Femi Mustapha
The Chartered Institute of Treasury Management (CITM), is on the move to build world-class professional treasury personnel that are conversant with the complexities of modern treasury management and can competently and efficiently manage public, corporate and private treasuries as the case may be.
Registrar and Chief Executive of the institute, Mr. Olumide Adedoyin, stated this at a “Breakfast Roundtable meeting with Journalists” in his office in Kaduna,
According to him, (CITM) has come out with a curriculum that will ensure treasury management as managing an entity’s liquidity and mitigating its operational, financial and reputational risks, including the entity’s collections, disbursements, investment and funding activities.
The Registrar defined Treasury Management as a prudent and strategic approach, integrated management of an entity’s resources having the aim of achieving optimal utilization of entrusted resources pursuit of the realization of the most beneficial returns, ensuring continuous liquidity for the settlement of every ensuing and/or spontaneous obligations.
He, however, lamented that lack of proper treasury management is a major problem bedeviling Nigeria’s economy.
Adedoyin stressed that it has become imperative to put measures in place in Nigeria to minimize risks by providing ethics training for those managing the resources, adding that if the cash management impact on the nation’s economy, every other things would fall in place.
Proper management of the treasury, he added, is an integral part of any organization and when a measure is put in place to check the system, it would stop fraud from happening rather than wait for it to happen before checking it.
The Registrar explained that when any organization allows operation of treasury management to impact on their economy, the resultant effects would be that “firms will Operate with smaller amount of cash.
“Supervision and management of cash flows and its balances will be better managed and impacted. There would be better service from banks, proper allocation of funds will be achieved, fraud and embezzlement would be minimized
“Risk of loss the management of investment in liquid assets will be eliminated, firms would operate at minimum cost of funds possible within the economy of their domicile constituted authorities and institutions in Nigeria.
“It would promote the study and practice of properly managing the treasury as a safeguard against fraud, outright embezzlement, emasculation, misappropriation/misapplication of scarce resources placed in the care/custody of fund managers.
“Would encourage professionalism in the field of treasury management and to conduct researches into the best method and means of developing and applying the research result thereof.
“Would provide opportunities for treasury managers, financial controllers, fund managers, etc. to improve and enhance their technical/career skills development as professionals, instill a high standard of professional ability, efficiency and effectiveness through training and retraining activities.
“Maintain professional discipline within the rank and file of practitioners and to regulate and control the practice of the profession in all ramification and also disseminate professional information on treasury management and other matters connected therewith.”
Catching on investment opportunities, minimizing the associated risks of managing and investing in cash and near cash assets (preventive mechanism) i.e., stopping haemorrhage and guarantees a continuous flow of economic benefits.
Finally,we have a credible institute that can actually help us tame corruption in Nigeria and eventually eradicate it.kudos to CITM