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

Coalition cautions against Nigeria's Disunity

N etwork for Better Nigeria, a coalition of concerned Civil Society Organizations in the 19 Northern States has responded to the growing tension threatening national unity and socio-economic development of the country and called on President Muhammadu Buhari to urgently collaborate with the governors in the 19 northern states and critical stakeholders to arrest the lingering insecurity in Nigeria. In a joint statement signed by Mallam Isiaku Abdulhameed, the coalition in collaboration with Arewa Youth Consultative Youth Movement, Arewa Youth Assembly and Chanchanta stated inter Alia: "the Federal Government should urgently collaborate with the Northern State Governors and come up with a modernistic livestock development policy which will not only provide solutions to the herders/farmers crises but transform the age long traditional open grazing towards providing additional economic value for pastoral communities. Equally, we wish to express our support on the position...

Environmentalists re-strategize on governance

A cross-section of environmental strategists at the event Lack of good and well-intentioned environmental governance and social audit for effective monitoring and evaluation of data and procurement have been identified as the major impediment against the climate change campaign in Kaduna state. A leading member of Network of Civil Societies in Environment, Gloria Kasang Bulus, who made this known during a one-day capacity building platform for critical stakeholders working around environment - strengthening the technical working groups; to develop or use tools required for effective engagement with government, urged participants to volunteer wholeheartedly in the task ahead - to mitigate climate change. Bulus who is also the Director, Bridge that Gap Initiative and convener of the network noted that, "Unless and until we are able to partner the government in ensuring outcomes in tandem with the people oriented policies, plans, appropriations; we will be doing next...

Open Budget: Kaduna seeks citizens' input in 2020 Budget

F ollowing sustained campaign by concerned citizens and critical stakeholders in Kaduna state to open up the budget cycle, the Governor el-Rufa'i-led administration, during the week, engaged the representatives of the academia, community-based organizations, the civil society, women groups and individuals on state's 2020 to 2022 Medium Term Expenditure Framework(MTEF) to make next year's budget budget realistic and realizable. The event tagged 'Citizens Consultations on 2020-2022 MTEF' which was put together by the state's Planning and Budget Commission with the support of DFID-funded Partnership to Engage, Reform and Learn (PERL), took a critical look at strategies to forge a people-centered budget with emphasis on transparency, openness and accountability. Co-chair of the Open Government Partnership(OGP) in the state, Alhaji Mustapha Jumare told participants that as a sub national, Kaduna state was indeed a trail brazer in nation's quest ...

Environmentalists intensify action against global warming!

A cross section of the Network of Civil Society in Environment being welcome by the commissioner (Centre) I n a bid to cushion the increasing adverse effects of global warming on the environment, non-state actors under the aegis of Network of Civil Society in Environment (NCSE), during the week in Kaduna, sought for a robust partnership with the state's Environment and Natural Resources Ministry to address numerous environmental challenges facing the state. Receiving the group who were on an advocacy visit to the Ministry, the Honourable Commissioner of Environment and Natural Resources, Hon. Ibrahim Garba Hussain expressed delight over the renewed move to mitigate environmental degradation and pledged his support for the initiative. "Climate change is all as result of the activity and action of man. It might interest you to know that the Ministry has put together a comprehensive policy document on environment. That is why I am very pleased to welcome you peo...

SEMA engages Zaria communities on disaster risk reduction strategies

Executive Secretary, Abubakar Hassan (center) and his team at Zaria By EDDY OCHIGBO V ulnerable communities and wards in and around Zaria and its environs have been sensitized and strengthened to tackle possible disasters, ranging from gully erosion, insecurity, fire and rape vis-a-vis the ongoing environmental hazards awareness campaign across Kaduna state. Keen watchers believe that the move - which is aimed at system strengthening on emergency coordination and response strategy - in collaboration with the United State Agency for International Development's Nigeria Early Recovery Initiative (NERI) would drastically reduce peoples' vulnerability and possible disasters in the state. "To prevent disasters, we must get the people equipped and prepared to understand what constitutes hazards, risks etc., as well as what they should do to identify early warning signs and signals. The exercise is taking place in all the wards and communities in Tudun Wada, Sabon Gari, Zaria Ci...

Cubinks NEWS

Search This Blog