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

NEWS FEATURE: Governor el-Rufai and the Sanctity of the Ballot

el-Rufai: Voting at his polling unit BY NASIRU JAGABA F irst of all, let me start by congratulating the Citizens of Kaduna State, for violence free election in the local government polls. The peaceful conduct of the citizens in Kaduna despite the happenings that had shown clearly the desperation of persons in the corridor of power to manipulate, overturn the result refused to give in to the chaos but rather responded with all sense of maturity and confidence in the sanctity of the ballot. Had Kaduna responded in similar desperation as shown by the institutional riggers, perhaps curfew would have been slammed in several areas which would have created the perfect cover for the malpractices to happen. The hate speeches and incitement from the top government officials in Kaduna state government did not end on the platforms for the campaigns alone but went further to reflect in the exercise that held. There are several accounts going round about thugs accompanyin...

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...

DEVELOPMENT DIALOGUE:

'Our lives depend on our Environment' -Environmentalist Dr. Emeghara with participants at the roundtable Dr. Emeghara Ursula Ukamaka is the Deputy Provost Federal College of Forestry Mechanization, Afaka, Kaduna State. She represented the College at a recent round table engagement involving non state actors for Climate Action and Sustainable Development Goals in Kaduna State. She spoke to Cubink's Bala Shekari ...

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....

'Sign Seed Bill to rescue Nigerian Farmers'

President Muhammadu Buhari By EDDY OCHIGBO Farmers in Nigeria and critical stakeholders in the nation's agricultural sector have called on President Muhammadu Buhari to assent to the National Agricultural Seeds Council(NASC) Amendment Bill, towards taking agriculture to the next level in the country. Speaking during the week, at a one-day strategy session in Abuja, put together by the National Agricultural Seeds Advocacy Group (NASAG) in collaboration with Partnership to Engage, Reform and Learn(PERL-ECP), NASC's Director-General, Dr Olusegun Ojo, said the call for the president to sign the Seed Bill became necessary because access to quality seeds of improved crop variety would no doubt go a long way in enhancing and sustaining agricultural productivity and food security to compliment the on-going efforts by the Buhari administration to diversify the economy. "The general decline in growth rate of agriculture's contribution to the gross domestic product (GDP) ...

Cubinks NEWS

Search This Blog