIATION NO 5070428938 FOR THE YEAR ENDED 31 DECEIBER, 2016 pening Balace S $ N N Receipts Im te vear 159,517.31 30,527,240 Other reccipts - refund - --- 159,517.31 30,527,240 Withdrawal to Draw Down Account (159,517.31) (31,743,945) Direct Withdrawa] C harges Exchange gain reported 31 Dec., 2015 1216705 lBalance per Cashbook NIL NIL Add Unpresented Cheque NIL NIL Bialance per Bank Statement NIL NIL 19 IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG ZENITH BANK DRAW DOWN ACCOUNT NO 1014186681 FOR THE YEAR ENDED 31 DECEMBER, 2016 Openig balance l Ianuary 2016 (303,582) keeipts to 3 1 December, 2016 fiom the Special account 31,743,945 Direct Lodgrnent (Refund) 31,440,363 iayrnens in the year: 35,473,581 Other Payrnents 3nk Charges 85.536 3 --5 21 17 Exchange gain absorbed in the year (4,118,754) Balance as per C/B NIL Balance as per Bank Statements NI- 20 IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG ACCESS BANK DOLLAR - ACCOUNT RECONCILIATION NO 0060859114 FOR THE YEAJR ENDED 31 DECEMBER, 2016 s 8 N N SOpeniing balmcc 1 Jartary, 2016 944.73 188,001 Receipts ini te y-ar 10,767,679.51 3,001,555,391 interest incole 260.46 69,6 10267939.97 3,001,624,857 10768,884.70 3,001,812,858 Amoimt Witlidrawi to Draw 2,961,772.61 801,445,958 Down Direct xvithdrawal 1,004,315.55 269,844,248 Transf,er to Interest 202.81 _63,682 B3ank charges 5,104.37 1382,05 -3ý7 -35. -(-,072,7_35943 13ancc per Bank Statement $6 ,489 Ialanc per Cashbook - 92 I07915 Fxchange Cain - 31 Dec., 2016 Baknce as per Bank Statement $6,797,489.36 Excianu rae at balaice sheet date N_314 to 1$ Arnount on 3 M December, 2016 Exchange gain 21 TBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG DRAW DOWN ACCOUNT ACCESS BANK PLC, ACCOUNT NO: 0060859073 BANK RECONCILIATION STATEMENTS FOR THE YEAR 31 DECEMBER, 2016 N N - i/l/2016 Opcning balaice2240 Add receipts in year 4 801,448,198 Less: Payments in year 713,791,366 Bank Charges 75.830 (713,867,196 Balnce as per Cashbook 87,581,002 Uinpresented cheques 13 196.117 B3alance as peri Bank statement - Note: Payments in the year include the audit fee. 22 IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG FIRST BANK PLC - COUNTERPART FUND ACCOUNT NO 2024461557 BANK RECONCILIATION STATEMENTS FOR THE YEAR 31 DECEMBER, 2016 N N Opening balance at 1/1/2016 117,941,039 Counterpart Fund received from Oyo State Government 400,000,000 Other Income - Bidding document 5 at N50,000 in 2016 518,191,039 Less Payments in the year 33,241,500 Bank Chargcs _ 24 28 33 265,787 Balance as per Cashbook 484,925,252 Add iipresneted cheque 11,520 11alince as per Bank statement N486,11,772 23 _ _�_'_ "- Т - _ _ I Ф __ --- CS -! т о? о д� f i �I ro О � ¢ ? � � � �г Л п� � I D ш � � гл � _ сд w 3 -� а� w л сэ� �� N N � i r � � � ro . i N � О О CLJ � -J С.� Р j Ф р Ш д" N N N N N п7 N 1J N tv 1 � С � у о С ° � ° о � j О О ы_ С 'J и (г сЛ сЛ G� 67 Ф и .и и 6'�� и (➢ � з �` - а1 О О D -- - - С7 Q � � � � � � I � � � о � �'Ср° р О � -� �� t� Г) С'� С� � С � � П П С: �D i7 1 � й й � �J �i7 �) j о � О ® О О о � ^7 � _7 о7 -J � � � W п) �? � I и б п . Ut Р � � jI' 2 О � �7 � с 3 о � � о _ _ _- а ------- у� � �� -.1 N j> Т+ � � и � 6i � '� О N � Ср W С УЛ .�', � Q � к �/''� h,. I а' о о V I� CTi � - б о � л i ' N и � � � � � � N �...r I� р V � г" � W са и `�i � �� �� о N ц? � и ° сп и гд w � rt7 р �i '- � �%'-� ;� w ° сд -А w w о ry �`�_,3. , F�? А О сО W 67 � и СЛ `д �" ,! ,.,.... VN�� А ° ° W � и __._ '_ I ° N MW j- I О � ° А � ! -F--' _ �,.+уΡ , -._- _ - - - и � � д и си,� I г� х а�� I о N и LрΡЛ� �Со о о `✓ � °`° F'' о о �j � � о 1о �-�' �'j -(° �, � � � N �'Т� С7 О � °' и и л I N г � i� �.. и = � �, W�, ���� � � � �� ( т �7 и,,, � G7 � р о �%i � N �� Г� Ал й' й�w а rn й М"� Ci'У � .�, п' 1 о I F.рΡ� ° о и�+ `"�` "°{ { � о NI и о о ° �(� м � .�s г.� .л с,7 � д -� о � С7 � вс. � W г, пз сд �Р � � д' о �'уΡ А и с9 д г�"у �У J й � � � о w � ч � й й � � г�n 1+ ? G N W � C° � о.э сд �л т ч К С � ����, п; и а� � А � сс`'i> и о " Р J� n� и� v' W w д�. о и �j �: а � и со п� сд а о о - о л. ч о л и о n �-`- и;.: � о; w о о о о о + �: J о б Q __ � ьw �. _.. � А и п7 и г-1 `рΡ-а.,уΡ рΡ.� и � ��' �°' !D о N W � I о �: rn `� �' � .'�3.й � I� cn � и аиi д cn � � � W f-и� о о о и о w ы.оо сп и,w о p.q I р � С� i i О О � � О О О- �ь./ Ю о � i � ' ^, � W iJt � �р ..� .А О TS �j � ,' � � ,р W и � lы-�уΡ7 � � � Сол) j fN � С' j � й � ..Ni N О �r О ш < Р ° ° м и .А СО N W � N �CD Со и (D м � .� � б гЛ о j � и .Р �Р rn г� О � да О О �� о (�i N О О с0 � � � О О и о ° о. О О О О о о о �^°j О О О О О и о и о � � о о о - _ iJ I N N j 07 и W ? j W � А Q �% . F� г"> А .А гD N сл � � � Г'а. 1� Т,.1 N А _1 N � rD W -А�1 с°О N с0 (л Z гD О\ ? '�� W N (.� N i� n7 'д, � � ш b J п'л й °и и' и и и � ф г.> о и n� со � -.i сд rn о о i,� гv гv ы iл i.> о о ° �0 О rn , Со А О N О� oN О о о О О и _ W W � iд W и А t0 �А р�� W G) о pG'�j N W W �J О "J N_ О и и "�1 W и N -А Ф W СЛ А Ф О О] т п� С.К7 N � N � ' � � CO О7 с0 � А SЧ I w й пi л од о� � и т й 1 л т сл � с,> со со v� N � о �и � � i А О О о •А А �.! � W Qэ г.о0 � О сАл о W и � � �А О � W N О) N Ф и и сО V -J N А Ui � CD .ja О N Ш и N V � (Л и °�1 GЛ и и ° О I � О � � � А о О) А fb N W N и N о р и р _ `_- - о - .DAN F, MEN Y 0 S T AI~ IN OR, L I Ný B A N K A S S I S 1) IDA GREDIT 5510 - NG Dr:rnNirii IATION OF AMOUNT RECEIýLED BY THE PROJKr mo TH ýrui: Amni INT DISBURSED BY THE BANK _AS Ar 31 DECEMBE11,20IQ 2016 2015 10,767,749.51 3,001,573,346 1,035,470.26 205,023.1 f--ý 5) (470.26) witllheld ý-)Y -lillieý-ciýi'i Bank reccived hv the i"rolil the W01,1d -i -Iii the 9ý 1 3 1,5ýý 91 Li &35kww 4, 39,9W0ý) as slio\vi NZO= ýL - Sliect 25 IBADAN URBAN FLOOD MANAGEMENT PROJECT (OYO STATE) WORLD BANK ASSISTED IDA CREDIT 5510 - NG AUDI)T OF 2016 FINANCIAL STATEME NTS Audit .ournals L Speci al Bank account 69,466 Other Income 69,466 Being bank iterest incole for tlieycar Speci bank account Access bank Plc 205,334,7 -.- -p---a- -¯205,334,744 ExeChange Cain - Being exchange gain during the year. ------o 1,500,000 3. Oher Expenses - Audit fee ss b>ank - Draw Down account Being audit fee for the year 4 Withholdling tax --- Valuc aidded tax 28,822830 Goods -1,064,50 --- - --- ~13,840,898 Civil works - - -- - - - 45,816,221 -n¯sultancy -L--- ---- 410,850 Operating Being taxes during the year Bank charges 1_6,0 Special account - Access Special account - Zenith - - -- - -75,830 Draw Down account - Access a-cco-n -Zei-l ---- ----- 85,536 D)raw D)own account -Zenith ___ cute rpart Fund account FBN Plc Beingbank charges on the various accounts 26 介一 CD co Lu Yl 41 - - -p ! |7 en| cp 4 -ea - cp- o e e cp! ! -7 - 0 - - - - - - -