The Family Homes Funds Limited (FHFL) is a social housing initiative promoted by the Federal Government of Nigeria as part of its Social Intervention Programme. The Company is a Limited Liability Company with initial shareholding by the Federal Ministry of Finance and the Nigeria Sovereign Investment Authority. Over the next 4 years, the company aims to invest up to N1.3trn in promoting the development of 500,000 homes for people on low income. In the process, the Company also aims to create up to 1,500,000 jobs.
Family Homes Funds Limited is looking to engage the services of one or more accounting firms with specific technical skills to carry out functions detailed in the scope of work below.
The bids should be submitted in accordance with the specifications, terms, and conditions shown in this Request for Proposals (RfP). Prospective respondents are advised to read this information carefully prior to submitting a proposal.
SCOPE OF WORK
As a result of the nature of the services required, the Scope of Work has been divided into LOTs as detailed below and bidders may bid for one or more of the LOTs:
The provision of an independent opinion on the application of the IFRS 9 Financial Instruments Expected Credit Loss impairment provisions computations on the particular business model (and mandate) being operated by Family Homes Funds Limited, and advise on all necessary disclosures in accordance with IFRS 9 Financial Instruments: Disclosures. Aim is to arrive at an ECL model and disclosures that reflect FHFL mandate, facts and circumstances.
Guidance on the accounting treatment of FHFL’s Land Titles acquired in the course of ordinary business. The FHFL business model provides for it to take possession of Land Titles, often as security/collateral against development loans or construction finance for public and private stakeholders. Hence, it is particularly important that these are accurately represented in the organization’s financial statements.
Preparation of financial statements for the closing accounts of a Joint Venture. FHFL’s nature of business may sometimes require entering into Joint Venture partnerships with unique peculiarities. As such, the services of a firm with particular experience in managing the accounting and preparing financial statements for such partnership is required.