About JOA

1.0             Introduction

Nigeria remains the country with the largest concentration of black people the world over.  The country has a vibrant economy, which is rapidly expanding and embracing modern technology.  The need for professionals in all spheres for such a rapidly expanding economy cannot be overemphasized.

Finance is the backbone of any business enterprise.  There is need to ensure that available scarce resources are optimally utilized to eliminate waste, reduce costs, improve processes and obtain value for money for the stakeholders.  This is where the services of accounting and finance professionals is required.

1.2       This profile is designed to bring to the attention of owners of companies in both the public and private sectors of the economy, the range of services which we offer to our valued clients in the area of Auditing, Tax management, Management consultancy, corporate Secretarial Services and Human Capital Development including staff recruitment and training.

1.3       Our firm is well positioned to provide the above services and more.  As forward-looking professionals, we have embraced the challenges presented by computer technology.  We therefore help our clients to set up their accounting systems, recruit suitable staff, train them and generally run such systems until the staff become accustomed to them.

1.4       This document is made available strictly on request by our valued clients and potential clients.  It is in no way meant to be seen as advertisement of or publicity for the firm, its professional staff or the range or services offered.

2.0       The Firm

            We are a firm of multitalented Chartered Accountants licensed to practice and provide a wide range of professional services to various organizations in both the public and private sectors of the Nigerian economy.

2.1       Office

            The firm is Located in Lagos at Plot D, Canal Front, 1^st Avenue, Festac – Town, Lagos.

2.2             Key Staff of the Organisation

Ø          Mr. John Adidi; MBA, FCA - Managing Partner

Mr. John Adidi is a 44-year old Nigerian from Etsako East Local Government Area of Edo State, Nigeria.  He qualified as a Chartered Accountant in November, 1991 and has been in professional practice ever since.  He is presently the Managing Partner and Principal Consultant of J. O. Adidi & Co. Chartered Accountants and Gremin Consulting Associates respectively.  Both firms are located in Lagos.

Mr. Adidi was elected a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN), in April, 2001. He is also an Associate Member of the Chartered Institute of Taxation of Nigeria (CITN).  He holds a Master’s Degree (MBA) in International Business Management from the Lagos State University – 1996/1997.

Mr. Adidi is an experienced Management Consultant, Tax Advisor and Value For Money (VFM) Auditor and has participated as the lead Auditor in the Value For Money Audit of the following upstream Joint Venture Companies in the Petroleum Industry in Nigeria:

-                   NNPC/Mobil Joint Venture

-                   NNPC/SPDC/ELF AGIP Joint Venture

-                   NNPC/ELF Joint Venture

-                   NNPC/Chevron Joint Venture

-                   NNPC/TEXACO Joint Venture

-                    PAN OCEAN Oil Company Ltd.

He has also led Value For Money Audit teams on behalf of NNPC to Chevron overseas Petroleum Incorporated in Houston, USA and London as well as Shell International offices in The Hague, Netherlands and Belgium respectively.

Mr. Adidi has attended two debriefing sessions at the Presidential Villa Abuja between 1999 and 2000 to brief the Presidency on the Value For Money Audit of SHELL PETROLEUM DEVELOPMENT COMPANY - SPDC covering the period 1991 – 1996.

He was the partner in charge of Oil and Gas business in the firm of S. S. Afemikhe & Co. (Chartered Accountants), Lagos between 1996 & 2001.  He left the firm in November 2001 to set up his own practice – J. O. Adidi & Co. Chartered Accountants and Gremin Consulting Associates.

During the course of his professional practice, Mr. Adidi has led various management consultancy and audit teams to JAMB, NYSC, NIFOR, Warri Refinery and Petrochemical Company Ltd., Port Harcourt Refinery and Petrochemical Company Ltd. Etc. He has also participated in various Accounts Reconciliation assignments for NNPC-NAPIMS, Petroleum Equalisation Fund (PEF) and the defunct Petroleum Trust Fund (PTF).

Mr. Adidi is a regular Resource Person for the Chief Officers’ Course of the NNPC and delivers lectures on the Joint Operating Agreements (JOA) between NNPC and the multinational oil Companies.

In November 2001, Mr. Adidi was appointed for a term of two (2) years as the Managing Consultant to Karflex Conglomerate Lagos. The conglomerate comprised of Nine (9) companies with wide range of business interests in telecommunications, leasing, merchandising and general contracts.  As the Managing Consultant of the Conglomerate, Mr. Adidi supervised the acquisition, re-organisation and turn around effort of Karflex Fisheries Limited as a new member of the Karflex Conglomerate and handed over the affairs of the company to a new management team in December 2003 at the expiration of his tenure.

He is back in full time practice in his firm and provides a wide range of professional services in auditing, management consultancy, tax management, human resources recruitment and training and New Business Development Initiative for clients in both the public and private sectors of the economy.

He is a member of the Audit Committee and Risk Management Committee of Sigma Vaughn Sterling Pension Ltd., a licenced Pension Fund Administrator.

He is also a Consultant to the Nigerian Accounting Standards Board-NASB on Review of Financial Statements.

Ø               Mr. G. I. Ike, BSc, ACMA, FCA – Senior Consultant (Oil & Gas Audit Services)

Mr. G. I. Ike is an alumnus of the University of Lagos and South-West London College.  He holds the BSc (Hons.) degree in Accounting and the Associate Membership of the Chartered Institute of Management Accountants, London (ACMA).  He is a Fellow of the Institute of Chartered Accountants of Nigeria (FCA) and also an Associate of the Chartered Institute of Taxation.

Mr. Ike started his career in the office of the Auditor General of the Federation where he rose the rank of Chief Auditor in charge of companies and Corporations Accounts. 

He later joined the Nigerian National Petroleum Corporation where he was in charge of Joint Venture accounting, Budgets and reports and later rose to become the General Manager Finance and Accounts Division of NNPC – NAPIMS the unit that supervises governments Investment in the Oil Industry in Nigeria.

Mr. Ike attended many in-service training programmes both in Nigeria and Overseas and holds the certificate in Advanced Oil and Gas Accounting Finance of the University of Texas, Richardson Campus, Dallas, USA – a course he completed as a prizewinner.

He also attended a course in Financial Management, operations of the Stock Market and Commodities Market (LIFFE), in London.  He was again a prizewinner in World Bank supervised course in Advanced Financial Management and operations of the upstream sector of Nigeria’s Oil and Gas Industry at PTI, Warri 1992.

Mr. Ike was NNPC’s financial representative on the committee that negotiated and finalized the current contracts between the Joint Venture oil multinationals and the NNPC.  He is an authority in Joint Venture accounting and PPT and Royalty calculations.  He was indeed NNPC’s counterpart staff on the first ever Value For Money Audit (VFMA) exercise of the oil Industry by S. S. Afemikhe & Co. Chartered Accountants.

Since his retirement in 2004, Mr. Ike has been much sought after as a consultant by many stakeholders in the Oil Industry and by firms of Chartered Accountants. He however opted to continue his professional practice with the firm of J. O. Adidi & Co. Chartered Accountants.

Ø          Prof. Anetekhai Martins Agenuma

Ø          Ehigie I. Felix; ACA, ACTI - Manager (Audit)

Mr. Ehigie is a Chartered Accountant with experience in audit, tax management and Consultancy. He is a part time lecturer in audit, Tax management and Fiscal policy at all ICAN levels in PYE Professional Tutors, Abuja. He is an examiner and Accessor for the Institute of Chartered Accountants of Nigeria.

 Ø               Jafaru Musa Egieya, MSc. (Ibadan) ACIB London. - Manager (Consultancy)

Mr. Egieya is a professional banker with many years of banking experience. He has held managerial positions at the following banks.

  -         New Nigeria bank Plc Jan 1979 – Dec 1982

-         ICON Ltd (Merchant Bankers) Jan 1983 – Dec 1987

-         NBM Bank Jan 1987 – Dec 1988

-         Universal Trust Bank Jan 1989 – Dec 1990

Mr. Egieya has been in private practice as a consultant since 1991.

He holds a Master of Science Degree in Banking and Finance and is an Associate member of the London Institute of Bankers (1981) .He has attended courses on project evaluation and Project Financing and Negotiating Skills.

Ø                Isekenegbe Samuel, ACA - Audit & Consultancy

Mr. Isekenegbe is a Chartered Accountant who has been in the employ of the firm for three years now.  He has participated in various Audits, Consultancy and Tax assignments for the firm.

Ø                James Eboma Morgan - Consultancy.

Morgan joined the firm in 2003 having worked with HFP Engineering Nig. Ltd, for 13 years.  He holds a Higher National Diploma in Computer Science from one of Nigerian’s most esteemed Polytechnics (Yaba College of Technologies, Yaba).

Having worked with its former employees for that long, he rose from the position of a Computer Programmer between 1991 and 1997, during which he had various computer training especially in the use of various programming tools.  He was a head of programming team for HFP Engineering Nig. Ltd for 3 years, during which the team developed quite a number of applications packages.

During his employment with his former employees, he was involved in a Telephone billing software major project for VGC Communications Ltd (subsidiary of HFP).

He left HFP Engineering Nig. Ltd in 2003 as a Deputy Manager (Computer Department) having achieved a lot during his period of employment with construction firm.

He is currently our head of Information Technology Unit and since he joined the firm, he has continuously shown his computer skills in various projects the company has handled.

James Eboma Morgan is 38 years of age and married.  The marriage is blessed with 3 children.

Mr. Ohiovbeunu Omoikudu Benedict is a young talented Accountant with stong proficiency for information technology. He has wide experience in Tax, consultancy and Audit assignments as well asProject Evaluation and Fraud investigation.

Ø                Braimoh Amedu, HND Accountancy (ICAN P.E. II) - Supervisor (Audit & Tax Services)

Mr. Braimoh is a young talented Accountant. He has wide experience in Tax and Audit assignments, Project Evaluation and Fraud investigation. He liaises with the Tax office to process and obtain Tax Clearance Certificate for our clients.

Ø                 Oviosun Justina – OND Accountancy.

Miss. Oviosun is an OND graduate of Auchi Polytechnic, Edo State.  She has participated in various Audit and Tax assignment in both the public and private sectors of the economy.

Ø                 Alabi Emmanuel Onimisi – Cert. Data Processing and Management.

Mr. Ogunbayo provides support services in the processing of client’s reports and has extensive knowledge of various software and modern Information Technology tools.

Ø                 Omotayo Kehinde (Ms).

Miss Kehinde is a graduate of Industrial Relations and Personnel Management.  She is the Clients’ Liaison Officer of the firm and also in charge of the firm’s administrative duties.

Ø                Akubueze Adanma Benedeth, B.Sc (Hons) Accounting - Audit Services

Miss. Akubueze is a young talented Accountant. She has wide experience in Tax and Audit assignments, Project Evaluation and Fraud investigation. She liaises with the Tax office to process and obtain Tax Clearance Certificate for our clients.

3.0     Scope of Services

3.1             The Firm Provides services in the following areas:

a)                  Statutory Audits

Giving audit opinion on financial statements of companies government corporations and parastatals in accordance with the Companies and Allied Matters Act, 1990.

In carrying our statutory audits, we use the opportunity afforded us to identify internal control weakness and proffer suggestions as to how management of the affected enterprise can perform better and improve the business generally.  This dynamic approach to audit is one of our cardinal principles.

b)                 Financial management Audit

Carrying out Operational and value For Money audit by reviewing the organization’s performance and the inherent integrated management systems to ensure economy, efficiency and effectiveness particularly in compliance with the requirements of the financiers.

Our Managing Partner has participated in Value For Money and/or Compliance Audits on Multi-million Joint Venture companies/projects in the upstream and downstream sectors of the petroleum industry with both offshore and onshore financing contents encompassing funding and disbursement reconciliation value analysis, inventories and overheads evaluation and management.

c)                 Mergers and Acquisitions

Assisting clients in the accounting aspects of mergers and acquisition and providing a continuous evaluation thereof to ensure that the synergistic gains are optimized.

d)                 Receivership and Liquidations.

We act as receivers and/or managers of companies both in restructuring or liquidations in accordance with the Companies and Allied Matters Act.  Our partners have acquired tremendous experience in this area having worked with several companies in this area.

e)                 Feasibility Studies

We undertake feasibility studies and prepare feasibility reports to guide our clients in strategic business decisions, particularly in the area of new venture initiatives.

f)                  Prospectus

Preparation of prospectus, accountants report other statements in connection with a public or private issue of shares.

g)                 Taxation Services

Preparation of tax computations for both companies and individuals; filing agreeing the computations with the Inland Revenue and obtaining tax clearance certificate accordingly.  We also assist our clients in tax planning and liaising with the Federal Board of Inland Revenue on adhoc issues, as the client deems necessary.

In addition to the above tax services, we also assist our clients to process and obtain Acceptance Certificate, which is required for the granting of capital allowances on fixed assets.

h)                 Other Management and Corporation Secretarial Services

The firm’s consultancy arm – Gremin Consulting Associates provides complementary corporate service particularly in the area of design and installation of accounting systems and corporate secretarial services.  Through this arm, we also provide Human resources Development Services including staff recruitment and training.

The company also assists in drawing up and monitoring technical service agreements and obtaining approval for remittance of technical service fees.

In the area of corporate management we help to restructure poorly managed but viable companies and run such businesses until they achieve full turn around.

4.0             Experience and Exposure

The strength of the firm is the cumulative experience of the managing Partner and staff and their commitment to excellence in service delivery.  These experiences have been brought to bear on the audits and consultancy assignment that we have undertaken in the short period of our existence all of which represent the vast and varied experience of the firm.

Our clients include companies in the private sectors of the economy whose activities cover all facets of the national economy as shown on the list of clients included in this document.

4.1       Design and Installation of Accounting Systems

We design and install Accounting System (both manual and computerized) for our clients.  We also provide training services for the accounting staff to properly run such systems.

For small clients unable to employ the services of qualified accountants, we assist them to maintain their accounting records by deploying our staff to visit and update their accounting records at fixed intervals.

5.0             Conclusion

We hope this document will provide our clients and potential clients with the information they require to enable them evaluate our competence as professionals committed to the provision of first class services to our esteemed clients.