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

Malaria: In solidarity with Under-5s

A cross section of children Ward DANGWA DANJUMA R enewed campaign to eradicate malaria as part of activities to commemorate the World Malaria Day 2022, led by Centre for Media Advocacy for Mother and Child (CAMAC) has kicked off in Kaduna. The campaign which is part of the NGOs "Malaria Eradication Campaign 2022" with the theme: "Eliminating Malaria through Community Engagement", this year, is themed: “Harness Innovation to Reduce the Malaria Disease Burden and Save Lives” The World Malaria Day is celebrated every 25th of April to bring greater awareness to the global fight and recognise the existence of malaria across the globe. This year's project is being supported by Newsweb Express an online news platform in collaboration with Civil Society for Malaria Elimination (CS4ME) a global network uniting civil society organizations and communities to achieve malaria elimination. People are more prone to malaria in the rainy weather and it is timely when communitie...

'Development Partners, a blessing to my Community' - District Head

His Highness, Mr Haruna Kuye (3rd left, middle roll) flanked by the visitors and village heads T he District Head of Gidan Zaki, His Highness, Mr Haruna Kuye has given kudos to members of the civil society, for positively touching the lives of his people, through frequent capacity building in governance processes, thereby empowering his community in the area of tracking and monitoring government projects. "Work began sometime ago in my community and no one had information on the details of the project. I mobilized and led a small team to engage and inquire from the client and contractor the details of the project. Now we know the kilometers of the road to be constructed. I am grateful to participate in Open Government Partnership with regard to Local Government Fiscal Transparency, Accountability and Sustainability engagements; without which we would not have had any idea by now on the ongoing governance reforms in Kaduna State.", he disclosed. He st...

Kaduna IDPs cry out over Deplorable Conditions

By DANGWA DANJUMA L ack of basic education, sanitation, healthcare facilities and access to portable water supply have hit Gwagwada, a host community camping over 300 households displaced from fifteen villages in Chikun Local Council of the state. Speaking at the flag off of relief materials distribution for the internally displaced persons (IDPs), the Village Head of Gadani, Mr Bitrus Tsauri disclosed: “Since they arrived, the wells which have been the sure source of water for several households in the community have dried up; the solar powered borehole is only providing drips of water necessitating most residents to seek drinking water from streams. Our two public primary schools and healthcare facility are currently inadequate and may be unsafe, especially with the coronavirus pandemic that Kaduna state is still counting cases”. He confirmed that those who can farm, have been provided land to start over again; there is still the worry however, for those who are unable to farm due t...

'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...

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...

Cubinks NEWS

Search This Blog