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

'Terrorists are all over, not only Southern Kaduna'

-Governor Nasir el-Rufai el-Rufai addressing Journalists in Hausa after a security meeting on Southern Kaduna By DANGWA DANJUMA G overnor Ahmed Nasir el-Rufai has admitted that terrorists are everywhere in Kaduna state, not only in the troubled Southern Kaduna, disclosing that miscreants have taken to the social media space to promote what he called disturbing and further aggravating the worsening situation situation with religious and ethnic colouration. Speaking to newsmen in Hausa, after a meeting with security officials, el-Rufai said that miscreants from Abuja, Lagos, Port Harcourt and outside Nigeria are trying to insinuate that the Southern Kaduna killings is ethnic and religious even going as far as asking people to take the law into their hands. While maintaining that these people would be brought to book, he tasked traditional leaders, religious leaders and political office holders in the state to speak the truth about the happenings as failing to do so wo...

Outcry over a Woman's Inhumanity

DANGWA DANJUMA F ollowing intense investigation and reports by BREKETE FAMILY a flagship radio programme on Human Rights Radio and Television station focusing on human rights abuse, on how Deborah Babaji Longs, a personal assistant to Mrs Mariam Ahmodu Ali, spent three days in a dog’s cage without food or water, the Federal Capital Territory Police Command has arrested the wife of former People’s Democratic Party National Chairman and Senator of the Federal Republic of Nigeria, Col. Ahmodu Ali (rtd). The story of Deborah Babaji Longs, who worked as Mariam’s personal assistant, featured on Human Rights Radio and Television aka ‘Berekete Family’ on Saturday March 26, 2022 following a report of her alleged imprisonment by Mariam Ahmodu Ali. Narrating her ordeal, Deborah told Brekete Family under oath that Col. Ahmodou Ali, his two daughters and a son-inlaw witnessed the life threatening humiliation and blows meted out to her by Mrs Ali in the middle of their living room in their Abu...

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...

Kaduna online Publishers move to tackle fake news

T he maiden Public Lecture and Award Presentation by the Arewa Online Publishers Association is underway in Kaduna to address fake news and promote ethical standards for overall good of the society. With the theme: 'The Role of New Media in Nation Building', the lecture will be delivered by renowned Professor Umaru Pate of Bayero University Kano (BUK) at Arewa House Banquet Hall, Kaduna tomorrow being Wednesday, November 27, 2019. Some distinguished great Nigerians and Corporate Organizations who have made outstanding contributions to nation building would be honoured at the epoch-making occasion. The Emir of Katsina, Alhaji Abdulmumini Kabir Usman is the Royal Father of the Day while the Kaduna State Governor, Mallam Nasir El-rufa'i is the Chief Host. The Association with its headquarters in Kaduna , is a cream of seasoned Journalists who operate Online Media platforms across the 19 Northern States and Federal Capital Territ...

Open Government: Expert cautions Kaduna on Open Budget

A summary of the state government's commitment to open budget By DANGWA DANJUMA T he Kaduna State Fiscal Responsibility Law (2016), should be reviewed to guarantee citizens participation in the budget process. Coalition of Associations for Leadership, Peace, Empowerment and Development's (CALPED) Head of Leadership, Governance and Advocacy, Yusuf Ishaku Goje who dropped the hint, maintained that "an amendment bill of the Fiscal Responsibility Law (FRL, 2016) should also be sent to the House of Assembly to capture the CDCs as an integral part of budget process". This, he said would surely, "boost citizen’s confidence in the State government and ensure we deliver on the OGP key performance indicators on open budget." During this year’s budget formulation, CDCs generated from some of the local government areas were submitted to the Planning & Budget Commission, but no evidence to show that a single one was captured in the 2020 approved budget....

Cubinks NEWS

Search This Blog