PROPOSAL FOR ENGAGEMENT AS

CONSULTANTS
TO PROVIDE INVENTORY MANAGEMENT
SERVICE

TO

HUBMART STORES
LIMITED

SUBMITTED BY:

BBC PROFESSIONALS
[CHARTERED ACCOUNTANTS]

Proposal for Engagement as Consultants to provide Inventory Management Service to HSL – By BBC Page 0
 HUBMART STORES
LIMITED
PROPOSAL
FOR ENGAGEMENT AS CONSULTANTS TO PROVIDE
INVENTORY MANAGEMENT SERVICE

CONTENTS PAGE

1.0 Brief introduction of our firm 2

2.0 Our Offices and Contact Information 12

3.0 Experiences and similar assignments 13

4.0 Our understanding of the assignment 16

5.0 Brief Methodology proposed for

performing the assignment 19

6.0 Proposed Team Structure for the Project 24

& Draft Timeline

7.0 Proposed Professional Fee 26

8.0 Resume of Key Personnel of BBC Professionals 27

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 1.0 BRIEF INTRODUCTION OF OUR FIRM

1.1 ESTABLISHMENT
BBC PROFESSIONALS (Formerly Balogun Badejo & Co) was established on 1 April, 1969
and it is one of the largest indigenous practicing accounting firms in Nigeria offering to
clients; professional auditing, accounting, tax, insolvency, consultancy, financial
and management advisory services, amongst others.

The firm had continued to render excellent accounting services to her numerous clients and
the nation at large for over 48 years. During these years of existence, the firm has had the
privilege of having two Partners as Past Presidents of The Institute of Chartered
Accountants of Nigeria (ICAN). These are Sir John A Balogun, KSC and Chief Adeboye
O Badejo in 1980/81 and 1999/2000 respectively.

We also make bold to say that one of our own that trained and qualified in BBC Professionals,
Mr. Chidi Ajaegbu was the Golden Jubilee President of the Institute, a rare privilege
that we cherish and which adds credence to our corporate existence.

1.2 CHANGE OF NAME

In order to reposition the firm for better services to her prospective and numerous customers
and further improve our brand name, the firm changed her name in October 2012 (though
the certificate was received in 2013) from Balogun Badejo & Co to BBC PROFESSIONALS. As
a result of the change, note that some of the documents that were included in this proposal
had the old name.

1.3 INTERNATIONAL ASSOCIATION

We are a member of PrimeGlobal, a worldwide association of independent accounting firms.
PrimeGlobal is one of the top five largest associations of independent accounting firms in the
world; as of June 2017, the association was comprised of approximately 300 highly successful
independent public accounting firms in 80 countries. PrimeGlobal provides its
independent member firms with tools and resources to help them furnish
superior accounting, auditing, tax and management services to clients around
the globe. Through PrimeGlobal, independent member firms offer the strength
and capabilities of a large, worldwide organization with technical depth and
geographic reach impossible for a local firm alone.

For details about PrimeGlobal, and the services it offers its independent member firms, visit
the PrimeGlobal website at www.primeglobal.net.

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 The PrimeGlobal Headquarters is located at:

3235 Satellite Boulevard

Building 400, Suite 300
Duluth, GA 30096
USA

1.4 MISSION
Our mission is to excel in our special areas of proficiency: accounting, auditing,
taxation, management advisory services, insolvency, etc and place at the disposal of
our clients the highly technical skills peculiar to the very professional accountant.

1.5 TEAM SPIRIT

In line with our mission, we work as a team to bring about the needed solutions and high
quality delivery to our numerous clients. We believe in Team Spirit and that we have
exhibited in all our previous assignments and shall equally bring to bear in future projects.

In BBC, we believe that no one knows it all. Consequently, we brainstorm to proffer solutions
when the need arises.

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 BBC Partners at a Brainstorming session

1.6 COMMITMENT
Our firm is committed to:
 excellent quality and timely delivery of our service.
 conscientious maintenance and improvement of our place in the profession.
 contribution to the development of our community and profession in manpower
development, technical expertise, meaningful and stable employment in a healthy
environment whilst simultaneously discharging our social responsibilities.
 dissemination of technical information towards regular communication to our
staff, clients and the public.

1.7 REGISTRATION WITH RELEVANT AUTHORITIES

Our firm is registered with the following authorities amongst others:
 The Institute of Chartered Accountants of Nigeria (ICAN)
 Public Practice Section of ICAN (PPS)
 Corporate Affairs Commission (CAC)
 Securities & Exchange Commission (SEC)
 Office of the Auditor-General of the Federation (AGF)
 Office of the Accountant-General of the Federation (AGF)
 Some Offices of the Auditor-General of the States
 Chartered Institute of Taxation of Nigeria (CITN)
 Bureau of Public Enterprises (BPE)
 PrimeGlobal, a worldwide association of independent accounting firms
 Financial Reporting Council Of Nigeria (FRCN) - Partners

1.8 AVAILABILITY OF APPROPRIATE SKILLS

We have adequate manpower that can handle any assignment in the following categories:

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1.9 KEY DRIVERS OF OUR PRACTICE

PARTNERS OF BBC PROFESSIONALS (Chartered Accountants)

22 33

11

44 55

1. J O Obogwu - Managing Partner

2. E U Itodo - Deputy Managing Partner
3. A M Adetuyi - Partner
4. G C Egwuenu (Mrs.) - Partner

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 5. O O Agbeje - Partner
1.9 KEY DRIVERS OF OUR PRACTICE (cont’d)
BBC PROFESSIONALS (Chartered Accountants) (Formerly Balogun Badejo &
Co) is well known for Efficiency, Integrity and Professionalism when it comes to the
practice and dealing with our clients. We take pride in the competence and experience of the
partners who drive the firm. We present a brief profile of our Partners.

(1)

JAMES O. OBOGWU
Chairman/Managing Partner

He attended St Paul’s Grammar School, Ebu and University of Benin, Benin City, where he
bagged a Master in Business Administration (MBA). Employed as a Trainee and rose
through the ranks to become a Partner on 1 April 2005. JOO became the firm’s Managing
Partner on 1 April, 2013.
Mr. Obogwu is a Fellow of both the Institute of Chartered Accountants of Nigeria and the
Chartered Institute of Taxation of Nigeria.

JOO as he is fondly called was the firm’s Deputy Managing Partner up to 31 March, 2013. He
is the Editor-In-Chief of our in-house journal, TICK Magazine.
He is currently:

- A Practice Monitoring Reviewer of the Institute of Chartered Accountants of Nigeria

(ICAN)
- IFRS Paper Presenter.
- A member of Practice Monitoring Committee of the Chartered Institute of Taxation of
Nigeria (CITN)
- A member of Taxation Standard Board of the Chartered Institute of Taxation of Nigeria
(CITN)
- Chairman of the Editorial Committee of the Taxation Standard Board of the Chartered
Institute of Taxation of Nigeria (CITN).

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 - A member of Public Practice Monitoring Committee of the Institute of Chartered
Accountants of Nigeria.
1.9 KEY DRIVERS OF OUR PRACTICE (cont’d)

(2)

EVERESTUS U. ITODO
Deputy Managing Partner
Everest, as he is popularly called by friends hails from Amalla in Udenu LGA of Enugu state
of Nigeria. He attended Ifruoka Primary School Amalla–Udenu LGA in Enugu State,
Government Day Secondary School Kakuri, Kaduna and St. Theresas’ College, Nsukka.

He obtained B.Sc. in Applied Accounting from Oxford Brookes University, UK and Master of
Science in Management (M.Sc. Management) from University of Lagos, Akoka, Nigeria.

EUI is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the
Association of Chartered Certified Accountants (ACCA), UK. He is also an Associate of the
Chartered Institute of Taxation of Nigeria (CITN).

Before joining the firm in January 2006, he had worked with Mu’Allahyidi & Co, (Chartered
Accountants), Supertex Limited, and Union Adhesive & Chemical Company Limited, all in
Kaduna. He rose to the position of Audit Manager in the firm on 1 April, 2008, was admitted
a Partner on the 40th Anniversary of the firm on 1 April, 2009 and became the firm’s Deputy
Managing Partner on 1 April, 2013.

He is currently:
 The Finance Partner of the Firm;
 Chairman of the Firm’s Technical, Research and Training Committee; and
 A Practice Monitoring Reviewer of the Institute of Chartered Accountants of Nigeria
(ICAN).

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  A member of forum of firms Committee of the Institute of Chartered Accountants of
Nigeria.

1.9 KEY DRIVERS OF OUR PRACTICE (cont’d)

(3)

AYODELE M. ADETUYI
Partner

Mr. Adetuyi attended Egan High School Ojo, Lagos and Olabisi Onabanjo University, Ago
Iwoye, Ogun State.

AMA obtained Master in Business Administration (MBA, Finance) from University of Lagos,
Akoka, Nigeria and Master of Accounting & Finance (M.sc) from University of Liverpool, Liverpool,
UK.

He is a member of The Institute of Chartered Accountants of Nigeria (ICAN) and The

Chartered Institute of Taxation of Nigeria (CITN).

Before joining BBc in 2006, he had worked with A A Consultants; Royal Value International
Limited and Oladeji Olagunju & Co (Chartered Accountants), where he rose to the position of
an Audit Manager.

Mr. Adetuyi also has the passion of impacting knowledge, and currently serves as Director of
Studies at Foresight Professional Institute, Lagos, an ICAN Study Centre. He is a member of
Ikoyi Club.

AMA who was admitted a Partner on 1 October, 2010 is currently the Tax Partner, IFRS
Paper Presenter and Chairman of the firm’s International Financial Reporting Standard
(IFRS) implementation Team.

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1.9 KEY DRIVERS OF OUR PRACTICE (cont’d)

(4)

GLORIA C. EGWUENU (Mrs)

Partner

Mrs. Egwuenu attended Ibru College Agbarha Otor, Delta State and Edo State University,
Ekpoma, Edo State, where she studied Accountancy. Also, she studied at University of Lagos,
Akoka where she obtained Master of Science in Management (M.Sc. Management).

Mrs. Egwuenu is a member of the Institute of Chartered Accountants of Nigeria (ICAN) and
The Chartered Institute of Taxation of Nigeria (CITN). She is an IFRS Paper Presenter and
the Vice Chairman of the firm’s IFRS implementation team.

She had worked with Omega Bank Plc (now Enterprise Bank Limited), Shonubi Abah & CO
(Chartered Accountants) and Bytex Nigeria Limited before joining Balogun Badejo & Co.

GCE as she is popularly called became a partner in the firm on 1 April, 2011 and she is
currently the Administrative Partner.

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1.9 KEY DRIVERS OF OUR PRACTICE (cont’d)
(5)

OLANIYI O. AGBEJE
Partner

Olaniyi Agbeje hails from Ayedun Ekiti in Ikole Local Government area of Ekiti State. He
attended Army Children Primary School, Kakuri, Kaduna State and Comprehensive High
School, Ayedun-Ekiti, Ekiti State. He graduated from Ondo State Polytechnic (now Rufus
Giwa Polytechnic) Owo, Ondo State.

He is a member of the Institute of Chartered Accountants of Nigeria with over 13 years

experience in Financial Advisory Services.

He started his career as an Accounts Officer with Modecom Solution Limited – A telecoms
dealer before moving to Temidayo Adebayo & Co, a firm of Chartered Accountants as
Graduate Training where he rose to the rank of an Audit Manager. He later joined BBC
Professionals (formerly Balogun Badejo & Co.) in February, 2010 in pursuant of his
professional career.

He is well grounded in audit and assurance, financial modeling and analysis, Reporting
Accounting, etc.

He is married with children.

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1.10 PARTNERS AND SENIOR TECHNICAL STAFF

1.10.1 Partners: {full time - 5}

NAME QUALIFICATIONS EXPERIENCE

1. J O Obogwu MBA, FCA, FCTI 29 years

2. E U Itodo B.Sc., M.Sc., FCCA, FCA, ACTI 24 years

3. A M Adetuyi B.Sc., MBA, M.Sc., FCA, ACTI 20 years

4. G C Egwuenu (Mrs.) B.Sc., M.Sc., ACTI, FCA 20 years

5. O O Agbeje HND, ACA 15 years

Senior Technical staff:

6. C M Uche-Ugwu (Mrs.) B.Sc., ACA 9 years

7. C I Onah HND, ACA 12 years

8. I E Iwuchukwu AAT, ACA 18 years

9. F E Obi B.Sc., ACA 15 years

10. F O Adeboye B.Sc., ANIMN, ACA 12 years

11. M O Lesi B.Sc., ACA 3 years

12. V O Opajobi (Miss) B.Ed., ACS 17 years

13. O F Moyegun B. Agric, PDCA 18 years

Consultants: [Part time]

1. P. O. Oluwi FCCA, FCA, FCTI, 42 years
2. Dr. J O Asaolu FCA, FCTI, MNIM, Ph.D 41 years
3. M O Oladotun FCCA, FCA, FCTI, FCIPM, FWAIMC 41 years
4. F C Obi FCA, ACTI 36 years

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 QUALIFYING SENIORS AND TRAINEES
At varying degrees of qualification and experience – over 40 in number.

2.0 OUR OFFICES AND CONTACT INFORMATION

2.1 OFFICES IN NIGERIA

Our firm has offices in the following locations in Nigeria:
Abuja Ibadan
Akure Kaduna
Benin City LAGOS - Headquarters

2.2 OUR CONTACT OFFICES AND OFFICERS

Headquarters - Lagos
Charter House
7 McNeil Road
Sabo, Yaba
Lagos
G P O Box 3260, Lagos
Tel: +234 (0) 8112731722
Website: www.bbccharter.com
Email: bbccharter@yahoo.com and bbc@bbccharter.com
Headquarters contact officers:
Name Designation GSM Email
J O Obogwu Managing Partner 08023139061 obogwu@bbccharter.com
joobogwu@yahoo.com

E U Itodo Deputy Managing Partner 08036165079 euitodo@bbccharter.com

euitodo@yahoo.com
Abuja office
Suit 24 Dee Awwal Plaza
2nd Floor, Plot 2044, Michael Okpara Street
P O Box 8601
Wuse, Zone 5, Abuja

Abuja office contact officers:

Name Designation GSM Email
C I Onah Senior 08063166927 chris.ibe65@yahoo.com

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 3.0 EXPERIENCES AND SIMILAR ASSIGNMENTS

We have relevant cognate experience and a strong record of value-added service to our
esteemed clients which we have been doing for over four (4) decades of our existence.

3.1 SIMILAR ASSIGNMENTS

Some of the Stock/Inventory Management Exercises that we carried out or currently
engaged in which are similar to the proposed assignment are as stated below:

 Feroe Supermarkets Limited

 Honeywell Flour Mills Plc
 CSS Bookshop Limited
 Bookshop House Limited
 Petroleum Products and Marketing Company (PPMC)
 Dayntee Farms Limited
 Alaba Meta Farms Limited
 Pavilion Technologies (Nigeria) Limited
 Nigerian Foundries Limited
 Life Tapes Limited
 Coates Brothers (Nigeria) Limited
 IPWA Plc
 Nigerian Social Insurance Trust Fund (NSITF)
 Nigerian Institute of Architects (NIA)
 Institute of Chartered Secretaries and Administrators of Nigeria
(ICSAN)
 Joint Tax Board (JTB)
 Tax Appeal Tribunal (TAT)
 Nigerian Institute of Estate Surveyors and Valuers (NIESV)
 National Broadcasting Commission (NBC)
 National Malaria Elimination Programme (NMEP) - Federal Ministry
Of Health
 National Agency on the Control of AIDS (NACA ) Global Council
 United Nations Development Program (UNDP) – Various
 Africare Nigeria
 United Nations Population Council (UNFPA) – Various

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  NACA Federal Government of Nigeria
 South South Healthcare Delivery Programme – G.77
 West African Examination Council (WAEC)

3.2 INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS)

Even though IFRS took off effectively in Nigeria from 2012 in line with the Roadmap, we have
acquired skills and exposures prior to the effective date knowing full well our client base
which cuts across virtually every sector of the economy. Our joint assignments with our
Global Partners really added value to BBC Professionals coupled with Foreign Trainings
attended by our representatives.
We have been privileged to render various services in IFRS viz: Public Trainings; Financial
Statements Reviews; Conversions and full Implementations amongst others. Some of the
clients’ serviced by our Firm on IFRS related assignments are listed below:

 Equity Assurance Plc

 Honeywell Flour Mills Plc
 IPWA Plc
 Man Mountain & Company Limited
 Obafemi Awolowo University (OAU), Ile – Ife
 Greenwich Trust Limited
 Academy Press Buz Forms Ltd
 Bells University, Otta
 Thomas Wyatt Nigeria Plc
 Grange Schools
 Coates Brothers Limited
 Eldorado Construction Co. Limited

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Some BBC Partners in a group photograph with our Foreign Partner
after an IFRS Training organized by the Firm in Collaboration with
LDP (South Africa) – a member of PrimeGlobal at Lagos Airport
Hotel, Ikeja - Lagos

3.3 OTHER ASSIGNMENTS - GENERAL

Some Other assignments carried out by the firm in recent past are
listed below:

AUDIT AND ASSURANCE SERVICES INTERNATIONAL FINANCIAL REPORTING

STANDARD (IFRS)
 United Nations Development Programme (UNDP) –  Equity Assurance Plc
Various audit engagements
 Honeywell Flour Mills Plc
 Equity Assurance Plc
 IPWA Plc
 Thomas Wyatt (Nigeria) Plc
 Man Mountain & Company Limited
 Honeywell Flour Mills Plc
 Obafemi Awolowo University (OAU), Ile – Ife
 IPWA Plc
 Greenwich Trust Limited
 Pipelines & Products Marketing Company Limited
(PPMC)  Academy Press Buz Forms Ltd

 NEM Insurance Plc  Bells University, Otta

 Bowen Micro Finance Bank  Thomas Wyatt Nigeria Plc

 Grange Schools  Grange Schools

 Man Mountain & Company Limited  Coates Brothers Limited

 Greenwich Trust Limited  Eldorado Construction Co. Limited

 Mission Securities Limited  Several Public Training Courses and general Advisory.

 Honeywell Superfine Foods Limited RECEIVERSHIP, LIQUIDATIONS AND

DUE DILIGENCE
 Calyx Trust Limited  AIICO Insurance Plc
 Resort Securities & Trust Ltd  Afolabi Dimehin & Sons Limited

 Tax Appeal Tribunal  Nfi Insurance Plc

 Falcon Petroleum Limited  Johnnic Communications (WA) Limited

 Electronic Payplus Limited  NITEL/MTEL

 Spectrum Books Limited
 Allport Cargo (W.A) Limited
 Credite Bank Nigeria Limited (Closing Activities)
 Coates Brothers (WA) Limited
 Kainji Textiles Limited
 Metal Furniture Nigeria Limited
 Mercantile Press Limited
 Metec (W.A.) Nigeria Limited
 Oluyori Bottling Ind. {Nigeria} Limited
 NACA Global Council
 Penguin Dairies Limited
 Nigerian Foundries Limited
 Max & Kelly Nigeria Limited
 Metro-Urban Homes Limited
 Unit Six Agric Industry Limited

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  Federal Radio Corporation of Nigeria (FRCN)
 National Broadcasting Commission (NBC)
 News Agency of Nigeria (NAN)
 Nigerian Television Authority (NTA)
 Prime Publications Limited
 The Daily Times of Nigeria Plc - NSE Quoted
 Life Press Limited
 United Nations Population Council (UNFPA)
 Nigeria Social Insurance Trust Council (NSITF)
TAXATION SERVICES
 Pipelines & Products Marketing Company Limited (PPMC)
 NEM Insurance Plc
 Bowen Micro Finance Bank
 OAS Helicopters
 Electronic Payplus Limited
 Allport Cargo (W.A) Limited
 Coates Brothers (WA) Limited
 Metal Furniture Nigeria Limited
 Metec (W.A.) Nigeria Limited
 Nigerian Foundries Limited
 Enertek Bendix Limited
 Several others

5.0 OUR UNDERSTANDING OF THE ASSIGNMENT

4.1 Introduction
Hubmart Stores Limited intends to engage the services of consultants who have highly
specialized knowledge and extensive experience on Inventory Management to be engaged to
conduct a thorough counting and analysis of its stock in all its retail outlets and we are hereby
expressing our interest for appointment as Consultants to the Company.

4.2 Brief History of Hubmart Stores Limited

Hubmart Stores Limited is a retail shopping chain of Nigerian heritage, offering multi-format
stores in various locations and positioned to offer customers world-class shopping experience
as well as a vast range of products. Its unique value proposition lies in its excellent customer
service as well as its superior capabilities in the fresh categories.
Hubmart has sub-brands/sections such as HubDeli (Fast Food Eatery), HubCafé and
HubCare (Health & Beauty) and is poised to delight its customers with special promos and
offers while offering Customers a world class loyalty scheme “The Hub”.
At Hubmart, its long-term perspective is not just embedded in its strategy but in its mindset,
which focuses on partnership and building lasting personal relationships not only with its
customers, but with its suppliers, staff, communities and the regulatory authorities. This
philosophy, it plans to embrace in all it does, across all channels.
It recognizes the changing needs of the Nigerian shopper and poised to meet them – busy
lifestyles, need for simplicity, ease of access, control, value for money and convenience.

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 Hubmart’s raison d’être and top priority can all be summed up in one word- its customers. It
opened shop with one sole purpose, and that is to constantly provide sterling levels of
customer service and put smiles on the faces of its customers.

VISION
To be the leading retailer in Nigeria.

CORE VALUES
 Teamwork
 Intrapreneurship
 Professionalism
 Passion & Innovation
 Integrity

4.3 Need for Inventory Management

The need to maintain the right balance of stock in the warehouse, production unit and the
retail store is key to the overall success of a Retail Business, hence the importance of a good
inventory management system.

A good Inventory Management system has thus become a credible process by which
Inventory Management professionals provide up-to-date information on the stock supplied,
reserved and sold at every given time and thus issue an opinion as to the true and fair view of
the entity’s inventory.

There is also the need for the inventory exercises to be conducted timely within an agreed
period and/or at regular intervals or else, it will not be useful in serving the intended
purpose. In doing this, the confidence of the stakeholders in the business will be greatly
enhanced.

In line with the above, our firm – BBC PROFESSIONALS [Chartered Accountants] hereby
forward its application to be considered for appointment as Inventory Management
Consultants to your Company. Having been in existence for over forty nine (49) years in
rendering similar services to numerous clients, we want to be part of the Company’s Project
of Transformation, Transparency and Accountability.

4.4 Our duties as Inventory Management Consultants

Our duties shall include but not limited to:
Physical counting of different SKUs in the Warehouse and Retail Stores;

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 Critical review of internal control processes and procedures with a view to ascertaining
the existence, adequacy and compliance of the Inventory system at the different retail
stores;
Reconciling the physically counted products with what is provided on the Inventory
Ledger;
Issuing our reports at the end of the inventory exercise;
Bringing to the knowledge of Management all observed weaknesses in the internal
control systems and operations generally; and making recommendations for
improvements.

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 5.0 BRIEF METHODOLOGY PROPOSED FOR
PERFORMING THE ASSIGNMENT

5.1 SUMMARY OF STAGES:

In summary, our job when appointed as Inventory Management Consultants to Hubmart

Stores Limited is as illustrated below:

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5.2 PRELIMINARIES:
Upon our appointment as Inventory Management Consultant to your Organization, we shall
carry out the following:
 Forward our Letter of Acceptance signifying our acceptance of the appointment.
 Issue Letter of Engagement which shall spell out the terms of engagement.
 Hold meetings with the members of the team in charge of inventory at the different
retail stores.
 Issue our strategy to actualize the objectives of the exercise
Consequently, we shall obtain necessary background information and documentations for the
purpose of the exercise.
Such background information and documentations shall include but not limited to:

1. Collection of the Inventory Ledger at each of the Retail outlets divided into the
different units:
- Warehouse
- Production
- Store
2. The different Stock-Keeping Units (SKUs) of the products in each of the Units;
3. The Inventory Ledger should provide the Product Barcode for ease of reference;
4. Existing reporting formats to enable deployed staff integrate the results of the exercise
into the already laid-down procedures

The above are expected to be obtained before commencement of the assignment after
which such information will be discussed with the personnel to be engaged on the project
in order to:

 acquaint professional staff with the background information of the

products;
 be well informed on the strategy to be adopted to ensure that the project
objectives and timetable are borne in mind while carrying out the audit assignment;
 brief the team members as to the requirements, timing and explanation of
work programme; and
 ensure that the exercise is carried out efficiently and effectively.

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5.3 WORK PLAN AND METHODOLOGY

General Procedures
Our proposed procedure is as listed below:

o We shall conduct a merchandising sweep of the different units i.e. Warehouse,

Production & Retail Stores. Making sure all products are moved to their
respective locations. In cases of products available in multiple locations (on a
shelf and at the till or on an endcap, we shall note the secondary location at the
exact unit.

o We shall organize the different units into logical segments with all similar SKU’s
grouped together and accessible. We shall count all Warehouse Inventory, The
Production Inventory and Retail Store Inventory.

o We shall organize the inventory counting by assigning employees to specific

product lines or sections of the Warehouse, Production and Store units.
Provide them with the inventory ledger and have them note the physical counts
on the inventory ledger

o We shall double check inventory count accuracy by randomly selecting SKUs

from the ledger and conducting a second count. Use any discrepancies to
correct the anomalies, if any.

o Conduct second counts on any SKUs that deviate from the inventory ledger.

o Once we are certain that all inventory counts are fully accurate, we shall
reconcile the inventory ledger and stock on hand reports by deducting or adding
stock to the variant SKUs.

o We shall delve into discrepancies and look for root causes such as: improper
intake processes when receiving goods, damaged goods improperly deducted
from inventory, theft, improper accounting for returned goods.

o The cycle counting procedure shall be put in place to create regular inventory
counting procedure to aid proper procedure.

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 5.4 PROCESS OVERVIEW AND QUALITY ASSURANCE

Process overview and quality assurance obtainable in BBC is better experienced than
explained. Our process starts by planning the assignment. The plan sets out clearly what
project objectives we intend to achieve and at what time frame.

In summary, the process is displayed in Risk and Quality Assurance Flow

Chart stated below:

Creation of Print Cycle Count

Start Physical Inventory Sheets
Perform
Physical
Documents Count of
Stock

Enter Physical Report Recount Post Inventory

Inventory? Documents End
Counts Differences

Perform Physical Print Recount

count of stock Sheets

5.5 Final reports

Having carried out the field work and various stages of review, we shall issue or report
alongside with outstanding issues (if any). The report shall contain details of our review,
issues observed, consequences of lapses and recommendations.

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 After necessary consideration and approvals of the reports by all concerned, we shall issue
the final report to the Management.

5.6 Conclusion

We recognize that all methodologies to be adopted in carrying out the assignment may not
have been spelt out fully in this proposal while other approaches and methodology will be
contingent on-the-job and situations that may arise during the field work.

The above is therefore the summary of what we intend to do if appointed as Inventory

Management Consultants to Hubmart Stores Limited.

Proposal for Engagement as Consultants to provide Inventory Management Service to HSL – By BBC Page 23
 6.0 PROPOSED TEAM STRUCTURE FOR THE PROJECT & DRAFT
TIMELINE

6.1 TEAM STRUCTURE

Our understanding of the project is for the count of the inventory of Hubmart Stores Limited at
the three retail outlets in Lagos namely, Ikeja, Victoria Island and Lekki.
Please find below our personnel deployment plan for the project at each of the outlets.
Engagement Partner

Quality Control
Partner
Team Lead

3 Supervisors per Unit

20 Stock Counters per

Outlet

The Proposed Team was chosen considering the Client, Nature of Job, envisaged Timing,
Deliverables expected and most importantly, the experience, exposure and calibre of Personnel.

We are confident that the Staff mix will be adequate for the project and if there is need to deploy
additional personnel, we shall act accordingly.

6.2 DRAFT TIMELINE

Proposal for Engagement as Consultants to provide Inventory Management Service to HSL – By BBC Page 24
Please find attached.

7.0 PROPOSED PROFESSIONAL FEE

Our proposed professional fee for this exercise is three million five hundred and fifty
thousand Naira only as detailed below:

Items Amount
(=N=)

Professional fee 3,000,000

VAT (5%) 150,000

Disbursements 400,000
Total 3,550,000

Proposal for Engagement as Consultants to provide Inventory Management Service to HSL – By BBC Page 25
Proposal for Engagement as Consultants to provide Inventory Management Service to HSL – By BBC Page 26
 8.0 RESUME OF SOME KEY PESONNEL OF BBC PROFESSIONALS

The Resume of our partners is presented below:

Chairman/Managing Partner
Position:
Name of Firm: BBC PROFESSIONALS

James Ofoma OBOGWU

Name of Staff:
Accountancy/Auditing
Profession:
13 July, 1968
Date of Birth:
Experience: 30 Years Nationality: Nigerian

Education:
School Date Qualification
University of Benin, Benin City 1999 – 2001 MBA (Business Administration)
St. Paul Grammar School, Ebu 1982 – 1987 WAEC/GCE O’Level

Professional qualifications:
Institute of Chartered Accountants of Nigeria (ICAN) - FCA
Chartered Institute of Taxation of Nigeria (CITN) - FCTI

Employment Record:
Company Period Position
BBC Professionals 1 April 2013 – date Managing Partner
BBC Professionals 1 April ‘12 to 31 March,‘13 Deputy Managing Partner
BBC Professionals 2005 to 31 March, 2012 Partner
BBC Professionals 2001 to 2004 Audit Manager
BBC Professionals 1997 to 2001 Audit Senior
BBC Professionals 1986 to 1997 Audit Trainee

Languages (Written and Spoken):

Igbo - Excellent
English - Excellent

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 RESUME OF SOME KEY PESONNEL OF BBC PROFESSIONALS

Deputy Managing Partner

Position:
BBC PROFESSIONALS
Name of Firm:
Everestus Uche ITODO
Name of Staff:
Accountancy/Auditing
Profession:
15 December, 1973
Date of Birth:

Experience: 24 Years Nationality: Nigerian

Education:
School Date Qualification
University of Lagos, Akoka 2011 M.Sc. (Management)
Oxford Brookes University, Oxford, UK 2009 B.Sc. Applied Accounting
Skolak Resources Information Tech. Centre 1999 Cert. Data Processing
St. Theresa’s College, Nsukka 1992 Senior Sec. School Cert.
Ifrouka Primary School, Amalla 1986 First School Leaving Cert.

Professional qualifications:
Institute of Chartered Accountants of Nigeria (ICAN) - FCA
Chartered Institute of Taxation of Nigeria (CITN) - ACTI
Association of Chartered Certified Accountants (ACCA), UK - FCCA
Employment Record:
Company Period Position
BBC Professionals 1 April ‘13 – date Deputy Managing Partner
BBC Professionals April ‘09 to 31 Mar, ‘13 Partner
BBC Professionals 2006 to 2009 Manager, Supervisor,
Audit Senior
Mu’allahyidi & Co, Kaduna 2003 to 2006 Assist. Audit Mgr, Senior
Supertex Limited, Kaduna 1995 to 2003 Shift Section Controller
Union Adhesive & Chem. Co Ltd. 1993 to 1995 Administrative Clerk

Languages (Written and Spoken):

English & Igbo - Excellent
Hausa - Fair

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 RESUME OF SOME KEY PESONNEL OF BBC PROFESSIONALS

Partner
Position:
BBC PROFESSIONALS
Name of Firm:
Ayodele Morounkeji ADETUYI
Name of Staff:
Accountancy/Taxation
Profession:
14 September, 1975
Date of Birth:

Experience: 20 Years Nationality: Nigerian

Education:
School Date Qualification
University of Liverpool, UK 2o12 – 2016 International Fin. Reporting
University of Lagos, Akoka 2011 MBA (Finance)
Olabisi Onabanjo University 2006 B.Sc. (Banking & Finance)
Business Solution Limited 1999 Cert. Data Processing
Egan High School, Ojo, Lagos 1993 Senior Sec. School Cert.
St Dominic Catholic Primary School 1987 First School Leaving Cert.
Professional qualifications:
Institute of Chartered Accountants of Nigeria (ICAN) - FCA
Chartered Institute of Taxation of Nigeria (CITN) - ACTI
Employment Record:
Company Period Position
BBC Professionals Oct. 2010 to date Partner
BBC Professionals 2003 to Sept, 2010 Audit Senior, Supervisor,
Senior Tax/Audit Manager
Oladeji Olagunju & Co 2001 to 2003 Tax/Audit Manager
Royal Value Int’l Limited 2000 to 2001 Accountant
Oladeji Olagunju & Co 1998 – 2000 Audit/Account Trainee
A A Consultant 1997 – 1998 Admin Officer

Languages (Written and Spoken):

English - Excellent
Yoruba - Excellent

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 RESUME OF SOME KEY PESONNEL OF BBC PROFESSIONALS

Partner
Position:
BBC PROFESSIONALS
Name of Firm:
Gloria Chineku EGWUENU (Mrs.)
Name of Staff:
Accountancy/Taxation
Profession:
21 May, 1973
Date of Birth:

Experience: 20 Years Nationality: Nigerian

Education:
School Date Qualification
University of Lagos, Akoka 2012 M.Sc. (Management)
Tenderfem Computer Ltd. Osogbo, Osun State 1996 Diploma Computer Studies
Edo State University, Ekpoma, Edo State 1995 B.Sc. Accounting
Ibru college, Agbarha Otor, Delta State 1987 West African School Cert.
Abbi girls Sec. Sch., Abbi, Delta state 1984 “ “ “
Professional qualification:
Institute of Chartered Accountants of Nigeria (ICAN) - FCA

Employment Record:
Company Period Position
BBC Professionals April 2011 to date Partner
BBC Professionals 2004 to 2011 Manager, Supervisor, Senior
Bytex Nigeria Ltd 2004 to 2006 Accountant
Shonubi Abah & Co 1999 to 2004 Auditor
Omega Bank Plc 1998 to 1999 Business Dev. Officer
(Now Enterprise Bank Limited)
Good shepherd High School 1997 to 1998 Class Teacher
The Accountant general’s Office 1995 to 1996 Accounting Officer
Oshogbo Osun State (NYSC)

Languages (Written and Spoken):

English - Excellent
Igbo - Fair

Proposal for Engagement as Consultants to provide Inventory Management Service to HSL – By BBC Page 30
 RESUME OF SOME KEY PESONNEL OF BBC PROFESSIONALS
Partner
Position:
BBC PROFESSIONALS
Name of Firm:
Olaniyi AGBEJE
Name of Staff:
Accountancy/Taxation
Profession:
12 January, 1971
Date of Birth:

Experience: 15 Years Nationality: Nigerian

Education:
School Date Qualification
Ondo State Polytechnic, Owo 2o00 HND Accountancy
Ondo State Polytechnic, Owo 1997 OND Accountancy
Comprehensive High School, Ekiti State 1993 Senior Sec. School Cert.
Army Children Pri. School, Kaduna State 1987 First School Leaving Cert.

Professional qualifications:
Institute of Chartered Accountants of Nigeria (ICAN) - ACA

Employment Record:
Company Period Position
BBC Professionals 1 April 2017 to date Partner
BBC Professionals 2010 to March, 2017 Audit Senior, Supervisor,
Manager
Temidayo, Adebayo & Co 2003 to 2010 Audit Manager
Modecom Solution Limited 2002 to 2003 Account Officer

Languages (Written and Spoken):

English & Yoruba - Excellent
Hausa - Fair

Proposal for Engagement as Consultants to provide Inventory Management Service to HSL – By BBC Page 31