The Bursary Department of the University is the financial engine room of the University, headed by the Bursar who, according to Section 6(2) of the Universities Miscellaneous Provisions Act 1993, is the Chief Finance Officer of the University and is responsible to the Vice-Chancellor for the day-to-day administration and control of the financial affairs of the University. The Department carries out amongst others, the following functions;
i. Income and Expenditure of the University.
ii. Stocks, Stores and Stock Control.
iii. Fund Management.
iv. Budgets and Budgetary Control.
v. Accounts and Accounting Records.
vii. Periodic Reporting for Management, Council, and other regulatory bodies.
At the appointment of Prof. BabatundeAlabi, as the pioneer Vice-chancellor of the University, Mr. Egbinola E. O. an Assistant Chief Executive (Accounts) from the University of Ibadan, was granted a sabbatical leave appointment in 2008 to set up the Bursary Department pending the appointment of a substantive Bursar.
He left the University in 2009 at the expiration of his sabbatical appointment and handed over to Mr. Lawrence Ahwabighe to oversee the Department. In October 2009, Mrs. Lily A. Ologbo was appointed as the first substantive Bursar of the University. However, in 2012 she was disengaged on the recommendations of Presidential Visitation Panel. Thereafter, Mr. Lawrence Ahwabighe took over once again to direct the affairs of the department till November 2013, when Mr. SamInengite was appointed as Deputy Bursar and subsequently elevated on appointment in May 2015 as the second substantive Bursar.
The Department has two fundamental Divisions with sub-units. The Divisions are Treasury & Budgetary Control with such sub-units as Budget & Expenditure Control, Stores, Regulatory Payments, Wages & Salaries, Students’ Account and Treasury Unit; and Final Accounts Division with the following sub-units; Final Accounts and Receivables & Payables.