Skip to main content

Expert advocates for prudence and and accountability in Treasury Management

                       


                                         

By EDDY OCHIGBO


Lack of efficient and prudent treasury management in the country have been identified as the source of fraud and sharp practices in nation's public and private sector.


Dropping the hint during a breakfast meeting with Correspondents in Kaduna during the week, the Registrar and Chief Executive of the Chartered Institute of Treasury Management of Nigeria, Mr Adedoyin Olumide, reiterated that poor treasury management remains the bane of public and private finance utilization in the country, calling for greater synergy among all professionals in accounting, banking and finance.


He disclosed that the Chartered Institution of Treasury Management (CITM) - which recently secured presidential assent for the Act establishing the institute after waiting in the wings for more than a decade - is currently working round the clock to come up with innovations that would add value to public and private sector reform initiatives.


The registrar believes that when the operation of treasury management is allowed to impact on the economy of an entity, cash flows would be efficiently managed and utilized; and embezzlement would be greatly minimized.


"Apart from that, firms would operate with smaller amount of cash, better bank service, proper allocation of funds and risk of loss in management of investment in liquid assets would be eliminated", Olumide said, listing the cardinal focus of the institute to include the following:


* the promotion of the study and practice of proper treasury management as a safeguard against fraud, outright embezzlement, emasculations, misappropriation/misapplication of scarce resources placed in the care/custody of fund managers;

* encouraging professionalism in the field of treasury management to conduct researches into the best method and means of developing and applying the research results;

* provision of opportunities for treasury managers and financial controllers to improve and enhance their technical skills development as professionals;

* instilling high standard professional efficiency and effectiveness through training and retraining activities;

* maintaining professional discipline within the rank and file of practitioners and regulate the practice of the profession in all ramifications; and

* disseminating professional information on treasury management and other matters as the case may be.


The registrar, who strongly believes that a prudent and strategic approach to treasury management is the way to go, assured that such a step would definitely boost the nation's struggling economy. "Treasury management is not a new phenomenon. It ensures continuous liquidity for settlement of ensuing spontaneous obligations and minimizes associated risks of managing and investing in cash and near cash, thus preventing hemorrhage," he summed up.

Comments

Popular posts from this blog

Why States may be unable to pay new minimum wage -Commissioner

Citizens listening with rapt attention  By YUSUF GOJE C ommissioner, Planning and Budget Commission Kaduna state, Mohammed  Sani Dattijo has queried the rationale behind the proposed upward review  of the minimum wage, which he said compels even states that are not  viable to play ball. Making the assertion at the  recently concluded Citizens' Consultation forum on Medium Term Expenditure Framework 2019-2021  held in Kaduna, Dattijo said:"The minimum wage should be moved from the  exclusive to the concurrent list, even though Kaduna state is  healthier than most states, there are states that cannot afford the  increase in minimum wage. If this is not done, the increase in minimum wage will only be on paper but difficult to implement by many states, resulting in labor disputes". He stressed that the exclusiveness of this piece of  legislation which empowers only the Federal government to de...

Yearning for sound Fiscal Responsibility

Fundamentals for good governance G overnment and Citizens' Groups in Kaduna state have teamed up to engender effective budget tracking and implementation to create the enabling environment for increased internally generated revenue (IGR), in accordance with International Public Sector Accounting Standards (IPSAS). This was the fallout of a three-day eye opening event, facilitated by Partnership to Engage, Reform and Learn (PERL-ECP), in collaboration with the Kaduna state government. The engagement touched on the urgent need to conduct budget trend analysis across key sectors - Economics, Social, Law/Justice as well as Administration, including audit report, all aimed ultimately at putting Kaduna state in good stead for sustained economic growth. Addressing participants drawn from government and citizens' groups, Mr Timothy Effiong, a Public Financial Management Consultant, maintained that even in Kaduna a state that is very policy-driven, there exist gaps in g...

Coalition urges COP-27 to fast track advocacy against Climate Change

  Participants in a group photograph after the event in Kaduna By EDDY OCHIGBO,  A  coalition  of environmental organizations in Kaduna, under the aegis Extinction Rebellion (XR) - a global movement which seeks to persuade governments to act justly on climate change and ecological emergency - has hosted a pre-COP27, in partnership with Bridge-that-Gap Initiative, to galvanize the campaign against climate change, as the   the 27th Conference of Parties slated for Sharm El-Sheikh, Egypt kicks off. In an exclusive interview with NATIONAL ACCORD, one the coordinators of the event in Kaduna metropolis, Mr Zinta Akpoko, revealed that  COP27, Egypt could become a turning point of the campaign, given that forerunners of the conference have since pledged to relentlessly push to prioritize climate financing for developing nations.  "The effect of climate change is very evident and we need to be very frank  by telling the truth about the inherent dangers tha...

Fiscal responsibility: Kaduna State's debt burden and unrealistic budgeting

By YUSUF ISHAKU GOJE T he budget is said to be the second most important document outside the constitution, without which even the constitution cannot fully function. It enables governments to turn campaign promises articulated as policies into concrete public services that seek to improve the overall living standard of the people. That is why it remains the most critical socio-economic policy tool that outlines the government's priorities in financial terms. The extent to which the government's proposed spending sticks to what it has projected as realistic revenue makes a budget credible. Therefore, it also becomes a measurement of government's sincerity and capacity to deliver on campaign promises. More importantly, the credibility of any budget depends on its realism, as you cannot spend what you cannot get. That means for a budget to be realistic it has to be substantially achievable. However, politicians are always under pressure to spend more, most times overshooting ...

TRIBUTE: Dr Bala Takaya 1930 - 2018

  Bala John Takaya (2nd Left) at a function recently By Nasiru Jagaba Again, with rude shock, death has come upon us in the early hours of Sunday, 27th May, 2018. It is with deepest regret that the Middle Belt Youth Wing of Middle Belt Forum mourns the death of our President, Father, Mentor, and a tireless advocate of equity, fairness and justice, Dr Bala John Takaya, the President of Middle Belt Forum has silently closed the door of life and departed from us, never to return.  68 years old Takaya, an unparalleled University Senior Lecturer, a distinct politician who served as the  Secretary to State Government of the old Gongola State, a member of the 1987 Political Bureau. On the fight to restore democratic system of governance, he worked hand in hand with Chief Solomon Lar. Also, in 1999 he was the governorship candidate of the All People’s Party, APP later ANPP.  He is much esteemed in the community of Middle Belt and generally recognized as on...