News Corner...

• SHELL Appoints J. O. ADIDI & CO. as Independent Auditor.

• NIGERIAN ACCOUNTING STANDARDS BOARD (NASB) Appoints Mr. John Adidi, FCA as a Consultant.

•  J. O. Adidi & Co (Chartered Accountants) appointed as an Independent Auditor by SHELL PETROLEUM DEVELOPMENT COMPANY OF NIGERIA LIMITED.

Our firm has been appointed as a contractor by SHELL to provide Independent Audit Services for the Bonny Terminal Integrated Project (BTIP).  The appointment was sequel to an online Competitive Bidding, involving KPMG, Akintola Williams Delliote, S. S. Afemikhe & Co., and J. O. Adidi & Co.

At the end of the online competitive bidding session, J. O. Adidi & Co was selected as the preferred Lowest Bidder and consequently awarded the contract to review Customs Duties Administation and Payments under the BTIP contract, covering the period March 2002 – October 2006.

The audit has since commenced at the Shell Industrial Area office in Port Harcourt, Rivers State, Nigeria.

•  NIGERIAN ACCOUNTING STANDARDS BOARD, NASB, appoints Mr. John Adidi, FCA, as a Consultant.

Our Managing Partner, Mr. John Adidi, FCA, was recently appointed as a Consultant to the Nigerian Accounting Standards Board (NASB).  Mr. Adidi is to review Financial Statements of Companies, particularly in the Oil and Gas sector, on behalf of the Board.

The appointment was conveyed to Mr. Adidi in a letter dated May 12, 2006 and signed by the Executive Secretary/Chief Executive of the Board – Mr. G. S. Nnadi.

The Nigerian Accounting Standards Board was set up by Act No 23 of 2003, to amongst others, develop and publish accounting standards to be observed in the preparation of financial statements in the Nigerian business environment by registered (incorporated) companies.

The NASB is a thirteen - (13) – member body comprising the following organizations and establishments:

-         Central Bank of Nigeria (CBN).

-         Corporate Affairs Commission (CAC).

-         Federal Board of Inland Revenue (FBIR).

-         Federal Ministry of Commerce and Tourism.

-         Federal Ministry of Finance.

-         Nigerian Accounting Teachers Association (NATA).

-         Nigerian Association of Chambers of Commerce, Industries, Mines and Agriculture (NACCIMA).

-         Nigeria Deposit Insurance Corporation (NDIC).

-         Nigerian Stock Exchange (NSE).

-         Securities and Exchange Commission (SEC).

-         Chartered Institute of Bankers of Nigeria (CIBN).

-         The Institute of Chartered Accountants of Nigeria (ICAN).

-         Office of the Auditor General of the Federation.

We wish our MP success in his assignment with the NASB.