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...

Climate Action: Hope rises for Kaduna!

A multi-stakeholder project to plant 10 million economic trees in Kaduna state in the next six years is in the works towards enhancing the state's vegetal cover, in accordance with the renewed global campaign against climate change. Head, Social and Enterprise Development of the Coalition of Associations for Leadership, Peace, Empowerment and Development (CALPED), Dangwa Abbas Danjuma who dropped the hint during the week in Kaduna while on a courtesy visit to the Federal College of Forestry Mechanization, explained: "The Coalition is interested in driving a multi-stakeholder project to plant 10 million economic trees in Kaduna State on or before the end of the year 2025, this is towards re-greening Kaduna. We desire to do so across local governments in the state to empower citizens to take action against deforestation through community based groups with a sustainability plan to develop a robust value chain to improve livelihoods." While apprec...

Kaduna COVID-19 Lockdown, People Living with Disabilities and Inclusion

Chairman JONAPWD, Abdulaziz Suleiman , (Right) and a colleague (Middle) in a chat with CALPED's Yusuf Goje By SMITH WAYA Before the index case of Corona virus (Covid-19) in Nigeria, the Kaduna state government held a public hearing on the proposed Kaduna state social protection policy, in line with the administration's slogan of putting the people first. The Joint National Associations of Person with Disability(JONAPWD), Kaduna chapter, as the umbrella body for people living disabilities in the State, were invited to present a position paper on their expectations of the new policy. The Disability Community took advantage of the town-hall meeting to appeal to the state government to work assiduously towards reducing poverty and hunger in their household. The Governor, Mallam Nasir Ahmed El-Rufai, assured them of the state government's commitment in ensuring that no one is left behind especially people living with disabilities. Incidently, as the State governm...

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...

Mix reactions trail Kaduna LG Elections

Voters in Jema'a follow results to collation Centre at Kafanchan By Dangwa Danjuma T wenty-four hours after closure of balloting in the Saturday May 12, polls in the state, Returning Officers in some of the LG areas are no where to be found. Cubinks investigations reveal that election results for all the 255 wards of all the Local Government areas would have been collated before now, were it not for the absence of the runaway Returning Officers. "The returning officers have left election officials, party agents with tensed voters stranded at polling units; and are nowhere to be found. In Jema’a, 5 wards namely Aso, Atukun, Badeh, Takau and Maigizo have turned in their results to the Local Government collation Centre and could not find the Local Government returning officer to receive the result", fumed one of the frustrated voters. Our Correspondent gathered that the situation is not different in Birnin Gwar...

Cubinks NEWS

Search This Blog