The Role Of Financial Accountability In A Public Limited Company (a Case Study Of Nigeria Bottling Company 9th Mile Corner, Enugu)

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THE ROLE OF FINANCIAL ACCOUNTABILITY IN A PUBLIC LIMITED COMPANY (a case study of Nigeria bottling company 9th mile corner, Enugu)


The mismanagement of every organization results from the inability of the financial accountability controllers to administer the financial resources in order to achieve its profit maximization. Business collapsed, is characterized by negligence to adhere to effective control system, which primarily comes from internal control. An organization encounters problems, which often times result to financial impropriety, which has made many firm to collapse. Some of these problems lie largely outside the control of the organization. These are the problem to be solved by the financial accountability controllers in the interest of effective control system of the organization. While other problems arise from the organization’s limitation in his financial resources. An analysis of factors that contributed to this fact would be highlighted and useful recommendation towards resolving these problems would be made. This researcher is optimistic in view of the fact that if these recommendations are adhered to, they will go a long way in achieving the objectives of this research work.


Table of content

Title page                                                    i

Approval page…                                             ii

Dedication                                                   iv

Acknowledgement                                          v

Abstract                                                    vi

Table of content                                             vii



1.1  Background of the study…                              1

1.2      Statement of the study                               

1.3      Objective of the study                                 

1.4      Research question                                    

1.5      Significance of the study…                             

1.6      Scope of the study…                             

1.7  Limitations of the study…                             


Review of related literature

2.1      Theoretical framework                                 

2.2      The connection of the internal control system               

2.3      Control as an aid to financial accountability            

2.4      Internal checks and Audit as instruments of

Internal control                                        

2.5      Responsibility sharing as a enhancement of control … 

2.6      Accountability and general economic growth …        

2.7      Fraud auditing as a means of improving accountability

2.8      The role of an internal auditor in a Commercial

Enterprise                                     ...             

2.9      Enhancing financial accountability by human

 Resources planning                           ..              


Research design and methods

3.1      Research design                                       

3.2      Area of study                                    

3.3      Population                                             

3.4      Sampling method                                     

3.5      Research instrumentation                              

3.6      Validity and reliability of research instruments          

3.7      Sources of data                                        

3.8      Methods of investigation…                             


Presentation and analysis of data

4.1      Analysis of data                                   


Summary of findings, conclusion and recommendation

5.1      Findings                                              

5.2      Conclusion …                                          

5.3      Recommendation                                 




Chapter one



The subject of the study of “Financial Accountability” has been a controversial issue even among the early philosopher. Plato condemned using (i.e, the use of money in trade) according to him, for the attendant “social ills” and “unethical reason”.

In addition to the above, the peculiar nature of Nigeria economy has made any topic in accountability, financial or otherwise, worth discussing. Nigeria has had her fair share of financial impropriety both in public and private sector, no quite unconnected with her political set ups, the history of the evolution of her financial institutions and level of the country’s development.

       The research has therefore been reduced to the firm (micro) level and Nigeria Bottling company 9th Mile corner, Enugu has been carefully selected to be used in drawing a line of parallel between the level of accounting in the public and private sectors.

Control is adjunct of accountability. The extent of financial accountability therefore should be reflected to the extent of the working mechanisms within the particular organization.

The fact that both public and private sectors make use of control measures is undisputable

The extent to which they employ this and how it has improve their finances is called to question. The effective means, by which they employ internal control to safeguard assets, collect debt or pay creditors, etc. is the issue at stake.

       In the word of a management experts initial control comprises the plan of organization to co-ordinate methods and measures adopted within a business to safeguard its assets, check accuracy and reliability of its accounting  data, promote operational efficiency and encourage adherence to prescribed managerial policies.

Apparently, the general concept “internal control” here is that it should be effective enough to cause probity in all the organization activities with a resultant discipline financial atmosphere in the organization.


The organization, coca-cola was incorporated as a company in Nigeria in the year 1952. However, the Enugu plant did not come into existence until 1975, due to the fact the Owerri plan could not sustain the rapidly increasing market demand of the Eastern region then. The management board of the company decided to establish another plant and Enugu state was unanimously picked or chosen as a viable site while Mr. Philip Eseyin was saddled with the responsibilities of managing the plant.

However, the plant only produce and packaged the coca-cola product while its commercial centre, Enugu Urban depot served as the annex responsible for all sales and as at the time of this write up; the coca-cola company has about fifteen (15) plants in Nigeria and sixty five (65) commercial depots and which Abuja plant is the youngest. The following are the core values of the company:

a.  COMMITMENT: To stretch every resource in delivering outstanding performance.

b.  TERM WORK: To effectively share best practices, and support colleagues in order to achieve both country and group wide goals and to draw from the best resources available.

c.   INTEGRITY: To conduct our business openly and honestly to the highest ethical standards.

d.  ACCOUNTABILITY: To be individually and transparently accountable to our colleague for delivering agreed target and  goals.

e.  QUALITY: To be committed in each part of the business total quality of product, customer service, operation, execution in market place and people.

f.    PEOPLE: To focus on creating a fun environment in which a group of highly skilled and motivated people are exceptionally well trained, developed, challenged, respected, and motivated or rewarded.


Every policy formulated in boardrooms would have been a success, if they were being carried out there too. Unfortunately, adherence to planned policies by employees is the problem of many management of some companies.


Harold Koontz, noted that management is the art of getting thing done through and with people in formally organized group. The owner of every business expects a reasonable return on their investment of who executes the policies. The problem of policy execution is further compounded by the evolution of large organization.


Personal supervision of the employees by an individual seems an attempt at impossibility with large spans of control. There are therefore the needs for an internal control system. Internal control is such an indispensable tool in the hand of management if it wishes to obtain adequate and useful information, protect company assets, but despite the established necessity for installing an internal control system, many managers do not have it, and they of course wallow in the flimsy excuse of its expensive nature. This is the first problem.

The other thing to think about is the effectiveness of control procedures if the internal control is at all established. The effectiveness of control procedures is a function of the fact that segregate duties are not being circumvented by the collusion of the employees, negligence and mistake or even personal factors. These factors are problem to the firm and eventually would undermine the effectiveness and efficiency of the internal control system, if not taken care of. The above mentioned problems give rise to the following basic questions:

a.          How adequately are employees adhering to internal control measures?

b.          What standard should management adopt as test to observe control measures?

c.           Should internal auditing be an adequate means of checking internal control?

d.          Should the effectiveness of control be relied on for adequate financial accountability?


The purpose of this study is to have a close look at the cost of internal control existing in Nigeria Bottling Company 9th Mile Corner, Enugu. If there is any, then to know how efficient this has assisted in attaining financial accountability.

Specifically, the Objective of the Study include:

i.            To ascertain if there is adequate segregation of duties at various levels of management.

ii.           To know if there have been irregularities that have passed unnoticed in the establishment.

iii.         To find out what step have been taken to rectify inefficiency when detected.

iv.         To determine whether adequate punishment is meted out to those found to over – step control measures to prevent further occurrence of such defects in the future.

v.          To know action that can be taken to forestall the situation and see that probity is maintained.

vi.         To undertake a critical appraisal of the system generally, and to suggest solutions where the system is seen ineffective, and

vii.       Finally, to build an analytical model to explain the network of an internal control system.


       In carrying out this research more effectively, the researcher therefore designed the following questions:

a.  How adequately are employees adhering to internal control measures?

b.  What standard should management adopt as a test to observe control measures?

c.   Should internal auditing be an adequate means of checking internal control?

d.  Should the effectiveness of control be relied on for adequate financial accountability?


       Although the research work is not exhaustive one because of the none availability of some important information and limited time, all part of this work is very important in one way or the other to Nigeria Bottling Company PLC 9th mile corner, Enugu in particular

More so, this study will be useful for those who may be interested  in carrying out further investigation on “The Role of Financial Accountability in Public Limited Company” with special reference to Nigeria Bottling Company PLC 9th mile corner, Enugu.

However, the Nigeria Bottling Company PLC 9th mile corner, Enugu will benefit greatly by ensuring “Financial Accountability” in there company and they can achieve this by adopting  and implementing the different ways suggested by the study of Internal Control System

1.5  scope of the study

The study focus attention practically in all the activities of Nigeria Bottling Company PLC 9th mile corner, Enugu especially those related to financial terms. These areas will include buying of raw materials, hiring production and sales, payment and collection of debts, etc.

Through internal control, the control measures will be the only one computed for analytic purposes. Respondent to the study will be selected from all departments and even beyond the company. However, a certain sampling procedure, as will been seen later, is adopted to achieve a certain level of reliability of the data gotten.





The researcher was saddled with limitation which constituted an impasse to make and compile the research work.

The following problems to the research work include:

a.          The widespread increase on transportation in the country have prevented the researcher from making frequent visit to the company as many times as are necessary.

b.          The competitive nature of the Coca-Cola industry in Nigeria have almost make every issue a secret such that information may be better thrown to the winds than be given out to untrusted students who claim to be working for internal Control system of a company to which they do no belong.

c.           Respondents show lackadaisical attitude when they discover there is no financial reward which might accrue to them in the exercise, some keep the questionnaires for so long while other never bother to return them.

d.          Another frustration is due to the “come today”, come tomorrow syndrome which people in authority have enjoyed issuing as a cheap excuse for being momentarily busy.









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The Role Of Financial Accountability In A Public Limited Company