Debt Management Office Nigeria
Invitation to Bid for External Audit of Debt Service Operations
A Introduction
As part of its statutory functions, it is within the mandate of the
DMO to prepare and implement a plan for efficient management of
Nigeria’s external and domestic debt obligations at sustainable levels, compatible with desired economic activities for growth and development. In furtherance of these functions and objectives, the
DMO desires to commence quarterly audit and independent review of its debt service payments operations, in an all-inclusive manner, based on best practices.
B Description of Work
The assignment requires multi-disciplinary expertise and versatility in the audit of debt service payments operations, facilitated with the Commonwealth Secretariat Debt Recording and Management Systems software version 2000+ or any subsequent upgrade of the system, Some of the tasks involved and responsibilities of the external debt service operations auditor will include (but by no means limited to) the following:
i. Review of the systems and procedures for capturing and tracking all agreements entered into with creditors for debt obligations and specific transactions arising there from, e.g., disbursements, repayments, charges.
ii. Review of the systems and procedures for issuance of FGN Bonds, capturing and tracking of bids/auctions results (Including re-openings), service payments for periodic interest, principal redemption, and other related payment
iii. Evaluation of the efficiency and adequacy or otherwise of the CS-DRMS software currently in use and advising on areas of enhancement.
iv. Analytical review of external loans service payments schedules and relating same with schedules of loans service projections over given periods of time and establishment of timeliness or otherwise of loans externalization, justification for any identified penalty and recognition of waivers and discounts achieved,
v. Review of the existing systems and procedures for loan service payments reconciliation activities between the DM0 and other stakeholders and confirmation/authentication of periodic loans stock balances (external and domestic),
vi. Ascertaining the status of projects funded with specified loan obligations and the monitoring activities undertaken by relevant government agencies over such projects vis-à-vis the loans agreements and utilization of loans disbursements.
vii. Tracking and reporting on any sinking funds,
viii. Submitting of comprehensive periodic reports stating observations, findings, recommendations, and conclusions indicating areas for special attention.
C Technical Requirements
i. Bids for this assignment are open to reputable firms of chartered accountants, with verifiable evidence of current registration with the Corporate Affairs Commission and the Office of the Auditor-General of the Federation,
ii. Organizational structure, profiles of the partners and key personnel, partners1 professional membership certificates and licences to practice, tax clearance certificates for the preceding three years, firm’s vat registration certificate and evidence of remittances for the past three years to date.
iii. Proof of similar assignments successfully completed for national economic institutions such as the CBN, Federal Ministry of Finance, and Office of the Accountant-General in the past three years to date – whether in Nigeria or other climes,
iv. Bank Reference,
D Submission of Documents
Interested Nigerian accounting firms should submit both technical and financial bids, including the requirements stated in C above, in two separate sealed envelopes, not later than 10.00 a.m., on Monday, October 04, 2010, and the Bids will be opened by 12.00 noon of the same day, at the DMO’s Boardroom. Electronic Bids shall not be accepted and Bids received after the deadline will be rejected. All interested stakeholders are by this notice invited to observe the Bid Opening at the date and venue specified above. Each sealed envelope should be clearly marked “Technical Bid” and “Financial Bid”, and addressed to:
The Director-General Debt Management Office
The Presidency
NDIC Building (First Floor),
Plot 447/448, Constitution Avenue
Central Business District,
P.M.B. 532, Garki, Abuja.
Signed Management
